Section 26-A1002. INDUSTRIAL LIFE INSURANCE

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1002.1No agent of an industrial insurance company shall accept partial payments on account of revival of lapsed policies. All arrears shall be collected at one time.

1002.2Every premium payment paid by the policyholder to an agent shall be recorded in the receipt book of the insured and in the collection book of the agent. The policyholder's receipt book and the agent's collection book shall agree.

1002.3The license of a soliciting agent for a company writing industrial life insurance, as well as that of the agent's manager, shall be subject to revocation, as provided under Chapter II, Section 27, of Public Law 436, 73rd Congress, if a company allows the agent to carry blind advances.

1002.4Whenever this Department finds that a person operates in willful violation of this section, that person shall be considered untrustworthy and that conduct may be deemed by the Department to constitute sufficient grounds for the revocation of his or her license.

                    
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