Utah Admin. Code R590-146-16 - Permitted Compensation Arrangements
A. An issuer or other entity may provide
commission or other compensation to a producer or other representative for the
sale of a Medicare supplement policy or certificate only if the first year
commission or other first year compensation is no more than 200% of the
commission or other compensation paid for selling or servicing the policy or
certificate in the second year or period.
B. The commission or other compensation
provided in subsequent renewal years shall be the same as that provided in the
second year or period and shall be provided for no fewer than five renewal
years.
C. No issuer or other entity
may provide compensation to its producers and no producer may receive
compensation greater than the renewal compensation payable by the replacing
issuer on renewal policies or certificates if an existing policy or certificate
is replaced.
D. For purposes of
this section, compensation includes pecuniary or non-pecuniary remuneration of
any kind relating to the sale or renewal of the policy or certificate including
but not limited to bonuses, gifts, prizes, awards and finder's fees.
Notes
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