more & more rules – these folks from RIMS are trying to get legislation to do their job for them. why can’t the RIMS folks just make commission disclosure part of the insurance requirements at proposal time instead of tying up politicians on another law thats not needed? it looks like RIMS wants the best of both worlds, make agents report commissions, and tie up the legal system when someone doesn’t play by the rules RIMS set up!
This entire compensation disclosure rule is absurd, especially as it relates to personal lines and small commercial, and that it only affects agents & brokers and not direct writers.
As for RIMS, their acronym is certainly apropos because here in NY we know a rim job when we’re getting one!
Once again reactionary laws are passed in the guise of protecting the consumer due to the actions of the gigantic brokerages and companies. The small and medium sized agents who truly help, rely upon, and educate the consumer, becomes the fall guy. Thieves will always be thieves. Honeast agents will remain so. Risk managers who are the adversaries of the independent agent want our burden to be greater. If I were a man that uses profanoty you would no my reply to RIMS
Why don’t we just put a copy of our federal returns on the counters for all to see. Every month we have another “fee” we have for E&O, License renewals, Financial registration, rent, payroll, payroll, I would like to be able to keep my whole commission check each month.
Why don’t the Rims folks disclose how the membership fees relate to their salaries and compensation. How much goes into lobbying etc etc etc. By the way when I bought my groceries today I didn’t get a breakdown on the receipt what their cost was to buy the product vs. what I paid and how much the pay is divided among :
The Register Person
The Dept Manager
The Store Manager
The Delivery Driver from warehouse
The Regional Mananger
etc etc etc
This why legislation is proposed and passed for the wrong reasons. Knee jertk reaction to unrelated issues. A few bad apples…..
Southeast News
North Carolina Agent Sentenced for Embezzlement
February 12, 2010
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A North Carolina insurance agent has been sentenced to 48 months supervised probation with one year of electronic house arrest after pleading guilty to five counts of embezzlement, according to state officials.
Insurance Commissioner Wayne Goodwin announced the sentencing of Terri Lynn Spence, 34, of Emerald Isle. She was also ordered to pay $46,773.93 in restitution and court fees.
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Spence was arrested by insurance department investigators and the LaGrange Police Department in June 2008 for embezzlement and obtaining property by false pretense. According to the investigation, 43 people and 16 insurance companies were affected by Spence’s actions. Most of the policies were homeowners insurance and workers compensation.
Lenoir County Superior Court Judge Paul Jones ordered the sentence.
more & more rules – these folks from RIMS are trying to get legislation to do their job for them. why can’t the RIMS folks just make commission disclosure part of the insurance requirements at proposal time instead of tying up politicians on another law thats not needed? it looks like RIMS wants the best of both worlds, make agents report commissions, and tie up the legal system when someone doesn’t play by the rules RIMS set up!
Where does it end?
* Does a claims adjuster disclose how they are paid when taking a claim?
* Does a Mortgage Broker disclose how they are paid?
* Does an Attorney who works for a Law Firm disclose how they are paid when the litigate?
* Does the Geico Rep on the other end of the 800# disclose their compensation when the bind coverage?
* Does the janitor clean your office building disclose how much he is paid to clean up after a RIMS Managers lunch meeting?
COnsumers are protected that’s why they Insurance Dept to help consumers. Give me a Break!!!!!!
NY Agent and barb, you are so correct.
Does anyone see these rules opening up the realm of clients asking for concessions that may conflict with state rebating laws?
This entire compensation disclosure rule is absurd, especially as it relates to personal lines and small commercial, and that it only affects agents & brokers and not direct writers.
As for RIMS, their acronym is certainly apropos because here in NY we know a rim job when we’re getting one!
Once again reactionary laws are passed in the guise of protecting the consumer due to the actions of the gigantic brokerages and companies. The small and medium sized agents who truly help, rely upon, and educate the consumer, becomes the fall guy. Thieves will always be thieves. Honeast agents will remain so. Risk managers who are the adversaries of the independent agent want our burden to be greater. If I were a man that uses profanoty you would no my reply to RIMS
Why don’t we just put a copy of our federal returns on the counters for all to see. Every month we have another “fee” we have for E&O, License renewals, Financial registration, rent, payroll, payroll, I would like to be able to keep my whole commission check each month.
Why don’t the Rims folks disclose how the membership fees relate to their salaries and compensation. How much goes into lobbying etc etc etc. By the way when I bought my groceries today I didn’t get a breakdown on the receipt what their cost was to buy the product vs. what I paid and how much the pay is divided among :
The Register Person
The Dept Manager
The Store Manager
The Delivery Driver from warehouse
The Regional Mananger
etc etc etc
Rims needs to pick a different battle
This why legislation is proposed and passed for the wrong reasons. Knee jertk reaction to unrelated issues. A few bad apples…..
Southeast News
North Carolina Agent Sentenced for Embezzlement
February 12, 2010
E-mail Post Comment Print Article Reprints
A North Carolina insurance agent has been sentenced to 48 months supervised probation with one year of electronic house arrest after pleading guilty to five counts of embezzlement, according to state officials.
Insurance Commissioner Wayne Goodwin announced the sentencing of Terri Lynn Spence, 34, of Emerald Isle. She was also ordered to pay $46,773.93 in restitution and court fees.
Advertisement
Spence was arrested by insurance department investigators and the LaGrange Police Department in June 2008 for embezzlement and obtaining property by false pretense. According to the investigation, 43 people and 16 insurance companies were affected by Spence’s actions. Most of the policies were homeowners insurance and workers compensation.
Lenoir County Superior Court Judge Paul Jones ordered the sentence.
People must not know what a “rim job” is if they aren’t commenting on it, nor is IJ deleting your post. Well done!
I’d like to know how much Mr. Clark gets paid. NY Agents are getting a “RIM” job for sure!