- Currently, the Fund pays a commission on normal premium of 20% for new business and 10% for renewal business.
- Agent commissions are paid on a quarterly basis (paid in the months of May, August, November and February).
Agent of Record
- Current Fund Member “Without An Agent”: In order for an Agent to gain control of a currently Fund-serviced (no Agent of Record) Member policy, the Fund Member must submit an Agent of Record letter. This letter must identify the Member’s Agent of Choice and it must be signed and dated by an owner/officer of the Fund Member Company.
- Current Fund Member “With An Agent”: For commission purposes, the Agent of Record letter must be received prior to the 1st of the month in order for the NEW Agent to be eligible to receive commission for the Fund Member’s policy. Otherwise, the NEW Agent’s eligibility will begin on the 1st day of the next month.Example: If an Agent of Record is received on the 3rd of June, the NEW Agent of record will not draw a commission for the month of June, instead, they will begin drawing a commission on July 1st.
- The Fund will accept up to, but no more than, three (3) submissions per company. Additionally, the Fund will offer up to, but no more than, three (3) quotes per company.
- Please be advised that the necessary underwriting information will not be shared among multiple submissions. All agents are responsible for completing their own particular files in order to receive an underwriting determination.