Seems even this threshhold is not honored…our firm received the letter even though we have more than $100,000 in each of the past two years. I wonder if they are even checking the premium volume. Dealing with the State Fund is not for the fain of heart or those short on patience.
Does not address any commission changes or time constrictions having to go through an intermediary. I am sure that Gallagher and RIC are not doing this pro bono, so how are they being compensated? Is it out of State Fund’s pocket or the individual agent/agency commission?
Will the business be admitted or are taxes going to be imposed as well as other wholesaler or policy fees? Seems like somebody got into the State Fund’s pocket. I would love to have been a fly on the wall listening to all the back room negotiating. This was certainly not done to have any benefit accrue to the smaller independent agent and does not address what happens if and when an agency crosses the 100k threshold. Seems that this whole thing was done behind closed doors, since I cannot fathom any smaller agency wanting to go along with this.
Also, what happens with follow-up customer service? Exempt employee changes, changes to staff, change in company profile, addition of other class codes, etc….will all this have to go through the two entities or direct with SCIF?
In typical political posturing, I see a pending disaster since all these particulars will never be addressed in less than four months and will probably be subject to modification as each state election rolls around.
Seems even this threshhold is not honored…our firm received the letter even though we have more than $100,000 in each of the past two years. I wonder if they are even checking the premium volume. Dealing with the State Fund is not for the fain of heart or those short on patience.
We got one too and we have over the 100k threshold. I think they just sent it to everybody to cover their butts. I don’t blame them for that.
if they have to make a brokerage placement now through one of the 2 aggregators will they be able to charge a broker fee?
Does not address any commission changes or time constrictions having to go through an intermediary. I am sure that Gallagher and RIC are not doing this pro bono, so how are they being compensated? Is it out of State Fund’s pocket or the individual agent/agency commission?
Will the business be admitted or are taxes going to be imposed as well as other wholesaler or policy fees? Seems like somebody got into the State Fund’s pocket. I would love to have been a fly on the wall listening to all the back room negotiating. This was certainly not done to have any benefit accrue to the smaller independent agent and does not address what happens if and when an agency crosses the 100k threshold. Seems that this whole thing was done behind closed doors, since I cannot fathom any smaller agency wanting to go along with this.
Also, what happens with follow-up customer service? Exempt employee changes, changes to staff, change in company profile, addition of other class codes, etc….will all this have to go through the two entities or direct with SCIF?
In typical political posturing, I see a pending disaster since all these particulars will never be addressed in less than four months and will probably be subject to modification as each state election rolls around.