No agent, collector, solicitor, or other employee or representative of an insurer issuing contracts providing for sick, accident, or death benefits and operating on the weekly or monthly industrial plan is considered the owner of any part of the weekly or monthly debit collected by him or that may be under his charge, care, control, or supervision. The debit is considered wholly the property of the insurer in whose name the policies, contracts, or obligations were written or assumed. No former agent, collector, solicitor, superintendent, or other employee or representative of the insurer, within a period of ninety days after the termination of his employment with the insurer, may barter, sell, give, or in any manner transfer to any person or insurer any part of any debit of the insurer or any policies or contracts of the insurer, without the written consent of the insurer formerly employing him.
The director or his designee shall revoke the license of any person violating this section.
HISTORY: Former 1976 Code Section 38-55-180 [1962 Code Section 37-1218; 1964 (53) 2293] recodified as Section 38-57-180 by 1987 Act No. 155, Section 1; New Section 38-55-180 enacted by 1988 Act No. 394, Section 16; 1993 Act No. 181, Section 709.