58-30-144.1. License required for acting as consultant. Any person acting as a consultant shall be licensed as an agent pursuant to this chapter. A consultant may collect a fee from an insurance customer for services provided as a consultant but may not collect a fee for any insurance placed with that insurance customer if a commission is payable to that consultant. A consultant may act as a consultant and collect a fee from an insurance customer and also receive a commission for insurance sold, solicited, or negotiated with that same insurance customer provided that the fee and commission are for separate and distinct insurance products. The term, fee, as used in this section, does not include a fee that is payable pursuant to the terms or conditions of an insurance policy, contract, or certificate or that are required to be paid for reasons other than the services provided by the consultant.
A separate license for acting as a consultant is not required of a licensed agent. Any consultant collecting a fee from an insurance customer shall set forth the fee to be charged to that insurance customer and the terms and conditions of the services provided to that insurance customer in the form of a written agreement with that insurance customer.
Source: SL 2013, ch 255, § 2.
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