Colorado Requires Commission Disclosure

Jan 5, 2009

  1. Crabcake Johnny
    Offline

    Crabcake Johnny Guru

    Posts:
    14,811
    Likes Received:
    15
    State:
    South Carolina
    As of today all agents selling indie plans in CO must disclose their commission. The form must be filled out, signed and sent back.

    This is due to House Bill 1385 which requires agents selling individual health insurance, dental and short-term medical to disclose commissions effective Jan 1st 2009.

    The correct form is #E1090-B and can be provided by your carrier.

    As of now these forms are not online with Esigs available. This means that at this time your client will need to sign and either fax it or mail it back.

    My personal thoughts on this are neither here nor there, but you can take a wild guess.
     
  2. moonlightandmargaritas
    Offline

    moonlightandmargaritas Guru

    Posts:
    9,749
    Likes Received:
    32
    State:
    Florida
    This bold legislative move by Colorado lawmakers will no doubt ensure that the health insurance buying public of The Centennial State is protected against unscrupulous agents preying on them by actually earning a commission.
     
  3. Freddie
    Offline

    Freddie Guru

    Posts:
    429
    Likes Received:
    1
    State:
    Florida
    Due to the influx - Colorado is becoming California East while NC is becoming New Jersey South.

    These people destroy blue states with high taxes etc then migrate to low tax, sane red states and try to turn them into CA, MI, NJ, NY, MA and IL. :no:
     
    Freddie, Jan 5, 2009
    #3
  4. Crabcake Johnny
    Offline

    Crabcake Johnny Guru

    Posts:
    14,811
    Likes Received:
    15
    State:
    South Carolina
  5. Ray Ray
    Offline

    Ray Ray New Member

    Posts:
    15
    Likes Received:
    0
    State:
    Arizona
    Since the Legislation requires full disclosure of the commissions . . . Does the Legislation permit the Insurance Agent to negotiate or Rebate commissions back to the client?
     
    Ray Ray, Jan 5, 2009
    #5
  6. GreenSky
    Offline

    GreenSky Guru

    Posts:
    15,339
    Likes Received:
    448
    State:
    Nevada
    Because my son needs advances and there are none in CA, he was going to start getting leads in CO. Because of the added BS of talking about commissions, we're looking elsewhere.

    While I can discuss this with a prospect, a new agent will probably have an issue with this.

    I'm generally opposed to the big brother nanny state, but CO has even surpassed CMS as being total jackasses.

    Rick
     
  7. tryan326
    Offline

    tryan326 Super Genius

    Posts:
    175
    Likes Received:
    0
    I'm glad I live in VA...so I don't have to have this convo with every client and then twiddle my thumbs waiting for them sign and send the disclosure back...this could seriously interrupt the sale process.
     
    Last edited: Jan 5, 2009
  8. TXINSURANCE
    Offline

    TXINSURANCE Guru

    Posts:
    3,858
    Likes Received:
    28
    What about when you buy a car in CO or a refrigerator is the salespersons commission fully disclosed by a form?

    One could argue requiring insurance but not any other form of sale is not right.

    This is yet another anti capitalist move.

    Next time I go to a restaurant in CO I am going to demand a full disclosure of cost of food served, overhead, and profit.
     
  9. tryan326
    Offline

    tryan326 Super Genius

    Posts:
    175
    Likes Received:
    0
    TX, I've been thinking the same thing why do agents have to disclose but not other types of sales businesses. I don't think they realize how stupid this law is. Does a real estate agent have to tell how much they're making at close? What about car sales? What abiut your doctor how much are they making when they write me a script?
     
  10. TXINSURANCE
    Offline

    TXINSURANCE Guru

    Posts:
    3,858
    Likes Received:
    28
    Yes they do.
     
Loading...