Highlights will include:
What are the changes?
We will be making changes to our commission structure to stay in compliance with our interpretation of the Producer Licensing Model Act (PLMA). Applications from the current states (Florida, Georgia, Massachusetts, Montana, North Carolina, New Mexico, Pennsylvania, South Carolina, Utah, Virginia, Wisconsin, and West Virginia) will experience a positive change because we will now be able to accept business if the writing agent and highest commission earning level are licensed at or before the time of application. However, any agents in the hierarchy that are not licensed in the state at time of application will not receive commission.
There are 4 additional states (California, Kentucky, Louisiana, and South Dakota) that are following PLMA guidelines. We currently accept business in these states, and all agents in the hierarchy are accustomed to receiving commission. However, these states are now considered under the non-PLMA guidelines, and commissions will be handled as above (any agents in the hierarchy that are not licensed in the state at time of application will not receive commission).
Why are we making these changes?
Updating our rules for these 16 non-PLMA states will allow us to accept business from agents that don’t have the appropriate state licensing through their entire hierarchy, resulting in coverage for more families.
When are these changes effective?
All of these changes are scheduled to take effect on August 16, 2023.
No need to register! Add to your calendar with the buttons below – webinar link included in calendar invite.
Highlights will include:
What are the changes?
We will be making changes to our commission structure to stay in compliance with our interpretation of the Producer Licensing Model Act (PLMA). Applications from the current states (Florida, Georgia, Massachusetts, Montana, North Carolina, New Mexico, Pennsylvania, South Carolina, Utah, Virginia, Wisconsin, and West Virginia) will experience a positive change because we will now be able to accept business if the writing agent and highest commission earning level are licensed at or before the time of application. However, any agents in the hierarchy that are not licensed in the state at time of application will not receive commission.
There are 4 additional states (California, Kentucky, Louisiana, and South Dakota) that are following PLMA guidelines. We currently accept business in these states, and all agents in the hierarchy are accustomed to receiving commission. However, these states are now considered under the non-PLMA guidelines, and commissions will be handled as above (any agents in the hierarchy that are not licensed in the state at time of application will not receive commission).
Why are we making these changes?
Updating our rules for these 16 non-PLMA states will allow us to accept business from agents that don’t have the appropriate state licensing through their entire hierarchy, resulting in coverage for more families.
When are these changes effective?
All of these changes are scheduled to take effect on August 16, 2023.
No need to register! Add to your calendar with the buttons below – webinar link included in calendar invite.