Colorado § 10-2-702 - Commissions.
Full text of Colorado Colorado Revised Statutes § 10-2-702 — Commissions., with citation guidance and answers to common questions.
§ 10-2-702. Commissions.
(1) No insurer or insurance producer shall pay, directly or indirectly, any commission, service fee, brokerage, or other valuable consideration to any person selling, soliciting, or negotiating insurance within this state unless, at the time such services were performed, such person was a duly licensed insurance producer under this article for the performance of such services. In addition, no person, other than a person appropriately licensed by this state as an insurance producer at the time such services were performed, shall accept any such consideration; except that any person duly licensed under this article may pay or assign such person's commissions to, or direct that such person's commissions be paid to, a partnership of which the person is a member, employee, or agent or to a corporation of which the person is an officer, employee, or agent. This section shall not prevent payment or receipt of renewal or other deferred commissions to or by any person entitled thereto under this section.
(2) An insurer or insurance producer may pay or assign commissions, service fees, brokerages, or other valuable consideration to an insurance agency, business entity, or persons who do not sell, solicit, or negotiate insurance in this state, unless the payment would violate section 10-3-1104 (1)(g).
Source: L. 93: Entire article R&RE, p. 1370, § 1, effective January 1, 1995. L. 95: Entire section amended, p. 89, § 2, effective March 30. L. 2001: Entire section amended, p. 1209, § 30, effective January 1, 2002. L. 2012: (2) amended, (HB 12-1266), ch. 280, p. 1497, § 15, effective July 1.
Frequently Asked Questions About Colorado § 10-2-702
What does Colorado Revised Statutes § 10-2-702 cover?
Section 10-2-702 ("Commissions.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 10-2-702?
A common citation format is "Colorado Revised Statutes § 10-2-702" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 10-2-702 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.