The broker’s fee must be reasonable and made part of the contract with the insured. If the state insurance director or his designee disapproves of the fee amount, it must be
Before the purchase of insurance, an insurance provider must (1) obtain the customer’s documented acknowledgment that the compensation will be received by the producer and (2) provide a description of
Fees must be disclosed in advance in writing to the person charged and be reasonable in relation to the services provided. 40 Pa. Stat. Ann. § 310.74. Federal and state legislative
Consultants must provide clients with written disclosure statements containing information such as a description of the work to be performed by the insurance consultant, a fee schedule and any other
All fees must be fully disclosed to clients. Specifically, consulting fees may be charged only pursuant to a written agreement on a form approved by the commissioner stating the fee
Fees must be disclosed separately from premium and agreed to by the policyholder. Ohio law, however, does not specify that the agreement must be in writing. Ohio Rev. Code Ann. § 3905.55.
Insurance producers may charge a fee for any services rendered in connection with the sale, solicitation, negotiation, placement, or servicing of an insurance product, provided the following requirements are met:
In order to charge a fee for services, the producer must obtain written consent from the client, issue a receipt, and prominently display a sign in the producer’s office informing
An insurance producer must provide a mandatory initial disclosure to a purchaser in writing. The disclosure must include: A description of the role of the insurance producer in the sale;
A consultant may charge a fee only under the terms of a written agreement signed by the customer specifying the services to be provided and the fee to be charged.
