The new CDI broker fee regulations went into effect on Nov. 23. The regulations require that agents use a Standard Broker Fee Disclosure Form and Standard Broker Fee Agreement when a broker fee is charged on personal lines business. Failure to meet the new guidelines could result in license removal. According to Don Lukenbill of the American Agents Alliance: “The spirit driving the new regs is disclosure. Make sure the client is fully aware of all fees you charge.” A copy of the new regulations, as well as the mandatory forms, are available on the Alliance’s website,www.agentsalliance.com. The CDI has posted the “Consumer Guide to Residential Insurance” and “Consumer Guide to Auto Insurance” on its website, www.insurance.ca.gov. Agents are now required to hand out these two pamphlets to clients along with other insurance paperwork.
Topics Agencies Legislation
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