§ 72A.03 — Agent of Insurer; Procuring Premiums by Fraud
Plain-Language Summary
An insurance agent negotiating a policy is legally the company's agent for collecting premiums. Fraud in collecting premiums is a gross misdemeanor.
72A.03 AGENT OF INSURER; PROCURING PREMIUMS BY FRAUD.
Every insurance agent who acts for another in negotiating a contract of insurance by an insurance company shall be held to be the company’s agent for the purpose of collecting or securing the premiums therefor, whatever conditions or stipulations may be contained in the contract or policy. Any such agent who by fraudulent representations procures payment, or an obligation for the payment, of an insurance premium shall be guilty, for the first offense, of a misdemeanor, and for each subsequent offense, of a gross misdemeanor.
History:
1967 c 395 art 12 s 3; 1986 c 444
History: History: 1967 c 395 art 12 s 3; 1986 c 444