agent commissions News

EFG Launches Home Warranty Product for Sale by Insurance Agents

EFG Companies has launched a home warranty product designed to be sold by insurance agents. The product, Simplicity Home Warranty, covers all non-manufactured, non-historic homes, regardless of square footage. The warranty includes protection for unknown pre-existing conditions; rust and corrosion; …

GEICO Success Highlights Advertising Dollars vs. Agent Commissions Debate

Direct writer GEICO’s success in auto insurance sales is due to spending dollars on effective advertising rather than on agents, according to recent research from analysts at Nomura Equity Research, which notes that GEICO has overtaken Allstate to become the …

Massachusetts DOI’s New Bulletin Says Producers May Charge Fees

Massachusetts regulators this month issued a bulletin announcing that producers for all lines of insurance may charge their clients fees in connection with the sale of insurance products. A statewide independent agent association said the bulletin represents a big change …

Former Southern California Auto Club Agent Sues Insurer for ‘Illegal Practice’

A former insurance agent has filed a class action lawsuit in Southern California against Auto Club over what she alleges is an “illegal commission scheme” that penalizes agents who sell policies to people who previously did not have insurance. It …

FEMA to Agents: Stop Using Commission Rebates to Solicit Business

Federal emergency officials are calling on insurance agents to stop offering clients a cut of the agent’s commission if the client agrees to purchase a flood policy. The Federal Emergency Management Agency is taking aim at so-called “commission rebating.” It …

Report: New Orleans Wasted Money on Life Benefits for Years

The city misspent around $500,000 on employee benefits during a span of eight years, according to a report released by the New Orleans Inspector General. The inspector general’s office evaluated the city’s policies and practices relating to procuring and managing …

Louisiana Senator Co-Sponsors Bill to Protect Agent Health Commissions

Two U.S. senators have filed a bill to clarify that agent compensation should be excluded from the federal health reform Medical Loss Ratio (MLR) requirement for the individual and small group markets. Sen. Mary L. Landrieu, D-La., chair of the …

Florida Gov. Scott Questions Citizens Insuring High-Risk Construction

Gov. Rick Scott said he is concerned about Florida’s state-backed property insurer providing discounted coverage on new construction projects in high-risk areas. Scott questioned Citizens Property Insurance Corp. board chairman Carlos Lacasa for its reasoning in providing that insurance, especially …