Laws about referral fees

[maxreferrals]

It depends on your state, your licensing restrictions, and also the
legal requirements of disclosure by the professional you are
paying.

Typically with CPAs and others, they are bound ethically to
disclose to their clients if they are being compensated.

 

[Res_Ipsa_Loquitor]

a lawyer is not allowed to accept a referral fee. period.

 

[JustInvest]

Depends on which state you are working in. Texas for example has very strick regulations concerning fees paid to a non-licensed person. Some lead companies have actually been required to maintain an insurance license. Check with your state insurance department to be sure your are on the up and up.

James

 

[midwestbroker]

I have a couple that has sent me over 6 supplement deals in the past 2 months. I am going to send them 2 Wal Mart Gift cards for $15 each (the CMS max for seniors is $15 per person).

Any thing I should worry about? They have no idea that the cards are coming.

 

[Crabcake Johnny]

I've love to see a client call up CMS and narc you out:

"Hey, my agent just sent me a gift worth more than $15!"

 

[midwestbroker]

But that is the kicker, $15 for him and $15 for her, 2 seperate cards.

They won't catch me alive!

 

[pjins]

Can a p&c agent pay a referral fee to a life & health agent? And if so, can you do this in any State? i.e. CT
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Do you know if you can in the State of CT? And, can a P&C agent give a referral fee to a life & health agent?

 

[desert boy]

Why send a referral, I prefer to take my referral sources to lunch or take them golfing or something.

I think it is much better to make real friends with these people instead of keeping it completely professional.

If you send someone a referral, what would you prefer? A gift card, or lunch or some fun and laughs? Buy them tickets to a show or something unique....

 

[PktChg]

We give out $20 gift cards for each referral.

 

[pjins]

But, we share office space, and we will be referring clients to each other. I'm not sure if this is legal. I can't seem to find the answer to this question. I looked on the DOI website, but I couldn't find the answer. Any help is most welcome.