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628.32 Disclosure required.

WI Stat § 628.32 (2019) (N/A)
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628.32 Disclosure required.

(1) An intermediary may not accept compensation from an insured or from both an insured and another source due to the insured's purchase of insurance or for advice regarding the insured's insurance needs or coverage unless the intermediary, before the insured incurs an obligation to pay compensation, clearly and conspicuously and in writing discloses to the insured all of the following:

(a) The amount of compensation to be paid by the insured, excluding commissions paid by the insurer to the intermediary.

(b) If compensation will be paid by another source, the fact that the intermediary will also receive compensation from the other source.

(2) The commissioner may promulgate rules prescribing the form for disclosure under sub. (1).

History: 1975 c. 371, 421; 1981 c. 38; 1987 a. 247.

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