Producer Service Agreements

PURPOSE: This regulation provides for Producer Service Agreements. (1) A producer service agreement may be used to establish compensation. The form set forth in Exhibit A is approved for use as specified in section 375.116, RSMo. Substantially equivalent forms may be used where they contain other provisions and do not affect the content as provided in Exhibit A. The producer service agreement, which is included herein, must be a separate document from any other form or contract. (2) Each producer service agreement may cover multiple contracts of insurance negotiated or procured for the same insured or prospective insured where the insurance producer’s compensation falls within the requirements of section 375.116.3, RSMo. Each insurance producer shall retain one (1) copy of the producer service agreement in the producer’s office for three (3) years and deliver one (1) copy to the insured. (3) The producer service agreement shall contain a list of the policies it covers. AUTHORITY: section 374.045, RSMo 2000 and sections 375.071–375.136, RSMo Supp. 2007.* This rule was previously filed as 4 CSR 190-12.080. Original rule filed Dec. 23, 1975, effective Jan. 2, 1976. Amended: Filed Oct. 14, 1981, effective Jan. 15, 1982. Amended: Filed Jan. 17, 1986, effective June 28, 1986. Amended: Filed Oct. 15, 1996, effective May 30, 1997. Amended: Filed April 12, 1999, effective Nov. 30, 1999. Amended: Filed July 12, 2002, effective Feb. 28, 2003. Amended: Filed Nov. 30, 2007, effective July 30, 2008. *Original authority: 374.045, RSMo 1967, amended 1993, 1995 and 375.071–375.136, see Revised Statutes of the State of Missouri, 2000 and Cumulative Supplement, 2007.