Chargeback for IUL Underperforming (Accordia)

[Johnnybeen]

Hello Everyone,

I am appointed with Accordia and have written several IULs with them over the last couple of years, going back to when they were Aviva. I was randomly checking my commissions one day and saw that I had a sizeable negative balance. I checked my book of business and saw that all of my clients were active and paying, no lapses or cancellations at all.

I called the company and they told me that the chargebacks were because the policies didn't perform to what the illustration projected so they took back the difference in my commission between the projection and how the policy actually performed.

My question is, has anyone else ever heard of this? Every person I have spoken with has never heard of any company doing this and is appalled that Accordia would. Also does any one know any recourse I have to combat this because having this balance is preventing me from getting any renewals because it all goes to paying down the balance.

Thank You

 

[Johnnybeen]

I too had a charge back and it was not because the policy was not performing - it was discovered after 4-5 calls from me that Accordia paid me twice on 2-3 cases accidently. They are a mess right now and I still am suspicious about this but it's such a nightmare trying to research all this . However , it was NOT due to non performance if someone told you that it was probably those Insurance Services " unlicensed " " untrained reps " - they try hard but they are just ill equipped to handle that huge block of business from Aviva

 

[Johnnybeen]

This person got horrible information from Insurance Services - the people who answer the phones from Accorda . This charge is something I dealt with about the exact same time and it was a " glitch "- a mistake they made supposedly and they said they paid me twice on a few cases so they wanted it back which is understandable . I asked them to send me the statements proving this and after 45 days they did .