Moving MGA Agency to Another IMO

pomfin · 09-02-2009, 08:12 AM

I know that an agent needs release form from its agency to get contracted with other agency. If an MGA agency with quite a few agents wants to move the whole agency to another IMO, does every agents under the MGA agency need release form from the IMO? The common sense should be no. Let me know if differ.

Thatguy · 09-02-2009, 09:28 AM

Depends on the company. If the release reads "Myself and my subsequent agents" or something to that matter, then the carrier will release all agents in your hierarchy that is appointed with them. If it does not read something to that verbiage, then you will need a release for each and every single agent. May I ask, what carrier is it; and who do you wish to be released from?

pomfin · 09-02-2009, 10:52 AM

Originally Posted by Thatguy

depends on the company. If the release reads "Myself and my subsequent agents" or something to that matter, then the carrier will release all agents in your hierarchy that is appointed with them. If it does not read something to that verbiage, then you will need a release for each and every single agent. May I ask, what carrier is it; and who do you wish to be released from?

Thanks for the clarification.
The carriers are Americo, UHL and Occidental. I don't want to mention the IMO. If you have information an IMO who can offer all thrree contracts, send me a PM. Thanks.

insuranceexec · 09-02-2009, 10:54 AM

Originally Posted by Thatguy

depends on the company. If the release reads "Myself and my subsequent agents" or something to that matter, then the carrier will release all agents in your hierarchy that is appointed with them. If it does not read something to that verbiage, then you will need a release for each and every single agent. May I ask, what carrier is it; and who do you wish to be released from?

Absolutely correct. The term you are looking for here is a "block transfer."

If you have a release that states what "thatguy" stated, then you can complete contracting for yourself, and all of your agents will automatically transfer.

Depending on the company your agents will not even receive a new agent code. Great question.

Thatguy · 09-02-2009, 01:47 PM

Originally Posted by pomfin

Thanks for the clarification.
The carriers are Americo, UHL and Occidental. I don't want to mention the IMO. If you have information an IMO who can offer all thrree contracts, send me a PM. Thanks.

You're welcome. I would chime in but I don't carry any of those. I might suggest some great people here on the forum that does carry those carriers.