Licensing Requirements: Surplus lines brokers are required to be licensed under Massachusetts law. To qualify as a surplus lines broker, applicants must meet the following requirements: (1) the applicant is
Does the state impose a fiduciary obligation on producers with respect to the handling of client funds (e.g. funds, monies, premiums and return premiums)? Yes. An agent who receives money
May producers both charge a fee and collect a commission in connection with transactions and services provided to a particular client? Insurance producers engaged in the solicitation, negotiation, and sale
While no specific regulations or statutes directly speak to the ability of an agent or broker to receive additional fees as part of insurance consulting, the Massachusetts Department of Insurance issued Bulletin 9
What entities are covered? “A person or agency that owns or licenses data that includes personal information about a resident of the commonwealth, shall provide notice . . . when
