Copied of Letter to DOI

[Norwayguy]

Okay its 7pm and in the morning I will be contracting my states bar association for a referal to an attorney who deals with regulatory actions.

I arrived home to a letter from a former carrier of mine written to my states DOI informing them of supposed 65 contracts where I was the writing agent and the customers have surrendered the policies to companies where I was affiliated and the consumers suffered 15k in surrender charges and they thought the DOI would be interested in this in light of consumer protection initiatives.

Granted those surrender charges would have been offset by bonuses. My question should I be reaching out to the carrier demanding the list or should I not worry about this?

 

[Josh]

I'd definitely get ahead of that as best you can. You can always lead in by asking for it instead of demanding it.

This sounds almost as bad as CMS! Sorry to hear you're getting abused like that.

 

[moonlightandmargaritas]

I'd definitely get ahead of that as best you can. You can always lead in by asking for it instead of demanding it.

Have to disagree.

It's not a complaint from a consumer, which most state's DOI's are concerned about, for political reasons. Don't get all bent out of shape and get a lawyer for nothing. If the DOI is going to advance a complaint, you'll receive it in writing. Until you receive that, if you do...just chill.

"Let the game come to you." - Michael Jordan

 

[Norwayguy]

Have to disagree.

It's not a complaint from a consumer, which most state's DOI's are concerned about, for political reasons. Don't get all bent out of shape and get a lawyer for nothing. If the DOI is going to advance a complaint, you'll receive it in writing. Until you receive that, if you do...just chill.

"Let the game come to you." - Michael Jordan

Easier to say than to do...Have you ever recieved a copy of a letter like that?

 

[Stephen]

Have to disagree.

It's not a complaint from a consumer, which most state's DOI's are concerned about, for political reasons. Don't get all bent out of shape and get a lawyer for nothing. If the DOI is going to advance a complaint, you'll receive it in writing. Until you receive that, if you do...just chill.

"Let the game come to you." - Michael Jordan

I don't have the temperament for that approach. I would hire an attorney and be proactive whether I needed to or not.

 

[moonlightandmargaritas]

Easier to say than to do...Have you ever recieved a copy of a letter like that?

As a matter of fact, I have...but as of right now, you have no formal DOI complaint, just a "letter" from a carrier. You can either panic, or if you did nothing wrong, let it play out. They sent you a copy of the letter to try to make you crazy, and it looks like they've been successful.
- - - - - - - - - - - - - - - - - -

I don't have the temperament for that approach. I would hire an attorney and be proactive whether I needed to or not.

That's the panic approach that makes attorneys very high earners - from nervous, panicky "clients".

 

[VolAgent]

I would agree with M&M on this one. We are talking about an average $230.77 in surrender charges per a client, assuming that 15k is cumulative. That sounds a real yawner to me.

If you respond, it probably gets a lot more interesting for the DOI and may even get some attention from them. If the agent bothers to respond to such whining, maybe there is something more interesting going on.

Right now it sounds like sour grapes from the carrier who is pissed to have lost 65 clients. They are probably hopping to rattle your cage, and so far it looks like they have succeeded.

 

[Norwayguy]

As a matter of fact, I have...but as of right now, you have no formal DOI complaint, just a "letter" from a carrier. You can either panic, or if you did nothing wrong, let it play out. They sent you a copy of the letter to try to make you crazy, and it looks like they've been successful.
- - - - - - - - - - - - - - - - - -
That's the panic approach that makes attorneys very high earners - from nervous, panicky "clients".

It's working because I am thinking of the posts about the agent in IL...I also question the numbers...But if you read the letter they say policies I wrote were surrendered to companies I was affiliated with not specifically saying I caused them to be surrendered...Yes I am going a little crazy I mean it is my license and my career though I have done nothing wrong.

 

[scagnt83]

Its a weird letter to receive, thats for sure.

I would think that you could always request info about the policies from the carrier.

Call the compliance department and talk to them.
-Ask if they can tell you which clients they are referring to.
-Also ask them if this is standard procedure for them.

Are they saying these were are all existing clients before hand?

Good luck to you Peter

 

[Guest]

I don't get it. Is the accusation that you flipped and replaced business that may not have been in a client's best interest just to earn commission?