Nevada Revised Statutes 690A.013 “Contingent compensation” defined. “Contingent compensation” means compensation based upon the investment income allocable to, or the loss experience of, the type of credit insurance for which the compensation is paid.
(Added to NRS by 1987, 2287)Texas Statutes
TITLE 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES
SUBTITLE C. LIFE, HEALTH, AND ACCIDENT INSURERS AND RELATED
ENTITIES
CHAPTER 841. LIFE, HEALTH, OR ACCIDENT INSURANCE COMPANIES
SUBCHAPTER A. GENERAL PROVISIONS
§ 841.260. PROHIBITED COMMISSIONS. (a) In this
section, "contingent compensation" means a commission or other
compensation an insurance company pays to a person that is
contingent on:
(1) the writing or procurement of an insurance policy
in the company;
(2) the procurement of an application for an insurance
policy in the company;
(3) the payment of a renewal premium; or
(4) the assumption of an insurance risk by the
company.
(b) A life insurance company that engages in the business of
insurance in this state may not, directly or indirectly, pay or
contract to pay a contingent compensation to:
(1) the president, vice president, secretary, or
treasurer of the company;
(2) any other officer of the company, other than an
agent or solicitor;
(3) an actuary of the company; or
(4) a medical director or other physician of the
company whose duty is to examine risks or applications for
insurance for the company.
(c) This section does not prohibit a plan of compensation to
a marketing officer according to the total amount of insurance the
insurance company writes or to the total amount of insurance in
force with the insurance company during a specified period if:
(1) the commissioner approves the plan under
Subchapter A, Chapter 805;
(2) the marketing officer is not responsible for
underwriting, rating, or otherwise approving the acceptability of
insurance risks; and
(3) the plan does not compensate the marketing officer
according to commissions on individual sales of any insurance
product.
Added by Acts 2001, 77th Leg., ch. 1419, § 1, eff. June 1, 2003.
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