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For example, if an agency offers a wellness program, loss control service, payroll service, compliance, time/attendance tracking, how to get my tax refund back from student loans benefits administration or PEO outsourcing that is available for the client to otherwise purchase from a third party for, say 5,000, and that service is of true value.
The issue of the entitlement to payment of commissions involves an aspect of the relationship between a broker and the insured and/or the insurer that is contractual in nature, and does not involve the administration of the Insurance Law.
The laws may not adequately address an agent/broker doing the same.
Rebating and illegal inducement by agent.Haph Brokerage, 277.D.Grandview Dairy, 262.D.Enough time has passed that many people working in insurance today have no experience relative to the disruption, fear and frustration generated by the inquires of various state attorneys general (AG) into contingency contracts more than 10 years ago.Cash back is too much like a bribe.One reason these kinds of rebates have not caused a problem is many agents offering these services did not really bring anything to the table.Does an attorney violate the Insurance Law when he waives legal fees for attorney work in exchange for a clients life insurance business and, in lieu of these fees, accepts the commission from the sale of such life insurance?This headline regarding the DOLs new regulations makes me wonder if something is not lurking to light a fire in the P C investigations again because the DOL proposal involves financial insurance products.
72A.07 72A.09, authenticate, pdf, resources, topics, copyright 2017 by the Revisor of Statutes, State of Minnesota.
The answer is important in so many ways.
First, rates for admitted carriers are filed based on the company having an expense rate of X percent.
Does the policyholder violate the Insurance Law when he accepts an inducement on the purchase of a life insurance policy that is not specified in the policy?
In addition the insurer by charging a non-approved rate and the insured, by knowingly receiving such a rebate or inducement, would be violating the Insurance Law.
Cash is too crass.
Value-Added Service Rebates, the gray area, the most important area in my mind, involves value-added services.Insurance laws are designed to insure insurance companies set actuarially sound rates, thereby minimizing using loss-leader prices to capture a market and in turn protect the public from carrier insolvency.The attorneys actions are in violation.Y.It requested that the insurer issue the policy directly to the group and reduce the premium by an amount equal to the commission that would have been paid to the broker.If some consumers get a lower price through rebates, this means discrimination, not of an accepted underwriting nature, arguably occurs.The gift limit is the same regardless whether the client spends 500 or 100,000.This limitation makes no sense to some.