I operate a small independent agency in Georgia and I've been toying with the idea of agency fees the past month. I've asked my agency reps their thoughts and some are for it, some think it's illegal, and some have no idea. The Georgia department of insurance isn't helpful because I've gotten two different responses.
I'm averaging a savings of $430 when people switch and I am the only person in town who represents most of the carriers I have. With the amount of rewriting I do, I don't see an issue charging $20-30 to get the policy started or rewrite it in another company if I find a cheaper rate.
Is it legal to charge an agency fee in GA as long as I disclose to the insured, meaning I get them to sign a form stating they understand they're being charged by my agency?
Any help I can get in this matter would be appreciated.
I'm averaging a savings of $430 when people switch and I am the only person in town who represents most of the carriers I have. With the amount of rewriting I do, I don't see an issue charging $20-30 to get the policy started or rewrite it in another company if I find a cheaper rate.
Is it legal to charge an agency fee in GA as long as I disclose to the insured, meaning I get them to sign a form stating they understand they're being charged by my agency?
Any help I can get in this matter would be appreciated.