IMO Release

[insurancemath]

I joined an IMO about 3 months ago and soon after was laid up after emergency surgery. I wrote no business with the IMO and am looking to move to a different IMO but the current IMO is giving me a hard time insisting that the new IMO take on liabilities. There are none since I wrote no business with him. What are my options?

 

[myinsurebiz]

I joined an IMO about 3 months ago and soon after was laid up after emergency surgery. I wrote no business with the IMO and am looking to move to a different IMO but the current IMO is giving me a hard time insisting that the new IMO take on liabilities. There are none since I wrote no business with him. What are my options?

Which carriers thru the current IMO?

 

[goillini52]

I joined an IMO about 3 months ago and soon after was laid up after emergency surgery. I wrote no business with the IMO and am looking to move to a different IMO but the current IMO is giving me a hard time insisting that the new IMO take on liabilities. There are none since I wrote no business with him. What are my options?

Cancel your contracts with the carriers you have with this assh*le FMO(do it directly with the company, the FMO doesn't need to be involved). Wait 6 months and contract again.

In the meantime, there are PLENTY of good competitive carriers you can be using. I'm surprized the new FMO didn't tell you this. You might want to look at a few more FMO's.

 

[jdeasy]

That reads like the problem is with the new IMO not accepting the terms of the release.

Time to look for a new IMO to move to.

Or just wait out the 6 months.

 

[Real_AMG]

Having a provision in the release paperwork requiring the accepting IMO to assume all debt standard. If your new IMO won’t sign it, you might consider trying to get released to a different one.

Alternatively, once you’ve gone 6 months without writing business, the carriers will allow you to re-contract under your new IMO.

 

[goillini52]

Having a provision in the release paperwork requiring the accepting IMO to assume all debt standard. If your new IMO won’t sign it, you might consider trying to get released to a different one.

Alternatively, once you’ve gone 6 months without writing business, the carriers will allow you to re-contract under your new IMO.

Some carriers require you terminate your contracts and then wait 6 months. Shouldn't assume you can just not write business for 6 months and move your contract.

 

[insurancemath]

If there are outstanding advances do they have to be cleared before the 6 month rule applies? New IMO will not assume debt.

 

[jdeasy]

You need to look elsewhere for a new IMO.

 

[NewbieNewbie]

You need to look elsewhere for a new IMO.

This is the answer.

 

[jdeasy]

Having a provision in the release paperwork requiring the accepting IMO to assume all debt standard. If your new IMO won’t sign it, you might consider trying to get released to a different one.

Alternatively, once you’ve gone 6 months without writing business, the carriers will allow you to re-contract under your new IMO.

Not always. Some companies require you to actually terminate your contract then wait 6 months to recontract. Not as easy as just not writing business.

Best to just deal with straight up IMO's that release.