Conn. Agencies Regs. § 38a-495-9 - Permitted compensation arrangements
(a) An insurer or
other entity may provide commission or other compensation to an agent or other
representative for the sale of a Medicare supplement policy or certificate only
if the first year commission or other first year compensation is no more than
200 percent (200%) of the commission or other compensation paid for selling or
servicing the policy or certificate in the second year or period.
(b) The commission or other compensation
provided in subsequent (renewal) years must be the same as that provided in the
second year or period and must be provided for a reasonable number of renewal
years.
(c) No entity shall provide
compensation to its agents or other producers and no agent or producer shall
receive compensation greater than the renewal compensation payable by the
replacing insurer on renewal policies or certificates if an existing policy or
certificate is replaced unless benefits of the new policy or certificate are
clearly and substantially greater than the benefits under the replaced
policy.
(d) For purposes of this
section, "compensation" includes pecuniary or non-pecuniary remuneration of any
kind relating to the sale or renewal of the policy or certificate including but
not limited to bonuses, gifts, prizes, awards and finders fees.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.