Ga. Comp. R. & Regs. R. 120-2-8-.16 - Permitted Compensation Arrangements
(1) An issuer 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 of the
commission or other compensation paid for selling or servicing the policy or
certificate in the second year or period.
(2) 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 no fewer than five (5) renewal
years.
(3) No issuer or other
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 issuer on renewal policies or certificates if an
existing policy or certificate is replaced.
(4) 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
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