Bill Summary for S 122 (2023-2024)

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Summary date: 

Feb 16 2023

Bill Information:

View NCGA Bill Details2023-2024 Session
Senate Bill 122 (Public) Filed Thursday, February 16, 2023
AN ACT PLACING A CAP ON INSURANCE REFERRAL FEES PAID TO NONLICENSED PERSONS.
Intro. by Johnson.

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Bill summary

Amends GS 58-33-82 to cap at $50 commissions, fees, or other valuable consideration paid to an unlicensed person for referral of insurance business to a licensed insurance agent or broker, with violations punishable by up to a $2,000 fine in addition to other legal penalties. Applies to referrals of insurance business made on or after October 1, 2023.