eza4short
Expert
- 78
I am currently working under a MGA with only two companies but the problem is in the future if I wanted to get released what are the stipulations if any? If send body knowledge able could answer the question it would be great.
Insurance Agency Release Form
- Thread starter eza4short
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- 14,809
We'd need to know the carriers since each has their own release requirements.
- 15,319
Typically, if the MGA will not sign a release, you will have to go 6 months without writing business (MOO is 12 months) before you can resign.
I remember not wanting a release years ago but asking my MGA if he would give me one upon request. When he told me "no," I told him goodbye and moved on. It was worth the 6 month wait to get away from someone that dishonest.
Rick
I remember not wanting a release years ago but asking my MGA if he would give me one upon request. When he told me "no," I told him goodbye and moved on. It was worth the 6 month wait to get away from someone that dishonest.
Rick
- 14,809
Rick, if anyone had the money or time (which no one seems to have) I believe all "releases" could be challenged in court as being a violation of the IRS rules relating to independent contractor status.
Maybe....just maybe my association would get large enough one day to do exactly that. One of the largest tests as to whether or not you're an independent contractor is "control." The more control the company exercises, the more likely they are violating the contractor rules. I can't think of anything more "controlling" then needing a release to continue with a career.
Maybe....just maybe my association would get large enough one day to do exactly that. One of the largest tests as to whether or not you're an independent contractor is "control." The more control the company exercises, the more likely they are violating the contractor rules. I can't think of anything more "controlling" then needing a release to continue with a career.
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- #5
eza4short
Expert
- 78
Assurant and Goldenrule . The real questions is if I don't owe money( charge backs) to companies and the MGA signs the release form do I still have to wait a certain amount of time before I can resign with the company
- 14,809
If you have written more than 2 GR deals you need a written release from your MGA. You'll also need a written release for Assurant - it doesn't matter if you've written a deal.
With both of these carriers, if your MGA does not sign a release you'll have to sit out for 6 months before you contract again.
With both of these carriers, if your MGA does not sign a release you'll have to sit out for 6 months before you contract again.
SRQ Willie
Expert
- 54
eza - if you are with the group that just moved into their new offices ..... watch your money !!
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- #8
eza4short
Expert
- 78
Ok but if the MGA does sign a written Release form then I can sign back up with the company without a waiting period
- 14,809
That's correct.
- Thread starter
- #10
eza4short
Expert
- 78
Thanks for the help Greatly needed
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