33-7-532. Producer licensing. (1) A society's insurance producer must be considered to be an insurance producer and is subject to the same licensing requirements as insurance producers under Title 33, chapter 17, except that an examination is not required of an individual who is licensed in this state as an insurance producer for a society as to the kind of insurance to be transacted on or before October 1, 1981, and who continues to be licensed as an insurance producer.
     (2) A society doing business in this state may not pay to a person who is not a licensed insurance producer of the society any commission or other compensation for any services in obtaining in this state any new contract of life, accident, or health insurance or any new annuity contract.

     History: En. Sec. 33, Ch. 586, L. 1991.