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Office of the Revisor of Statutes


     60K.08 Brokerage business. 


    Every insurance agent duly licensed to transact business in 
 this state shall have the right to procure the insurance of 
 risks, or parts of risks, in the class or classes of insurance 
 for which the agent is licensed in other insurers duly 
 authorized to transact business in this state, but the insurance 
 shall only be consummated through a duly appointed resident 
 agent of the insurer taking the risk.  If the law of another 
 state requires a nonresident agent who is a resident agent of 
 Minnesota to pay a portion of the premium to or share 
 commissions with a licensed resident agent of that state, then 
 the licensed resident agent of Minnesota when consummating and 
 countersigning for a licensed nonresident agent of that state 
 shall receive five percent of the total premium or 25 percent of 
 the commission, whichever is less. 


    HIST: 1992 c 564 art 3 s 10

Official Publication of the State of Minnesota
Revisor of Statutes