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92_HB2994ham003
LRB9205492JScsam01
1 AMENDMENT TO HOUSE BILL 2994
2 AMENDMENT NO. . Amend House Bill 2994 on page 24 by
3 replacing line 27 with the following:
4 "memorandum that"; and
5 on page 24, line 28, by changing "fee," to "fee"; and
6 on page 24, line 31, by deleting "signed"; and
7 on page 24, by replacing line 33 with the following:
8 "service fee or any portion of the service fee. If the
9 compensation or service fee exceeds 10% of the premium amount
10 or potential premium amount of the contract or policy, the
11 memorandum shall include the signature of the insured or
12 prospective insured acknowledging the compensation or service
13 fee.
14 (f) Any compensation or service fee received on a
15 contract or policy that is later canceled for any reason must
16 be returned to the insured by the insurance producer or
17 business entity at a prorated amount. The prorated amount
18 shall be based on the length of the term of the policy or
19 contract compared to the time that contract or policy was in
20 force such that the amount returned reflects the portion of
21 the term of the contract or policy during which the contract
22 was not in force.".