Sec. 14.07.02.06. Commissions and Unearned Commissions

Latest version.

A. All commissions are earned pro rata for the period of time that policy coverage is in effect.

B. Unearned commission shall be returned promptly to the insured or to MAIF by the fund producer upon demand.

C. For a period of 1 year following qualification as a fund producer by MAIF:

(1) All premiums shall be submitted to MAIF on a gross basis unless the fund producer remits the returned commission by electronic funds transfer; and

(2) The fund producer's commission shall be paid monthly by MAIF according to the fund producer's commission statement.

                    
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