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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 365. Insurance Department |
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Chapter 25. Other Licensees |
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Subchapter 3. Producers, Brokers, Limited Lines Producers and Vehicle Protection Product Warrantors |
SECTION 365:25-3-18. Compensation and education for sale of Medicare Advantage (including private fee for service plans) or Medicare prescription drug products and plans
Latest version.
- (1) Applicability. The provisions of this section shall apply only to insurance companies and producers who solicit, negotiate or sell Medicare Advantage including private fee for service plans) or Medicare Prescription Drug products and plans.(2) Insurance companies. An insurance company shall not pay or offer to pay compensation to producers based on the number of sales of Medicare Advantage products and plans. An insurance company may pay a commission for each sale, but compensation shall not be tiered or based on a sales threshold.(3) Producers. A producer shall not accept compensation based on the number of sales of Medicare Advantage products and plans. A producer may receive a commission for each sale, but compensation shall not be tiered or based on a sales threshold. An individual may not sell, solicit or negotiate Medicare Advantage (including private fee for service plans) or Medicare Prescription Drug products and plans unless the individual is licensed as an insurance producer for accident and health.