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Reply to Conflict of Interest Question     
Old 08-08-2017, 11:34 AM   #1
New Member
 
Join Date: Aug 2017
Posts:1
State: Elmer123 is an Insurance Agent from Undisclosed Location
Conflict of Interest Question Conflict of Interest Question
I am licensed agent with my own Incorporated Agency. I also work for a family members company (construction) where I handle amongst other things the company benefits. The family owned company health care is run through my insurance agency with the full knowledge of the family member owner. Some one told me that I was violating insurance rules. Was not familiar with such rules that says I can not have a secondary business and sell to a family members whose company I work for. Any insights would be helpful...
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Old 08-08-2017, 12:09 PM   #2
Super Genius
adjusterjack on Conflict of Interest Question
 
Join Date: Jun 2017
Posts:243
State: adjusterjack is an Insurance Agent from Arizona
Conflict of Interest Question Re: Conflict of Interest Question
Originally Posted by Elmer123 View Post
Some one told me that I was violating insurance rules.
Some one?

I doubt if that person has any real clue.

Originally Posted by Elmer123 View Post
Was not familiar with such rules that says I can not have a secondary business and sell to a family members whose company I work for. Any insights would be helpful...
Well, here's one insight.

Look up your state's insurance laws with regard to insurance agents.

The answer will be in there one way or the other.

If you'd care to post your state, I should be able to find it for you.
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Old 08-08-2017, 12:58 PM   #3
Super Genius
///MJay on Conflict of Interest Question
 
Join Date: Jan 2008
Posts:82
State: ///MJay is an Insurance Agent from Undisclosed Location
Conflict of Interest Question Re: Conflict of Interest Question
Doesn't sound like a clear violation, but as stated more info is needed.

If you are not giving the company a kickback I don't see any issue there.

If your agency is viable on its own and the benefits group is not the majority of your business, I don't see any issue there either.

Violation of either of those could be an issue for you.
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Old 08-08-2017, 01:09 PM   #4
Guru
VolAgent on Conflict of Interest Question
 
Join Date: May 2009
Posts:13,107
State: VolAgent is an Insurance Agent from Tennessee
VolAgent is a member of 5000 posts Super VIP club
Conflict of Interest Question Re: Conflict of Interest Question
Research controlled business for your state.

I suspect someone is an idiot.

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You can pay the premium or you can own the loss.
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Old 08-08-2017, 07:28 PM   #5
Super Genius
adjusterjack on Conflict of Interest Question
 
Join Date: Jun 2017
Posts:243
State: adjusterjack is an Insurance Agent from Arizona
Conflict of Interest Question Re: Conflict of Interest Question
Originally Posted by VolAgent View Post

I suspect someone is an idiot.
"Someones" often are.
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