Current through Pa Acts 2024-53, 2024-56 through 2024-111
Section 991.2459 - Licensing of agents(a) General rule.--Agents of societies shall be licensed in accordance with the insurance laws regulating the licensing, revocation, suspension or termination of license of resident and nonresident agents.(b) Exemptions from licensure.--No examination or license shall be required of any regular salaried officer, employee or member of a licensed society who devotes substantially all of his services to activities other than the solicitation of fraternal insurance contracts from the public and who receives for the solicitation of such contracts no commission or other compensation directly dependent upon the amount of business obtained.(c) Examination.--(1) Any person who in the preceding calendar year has solicited and procured life insurance contracts on behalf of any society in an amount of insurance in excess of $200,000 or, in the case of any other kind or kinds of insurance which the society might write, on the persons of more than 25 individuals and who has received or will receive a commission or other compensation therefor shall be required to take an examination. No examination shall be required of any agent who was in the service of a society on January 28, 1978.(2) Beginning July 1, 2007, and every five years thereafter, the commissioner shall review the monetary limit contained in this subsection and may adjust the amount. The adjustment shall not exceed the percentage change in the Consumer Price Index for All Urban Consumers (CPI-U) for the Pennsylvania, New Jersey, Delaware and Maryland area, officially reported by the United States Department of Labor, Bureau of Labor Statistics, for the period since the last adjustment under this subsection. Any adjustment to the amount shall be published as a notice in the Pennsylvania Bulletin.(d) Limitation.--No society doing business in this Commonwealth shall pay any commission or other compensation to any person for any services in obtaining in this Commonwealth any new contract of life, accident or health insurance or any new annuity contract, except to a licensed fraternal insurance agent of that society.1921, May 17, P.L. 682, No. 284, art. XXIV, § 2459, added 2002, July 10, P.L. 749, No. 110, § 9, effective in 60 days.