628.61 Sharing commissions.
(1) Prohibition. No intermediary or insurer may pay any consideration, nor reimburse out-of-pocket expenses, to any natural person for services performed within this state as an intermediary if he or she knows or should know that the payee is not licensed under s. 628.04 or 628.09. No natural person may accept compensation for service performed as an intermediary unless the natural person is licensed under s. 628.04 or 628.09.
(2) Exceptions. This section does not prohibit:
(a) The payment of deferred commissions to formerly licensed agent and broker intermediaries or their assignees; or
(b) The proper exchange of business between agent and broker intermediaries lawfully licensed in this state.
History: 1975 c. 371, 421; 1979 c. 102; 1981 c. 38.