(a) The suspension of the license of an agent or subagent or the placing of such license in inactive status shall not deprive such person or the executors or administrators of such person's estate of any right that may have been acquired by a contract made before such suspension or placement in inactive status to receive all or a portion of commissions upon contracts of insurance written before such suspension or placement in inactive status with reference to the periods of time during which such contracts are in effect, including renewal option periods provided in the contracts.

(b) In case of a sale of an agency upon a work-out basis, the vendor without maintaining his or her license or the executors and administrators of the vendor's estate may participate in the proceeds of premiums on insurance written by the purchaser of the agency when and as authorized to do so by the contract of sale of the agency; and this participation may be without limitation of time after the vendor ceased to hold a license. An agent whose license has been suspended or placed in inactive status may, when the countersignature of a resident licensed agent is required pursuant to Code Section 33-3-26 and if authorized by the insurer, countersign certificates and endorsements necessary to continue coverage to the expiration date, including renewal option periods.

(c) Nothing in this article shall be construed to permit an agent or subagent whose license has been suspended or placed in inactive status to solicit insurance, procure applications for insurance, or directly or indirectly make or cause to be made any contract for insurance other than as expressly permitted in subsections (a) and (b) of this Code section.