The Texas Windstorm Insurance Association held its final quarterly meeting on Dec. 12 in Corpus Christi, where the board of directors voted to approve the association’s budget for 2024. The board also voted to keep agent commissions unchanged after listening …
Banning commission-based sales of financial products from banks and insurers would be a “serious setback” to the European Union’s capital market and limit choice for consumers, Germany’s finance minister Christian Lindner has said. EU financial services chief Mairead McGuinness set …
The Travelers Companies announced that it will accelerate commission payments to eligible agents and brokers to help them ease liquidity concerns due to the COVID-19 crisis. In total, Travelers said it is accelerating more than $100 million, which it called …
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; …
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 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 …
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 …
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 …
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 …
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 …
