23 CAR § 7-101
23 CAR § 7-101. Purpose
Length: 94 wordsOfficial source
The intent or purpose of this rule is as follows:
(1) It is found and determined by the Insurance Commissioner that the payment of overwriting commissions beyond a period of ten (10) years is:
(A) Unfair;
(B) Unreasonable; and
(C) Not in the best interest of insurers; and
(2) This rule is intended to:
(A) Provide a reasonable period, the formative years of a domestic life insurer, during which officers or directors may receive overwriting commissions; and
(B) Prevent payment of overwriting commissions for indefinite periods contrary to the best interests of the insurer.