No policy fee may be charged by a broker unless it is a reasonable fee, it is made part of the contract, and the broker's premium tax rate is paid upon the policy fee. If for any reason the director or his designee disapproves the placement or the insurer ultimately refuses to write the risk, the broker shall immediately refund the full policy fee to the policyholder.
HISTORY: Former 1976 Code Section 38-45-160 [1947 (45) 322; 1952 Code Section 37-816; 1962 Code Section 37-816; 1971 (57) 709; 1976 Code Section 38-45-160; 1980 Act No. 306, Section 3] recodified as Section 38-17-160 by 1987 Act No. 155, Section 1; New Section 38-45-160 enacted by 1988 Act No. 314, Section 9; 1993 Act No. 181, Section 672; 2012 Act No. 283, Section 1, eff January 1, 2012.