D.C. Mun. Regs. tit. 26, r. 26-A1318

Current through Register 71, No. 45, November 7, 2024
Rule 26-A1318 - COMMISSIONS
1318.1

Commissions to the licensed producers, designated by the Property Owner or the insured, shall be twelve percent 12% until the Board determines a different amount and that amount is approved by the Commissioner.

1318.2

If a policy is canceled, or if an endorsement is issued which requires a premium to be returned to the insured, the unearned premium, net of any commission, will be sent to the licensed producer. The producer shall add to that return the commission on that unearned premium and refund the total amount to the insured.

1318.3

Notwithstanding the provisions of subsection 1318.2, if a policy is canceled, or if an endorsement is issued which requires a premium to be returned to the insured, and a licensed premium finance company has paid the insured's premium pursuant to a premium finance agreement of which the Facility has been notified, the unearned premium, net of any commission, will be sent directly to the licensed premium finance company. The producer shall be solely responsible for the return to the licensed premium finance company of the commission on that unearned premium.

D.C. Mun. Regs. tit. 26, r. 26-A1318

Final Rulemaking published at 51 DCR 11573 (December 24, 2004)