PART C & PART D - Referral Question . . .

[myinsurebiz]

I hate PART C & PART D - but, there is a need for it.

Currently we only have Term, IUL and FE as products in our Referring Agent Program.

My ?? is - can a Licensed Agent refer clients wanting PART C & PART D to another Licensed Agent that writes PART C & PART D and receive a % of the Advance and Renewals?

I can't find anything that says they can't, but we want to do it right.

Thoughts?

 

[axeman462]

I hate PART C & PART D - but, there is a need for it.

Currently we only have Term, IUL and FE as products in our Referring Agent Program.

My ?? is - can a Licensed Agent refer clients wanting PART C & PART D to another Licensed Agent that writes PART C & PART D and receive a % of the Advance and Renewals?

I can't find anything that says they can't, but we want to do it right.

Thoughts?

I'm sure it varies a bit by state, but generally speaking to do it compliantly, you would need to be licensed and appointed to share commissions.

But, referral fees are allowed, BUT, they cannot be contingent on a sale, and they need to be one time payments.

Probably best to just create a "I scratch your back, you scratch mine" type of a relationship

 

[myinsurebiz]

I'm sure it varies a bit by state, but generally speaking to do it compliantly, you would need to be licensed and appointed to share commissions.

I agree on the "licensed" part. But can't find anything related to having to be "appointed" . . .

Have a link by chance?

 

[myinsurebiz]

But, referral fees are allowed, BUT, they cannot be contingent on a sale, and they need to be one time payments.

I believe this concerns a "consumer" sending a referral . . .

 

[myinsurebiz]

Probably best to just create a "I scratch your back, you scratch mine" type of a relationship

Can't. It's a structured Referral Agent program that is marketed and advertised.

That's why we have to do it right from the get go.

 

[axeman462]

I agree on the "licensed" part. But can't find anything related to having to be "appointed" . . .

Have a link by chance?

I'm going by memory here, sorry no link. But again it can vary by state. Insurance is a state regulated industry (with some minor exceptions). If you have any doubt, it may be best to give your state's DOI a call.

 

[goillini52]

I believe this concerns a "consumer" sending a referral . .

I hate PART C & PART D - but, there is a need for it.

Currently we only have Term, IUL and FE as products in our Referring Agent Program.

My ?? is - can a Licensed Agent refer clients wanting PART C & PART D to another Licensed Agent that writes PART C & PART D and receive a % of the Advance and Renewals?

I can't find anything that says they can't, but we want to do it right.

Thoughts?

Yes you can. Talk to Vic.

 

[myinsurebiz]

Who is Vic?

 

[LostDollar]

@vic120

 

[myinsurebiz]

I hate PART C & PART D - but, there is a need for it.

Currently we only have Term, IUL and FE as products in our Referring Agent Program.

My ?? is - can a Licensed Agent refer clients wanting PART C & PART D to another Licensed Agent that writes PART C & PART D and receive a % of the Advance and Renewals?

I can't find anything that says they can't, but we want to do it right.

Thoughts?

@vic120