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House Bill 2941 |
House Author: Eiland |
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Effective: 9-1-05 |
Senate Sponsor: Brimer |
House Bill 2941 amends the Insurance Code to prohibit an insurance agent or any affiliate of an agent who receives compensation from a customer for the placement or renewal of an insurance product from also accepting or receiving compensation from an insurer or other third party unless the agent obtains the customer's documented acknowledgement that the compensation will be received. The bill provides for certain exemptions and authorizes the commissioner of insurance to adopt rules necessary to implement the provisions. The bill also requires the Texas Department of Insurance to conduct a study regarding commissions paid to insurance agents for the sale of certain insurance policies.