Which of the following is incorrect with regard to commissions and compensation?
A - Commissions are a percentage of the first year premium, and thereafter, a percentage of subsequent renewal premiums
B - An agent may not share a commission with anyone who does not have a license and appointment for the type of insurance sold
C - Commissions may be shared with a person who is licensed and appointed in a different line of business
D - An insurer and producer must keep a copy of their producer compensation agreement for 3 years
