(1) An insurance agent shall have the following powers:
1. Power to receive premiums from policyholders;
2. Power to deliver insurance policies prepared by an insurer to policyholders;
3. Power to receive an expression of intent concerning insurance contracts, such as offer, notice, notification, termination and cancellation;
4. Power to make an expression of intent to policyholders concerning insurance contracts, such as entering into, modifying, and terminating insurance contracts.
(2) Notwithstanding paragraph (1), an insurer may restrict part of the powers of an insurance agent under the subparagraphs of paragraph (1): Provided, That the insurer shall not assert the effect thereof against policyholders with no knowledge of such fact.
(3) A person who is not an insurance agent and brokers insurance contracts on a continued basis for a certain insurer shall have the powers under paragraph (1) 1 (only applicable to cases where he/she issues receipts prepared by the insurer to policyholders) and 2;(4) Where the insured or beneficiary of an insurance policy is obligated to pay premiums or express his/her intent concerning the insurance contract, the provisions of paragraphs (1) through (3) shall also apply to the insured or beneficiary of the insurance policy.[This Article Newly Inserted by Act No. 12397, Mar. 11, 2014]