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Commissions
Payment of commissions
I have two questions about commissions. Can I pay a commission to someone who has let their errors-and-omissions policy lapse (or doesn’t have one)? Can I pay a commission to someone who has let their license lapse or has left the business and is no longer licensed?
Nonlicensed agency owner
Can an unlicensed business entity buy into an insurance agency?
Referral fees for unlicensed entity
A business entity approaches an insurance agency. The business entity has clients that need a particular type of insurance. For each policy written, the business entity would like to be compensated. Can this business entity that does not have an insurance license receive commission as shares after the deduction of expenses or can they create a separate LLC corporation with the same payout?
Unlicensed LLC members receiving profits
I understand that insurance producers must be licensed and appointed by carriers to receive commissions. May an unlicensed agency LLC member share in the net profits of the agency if those profits are derived through commissions received on policies sold? If so, how?
Broker and commissions
Can a life/health broker receive commissions for a property/casualty policy in New York?