Syfert Injury Law Firm

Your Trusted Partner in Personal Injury & Workers' Compensation

Call Now: 904-383-7448
O.C.G.A. § 33-14-20 — Limitation on commission received by persons selling stock of insurers; participation by corporate officers in commissions | Georgia Code
O.C.G.A. § 33-14-20 (2018) Copy Cite Official Site Syfertize CourtListener Scholar Amendments

TITLE 33 INSURANCE

Section 14. Domestic Stock and Mutual Insurers, 33-14-1 through 33-14-109.

ARTICLE 1 GENERAL PROVISIONS

33-14-20. Limitation on commission received by persons selling stock of insurers; participation by corporate officers in commissions.

  1. No officer, agent, or other person selling or negotiating stock in any domestic insurance company shall receive either directly or indirectly more than 10 percent of the sales price of any of said stock. No president, vice-president, secretary, treasurer, or director or any other executive officer of any insurance company shall participate in the commission received by any person selling or negotiating the sale of any stock of any insurance company either directly or indirectly.
  2. No salaried officer of any insurance company shall participate in the commissions deriving from the sale of life insurance policies or agency contracts of the companies.

(Ga. L. 1912, p. 119, § 19; Code 1933, § 56-522; Code 1933, § 56-1542, enacted by Ga. L. 1960, p. 289, § 1.)

JUDICIAL DECISIONS

Section is inapplicable to sales not for company itself.

- This section has no application where one who happens to be an officer or agent of an insurance company sells stock belonging to himself or to some person, firm, or corporation to whom the company had previously sold stock; the section refers to sales in which the officers or agents are dealing either directly or indirectly for the insurance company itself. Prontaut v. Lorick & Co., 17 Ga. App. 495, 87 S.E. 716 (1916).

Agent with exclusive sales contract may be awarded commission on stock not offered him.

- If the company breached an exclusive sales contract and allowed others to sell, this would not prevent the agent having an exclusive sales contract from insisting on ten percent under the terms of the contract. The ten percent, as to stock which should have been offered to such a salesman to sell but was not, is not an "additional compensation" of the ten percent received on stocks actually sold by such salesman, but is the measure of damages for the breach of the contract. Piedmont Life Ins. Co. v. Bell, 109 Ga. App. 251, 135 S.E.2d 916 (1964).

RESEARCH REFERENCES

Am. Jur. 2d.

- 43 Am. Jur. 2d, Insurance, § 159.

C.J.S.

- 44 C.J.S., Insurance, § 237.

Database error: SQLSTATE[HY000]: General error: 8 attempt to write a readonly database

This Georgia Code resource is curated by Graham W. Syfert, a personal injury and workers' compensation attorney admitted in Georgia (State Bar of Georgia No. 881027, since 2006) and Florida. Attorney Syfert regularly works with Title 33 in the context of Georgia insurance coverage law and represents clients throughout Northeast Florida and South Georgia. For legal consultation, call 904-383-7448.