Companies possible DOI Investigation - How to protect myself

[dawnlove]

Hello Everyone,

Looking for some feedback here. I work for an independent Insurance Broker which is an LLC - I'm a senior broker and 1099 through the company. I've been told by this company that when I do decide to leave they would buy my book of business. I have no contract with them nor do I have anything in writing saying they will buy the book of business. I became pregnant and due this spring, this changed a few of my career plans and with this pregnancy I decided to continue working from home for another year or two then look to leave the company. I have just found out that one of the owners clients is suing him for high broker fees and the company may be facing another investigation by the DOI - there was an investigation done 10 years ago for this same issue they are now facing again. All though nobody has said anything to me directly I found out the management is nervous with this and are taking their own steps to minimize the impact.

Anything regarding the DOI make me nervous - insurance is my career even if it's not with this company.

These are my questions:

I'm unsure as to if I need to take any steps personally to be sure I am protected should the DOI investigate and there be repercussions.

How can I find out what my book of business may be valued at? I'm debating seeing if I can propose leaving now before anything happens.

Any feedback on this would be greatly appreciated.

 

[adjusterjack]

I've been told by this company that when I do decide to leave they would buy my book of business. I have no contract with them nor do I have anything in writing saying they will buy the book of business.

Then you already know that what you were "told" is meaningless.

Do you have any kind of a written contract from when you first started working with the company? Any correspondence at all regarding your business, commissions, etc?

I'm unsure as to if I need to take any steps personally to be sure I am protected should the DOI investigate and there be repercussions.

Too late. The game is afoot and there is nothing you can do to insulate yourself if it is destined to draw you into the fray.

However, what you can and must do is invoke your right to an attorney as soon as it becomes appropriate.

How can I find out what my book of business may be valued at?

Presumably you kept careful records of your clients, their policies, their premiums. Your book of business is generally worth what your annual commission income is, adjusted downward by a variety of factors that are subject to negotiation between you and your buyer.

 

[scagnt83]

I'm unsure as to if I need to take any steps personally to be sure I am protected should the DOI investigate and there be repercussions.

Start documenting everything from the past regarding communications you had with your superiors at the agency. Forward your emails to a personal address or print them out. If you recall conversations you had that would be relevant (like something shady they asked you to do or involved you in) then write it down and document the date or estimated date.

Anything that shows they directed the violations or involved you unknowingly will help you.

Also document conversations/emails/texts if you talk to them about the investigation. Id ask them outright "am I involved in anything that is being investigated?" and if you are, ask in what way.

If its the owners/managers who are doing wrong, they will most likely want you as a cooperating witness more than they would want to prosecute you for anything. If they do interview you, get a lawyer and have them present at the interview.

 

[Rirwin]

Are you 100% vested?