Was thinking about doing some direct mail for med supps in IL, so I called the DOI to see what would have to be submitted, so as not to get in trouble. I was told that independent producers must follow Section 363a of the IL insurance code, which means we have to put an insurance company's (or more than one company's) name and physical address on all our mailings. Our address as an agent doesn't count.
I asked if this was the case even for agents who represent more than one insurance company because we don't know what company will best fit the prospect until after we speak with him/her. Their rep checked with her supervisor then said that, yes, we would have to put at least one insurance company name and address on all direct mail pieces. If we included sample quotes, we could just use the quoted companies, but if we had no quotes to be in compliance we would have to list the names and addresses of ALL the companies we contract with for med supps (not sure the insurance companies would okay any of this on an agent's mail piece).
She said they very recently fined someone for sending out generic med supp direct mail. So, I guess, in IL sending out an "Are you paying too much for your Medicare Supplement" card could get very expensive for agents.
Back to cold calling purgatory for me...
I asked if this was the case even for agents who represent more than one insurance company because we don't know what company will best fit the prospect until after we speak with him/her. Their rep checked with her supervisor then said that, yes, we would have to put at least one insurance company name and address on all direct mail pieces. If we included sample quotes, we could just use the quoted companies, but if we had no quotes to be in compliance we would have to list the names and addresses of ALL the companies we contract with for med supps (not sure the insurance companies would okay any of this on an agent's mail piece).
She said they very recently fined someone for sending out generic med supp direct mail. So, I guess, in IL sending out an "Are you paying too much for your Medicare Supplement" card could get very expensive for agents.
Back to cold calling purgatory for me...