Can insurance brokers compete with other brokers?

[Markthebroker]

I don't know about the state, but sharing commissions is a big no-no with both my cluster and my agency, so I assume it's illegal.

 

[VolAgent]

I don't know about the state, but sharing commissions is a big no-no with both my cluster and my agency, so I assume it's illegal.

It is. If you have a license, I know of no state or industry in which it is legal to share commissions with a non-licensed individual.

You can form a business entity and non-licensed individuals can have ownership and receive profits from the business entity. But that is about it that I know of.

 

[Markthebroker]

It is. If you have a license, I know of no state or industry in which it is legal to share commissions with a non-licensed individual.

You can form a business entity and non-licensed individuals can have ownership and receive profits from the business entity. But that is about it that I know of.

Ok, yeah that was my suspicion, and I was kind of hinting at that. Thanks for the confirmation.