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Charge fee in addition to or in lieu of collecting commissions?
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Specific Disclosures or written agreements required to charge fees to a client?
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Admin fees for insurance placement?
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Charges for services unrelated to the placement of insurance?
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Additional licensing required?
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Insurance producers acting as advisers may charge fees in addition to commissions; however, they may not collect such fees as premiums or charges for selling, soliciting or negotiating insurance. Mass. Gen. Laws ch. 175, § 177; Mass. Gen. Laws ch. 175, §
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There appear to be no explicit disclosure requirements for producers. However, licensed advisers are required to enter into a written contract, signed by the customer, in a form approved by the Commissioner, specifying the fees to paid and the services to be provided. Mass. Gen. Laws ch. 175, § 177C; Mass. Gen. Laws ch. 175, § 177D.
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No, see fees in lieu of commissions
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Yes, see fees in lieu of commissions
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Insurance producers are not required to be licensed as insurance advisors. Mass. Gen. Laws ch. 175, § 177.
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