(SB 49)
Insurance producer may not pay a referral fee.
Section
1.
That
§
58-30-174
be amended to read as follows:
58-30-174.
No insurer
or insurance producer
may pay or assign a commission, service fee,
brokerage fee, or any other valuable consideration for a referral to any person not appropriately
licensed pursuant to this chapter unless the payment or assignment is a fixed dollar amount that
is not related to the amount of commission or premium for an insurance transaction and that is not
dependent upon whether the referral results in a transaction.