Section 744.650 - Disclosure by insurance consultants; rules(1) An insurance consultant shall furnish to each client and prospective client a written disclosure statement containing the following information: (a) A description of the nature of the work to be performed by the insurance consultant.(b) The applicable occupational and educational background of the insurance consultant.(c) The area or areas of insurance in which the insurance consultant has particular expertise.(d) The fee schedule and any other expenses that the insurance consultant charges, and whether fees may be negotiated.(e) The name of any person, other than clients, that the insurance consultant represents.(f) Whether the insurance consultant will receive any commission or obtain any other compensation for services provided the client in addition to fees and other expenses paid by the client.(g) Any other information required by the Director of the Department of Consumer and Business Services by rule.(2) An insurance consultant shall disclose information required under this subsection to each client in the course of providing insurance consultant services to the client and before the insurance consultant makes any final insurance recommendation to the client. The insurance consultant shall disclose at least the following information as applicable to the line of insurance for which the insurance consultant is providing services:(a) Other business activities of the insurance consultant relating to financial planning.(b) The method of investment analysis and comparison used.(c) Assumptions contributing to insurance recommendations for the client.(d) Any other information required by the director by rule.(3) The director may establish additional disclosure requirements for licensees who are licensed both as insurance producers and insurance consultants.(4) The director may design the form of disclosure statement to be used under subsection (1) of this section.1985 c.697 §11; 1991 c.810 §20; 2003 c. 364, § 126