Official Code of Georgia Annotated

Title 33. INSURANCE · Chapter 14. DOMESTIC STOCK AND MUTUAL INSURERS · Article 1. GENERAL PROVISIONS

33-14-20. Limitation on commission received by persons selling stock of insurers; participation by corporate officers in commissions.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

(a)
No officer, agent, or other person selling or negotiating stock in any domestic insurance company shall receive either directly or indirectly more than 10 percent of the sales price of any of said stock. No president, vice-president, secretary, treasurer, or director or any other executive officer of any insurance company shall participate in the commission received by any person selling or negotiating the sale of any stock of any insurance company either directly or indirectly.#
(b)
No salaried officer of any insurance company shall participate in the commissions deriving from the sale of life insurance policies or agency contracts of the companies.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

Ga. L. 1912, p. 119, § 19; Code 1933, § 56-522; Code 1933, § 56-1542, enacted by Ga. L. 1960, p. 289, § 1.

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t33-ch1-22-(v24)-2020-pdf.pdf, Volume V24, 2020 edition, page 675; merge action: carried; file SHA-256 4ecec175d949.