Agreement to Assign Commission to Another Agency

[iiinycboi]

anyone have an agreement to assign all commission and future renewal to another agency?

like for one that the agency is closing and sold the book to another agency.

thanks!

 

[Norwayguy]

anyone have an agreement to assign all commission and future renewal to another agency?

like for one that the agency is closing and sold the book to another agency.

thanks!

Wouldn't you want a carrier specific form so your certain they will follow it?

 

[iiinycboi]

oh i thought it was a generic form where it shows proof they change ownership and have agency B take over.

with their company letterhead of course.

 

[djs]

Why not just have them reassign the policies to your code? That solves the problem, especially of future commissions.

Carriers may not (likely won't) pay an agent that isn't appointed with them.

Dan

 

[Bertolinoins]

Notify the companies of what is going on and they will either roll the policies into your company code or just reassign the code to your agency. They will tell you what they need.

 

[iiinycboi]

hmmm.... this was a request from the carrier.

i am already appointed with them, but this carrier will not do a change of broker or re write an application if they already have the account. kinda like allstate where if they change broker no one gets commission or the old agency gets it.

they told me i need to get them to sign the assignment agreement form, then at renewal they will put my agency and code on.

maybe they are asking for proof of ownership to do the book roll at their renewals?

 

[NCAgent]

hmmm.... this was a request from the carrier.

i am already appointed with them, but this carrier will not do a change of broker or re write an application if they already have the account. kinda like allstate where if they change broker no one gets commission or the old agency gets it.

they told me i need to get them to sign the assignment agreement form, then at renewal they will put my agency and code on.

maybe they are asking for proof of ownership to do the book roll at their renewals?

It sounds like all they are really looking for is something from the agency saying that they are willing to "give" you the book. It's like a giant master broker of record letter from the agent himself to give to you. The term "assignment of commissions" is normally for producers under the agency to say everything goes to the agency itself for compensation, are you hiring this agent to work for you as part of the agreement?

Still, I think this is a normal thing to do since the carrier wants to make sure there is no poaching of a book or anything like that.

 

[iiinycboi]

the other person is no long working and i think thats what the carrier is asking.

they just want proof that they are giving me the book regardless of price, so they dont get in trouble for helping me steal a book.
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just spoke to them, they want to see the agreement to buy out the book paperwork.

they suggested i go find a lawyer to get the agreement written up.

would a one pager do?