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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 may charge fees in lieu of commissions for insurance placement, provided such compensation is contemplated in the premium/charge for insurance filed with and approved by the commissioner and/or included in the policy. Ind. Code § 27-4-1-4; Ind. Code § 27-1-15.6-22
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Yes. A licensed producer may be compensated for placing insurance and paid as a consultant in connection with the same transaction if the producer provides the insured with a written agreement and discloses, prior to the transaction, that the producer will receive compensation for the sale of the policy and the method of compensation. A licensed producer acting as a consultant can receive a fee only if the services are provided pursuant to a written agreement, outlining the nature of the work to be performed by the consultant and the method of compensation, and signed by the person receiving services. A copy of the agreement must be provided to the consumer before services are performed. Ind. Code § 27-1-15.6-22
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Yes; see disclosure guidelines
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No. A producer is not required to obtain a consultant’s license in order to provide consulting services for a fee. Ind. Code § 27-1-15.6-23
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