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How to report an Insurance Broker in Texas?
- Thread starter Shmitty
- Start date
- 11,471
whatyouwantfinally
Guru
- 524
You don't have a valid complaint for the TDI. You don't have a complaint as a consumer of insurance.
You MAYBE have a complaint for small claims court. Do you have any actual proof of what the commission to the agency was on this sale? Could it be the commission ended up, in the end, not being what was initially expected?
You MAYBE have a complaint for small claims court. Do you have any actual proof of what the commission to the agency was on this sale? Could it be the commission ended up, in the end, not being what was initially expected?
- Thread starter
- #14
What about entering into a commission agreement with an unlicensed agent, is that not a violation of regulations?
- 11,471
Technically, it may not be a 'commission' agreement since an unlicensed agent cannot be listed on the application.
It would simply be classified as a marketing expense paid out by the agent.
You also did not make an insurance sale, you are not the writing agent. You generated a lead and they made a sale from that lead, now they are paying you a bonus for generating the lead. You basically disagree with the amount of bonus they are paying you. This is a contract dispute and you don't seem to have a very strong case legally here. If you have a contract that says if we generate 10k commission we will pay you 7k, that would be very clear. You took the position without agreeing on the payment structure. If funds are low, I suggest looking into working for one of the call centers. They like people who were licensed in the past.
tikibarrister
Guru
- 495
Would you be filing a complaint if you'd been paid?
To some extent I agree with Stibroker. The only POSSIBLE remedy I foresee is a legal course of action for non-payment/breach of contract. At a very minimum you would need to show written proof of what you believe the amount of money and commission %.
I emphasized "possible" earlier because reading through your post leads me to believe that you may not have anything in writing to support your claim. For example, you mention that you did not know your commission % until well within 2 months after getting started.
Your comment about the policy being sold in late August and you not knowing the amount until October or November is not unusual. Even if the effective date is 9/1, not knowing the commission amount until late October is not that far out of line.
Lastly, this company/person advanced you monies. This is something that is not very common and you should be thankful.
If there is more to this than being told so far, please let us know. All in all, it does sound a like a bunch of sour grapes on your part.
I emphasized "possible" earlier because reading through your post leads me to believe that you may not have anything in writing to support your claim. For example, you mention that you did not know your commission % until well within 2 months after getting started.
Your comment about the policy being sold in late August and you not knowing the amount until October or November is not unusual. Even if the effective date is 9/1, not knowing the commission amount until late October is not that far out of line.
Lastly, this company/person advanced you monies. This is something that is not very common and you should be thankful.
If there is more to this than being told so far, please let us know. All in all, it does sound a like a bunch of sour grapes on your part.
No it is not. It is all dependent on how the contract is written. And besides, if you knew you were unlicensed and the payment was a commission, why would you put yourself in a possible legal problem?
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- #20
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