I have an imo I have several contracts under that i'm satisfied with.But I want to diversify a few others that I've done no business with for 6 months.Since I've done no business can the company release me and re license me under another imo without my imo knowing?I don't want to create any friction .
If You Have No Activity for 6 Months Can You Move a Contract?
- Thread starter peteybear
- Start date
- 4,689
No friction if you haven't done any business.
- Thread starter
- #3
- 4,689
I'll defer to the IMOs in the room........
- 614
Yes. If you're moving for higher comp the carrier might make you wait another 6 months before you can move up, but other than that you should be fine.
- 5,260
You won't have to get a release in most cases, but the IMO will receive notification that you have ended your contract with them.
- 18,984
This release business is a dirty little secret between the IMO's and the insurance companies. They hold you to a contract that they agreed to and that you never signed or even saw.
It's dirty, dishonest and both the IMO's and the companies are equally guilty of the dishonest practice.
I know of a handful of IMO's that will give unconditional releases. Kudos to them. They are the exceptions!!
- 5,260
As long as the receiving IMO signs off on full responsibility for the agent debt balance, there should be no problems with a release.
- 24,956
You would think that would be the case. There have been several agents and IMO/MGAs that posted different experiences.
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