Renewals and FMO

Tsobo1 · 10-09-2009, 10:28 PM

I have written business the last year with an FMO. I am not happy with the business practices within this organization. If I leave do my renewals go with me or do they stay with the FMO. I have been getting info that is conflicting. I can't get a clear answer. Does anyone know the answer and if so... can you point me in the direction of where you located the information. Thanks...

G.Gordon · 10-09-2009, 10:38 PM

The information, Danielson, is located in the contract you signed with the FMO.

Your welcome.

GreenSky · 10-09-2009, 11:28 PM

It's probably not in the contract. If you are being paid directly by the company, then you can likely keep the renewals.

If you're being paid by the FMO, you're likely screwed. (I learned this years ago when I was stupid enough to contract with Applied General Agencies (AGA) in California).

Rick

HarryRenard · 10-10-2009, 12:12 AM

If your getting conflicting information, why dont you just the company direct and have all your answers within minutes. Instead of posting on a forum looking for help from people who dont know the company, fmo, or anything about YOUR contracts. After all it is your money.

WinoBlues · 10-10-2009, 12:57 AM

If the companies tell you that the fmo ownes the business and renewals. Ask the fmo to assign them back to you. If they do not, re write the book, if it makes sense for the client. Do not sign a non compete unless they do aswell.
Make sure you get copies of all the apps and current status reports of your book before you talk to anyone. You should ALWAYS keep your own files. If for no other reason so when a past client decides to "forget" something and decides to sue you.

Always own your book.

The above is re Life Insurance.

Lee