An insurance producer may not receive compensation for the sale, solicitation, negotiation, or renewal of any insurance policy issued to any person or entity for whom the insurance producer, for a fee, acts as a consultant for that policy unless:

1. (1) the insurance producer provides to the insured a written agreement in accordance with section 23(c) of this chapter; and

2. (2) the insurance producer discloses to the insured the following information prior to the sale, solicitation, negotiation, or renewal of any policy:

   1. (A) The fact that the insurance producer will receive compensation for the sale of the policy.
   2. (B) The method of compensation.

As added by P.L.132-2001, SEC.3. Amended by P.L.193-2006, SEC.3.