33-17-1113. Policies originating outside state -- commission of resident insurance producer. (1) As to a policy or an endorsement to a policy that is subject to countersignature requirements under 33-17-1111 contracted for or otherwise originating outside the boundaries of Montana, a commission of not less than 5% of the premium charged and received but not more than 50% of the commission paid by the insurer is payable to the countersigning insurance producer, so that a record within Montana will be kept of the business and so that the state may better receive any tax required by law to be paid with respect to the insurance. If, however, the originating insurance producer or the insurer desires additional service to be rendered during the term of the policy, then the compensation for the countersigning resident insurance producer must be in an additional amount as is fixed by mutual agreement of the parties in interest.
     (2) If pursuant to the laws of another state the countersigning insurance producers of that state retain as commission or compensation with respect to business originated by Montana insurance producers more than 5% of the premium, then the Montana insurance producers who countersign policies representing business originated by insurance producers of the other state shall charge and receive a commission in an amount not less than that received by countersigning insurance producers of the other state.

     History: En. Sec. 69, Ch. 286, L. 1959; R.C.M. 1947, 40-2824; amd. Sec. 58, Ch. 713, L. 1989.