Question About NY Life Insurance Commissions

fla2013

New Member
5
Hi all - rookie humbly looking for a quick answer to this question. Life insurance commissions in NY are capped at ~50%. I'm a NY-resident licensed broker. If I write business as a non-resident broker (say, for example, for clients in NJ or PA), would the NY commission schedule still apply or would I get the commission schedule where the business was written (i.e., residence of the client). Thanks so much for the help!
 
Hi all - rookie humbly looking for a quick answer to this question. Life insurance commissions in NY are capped at ~50%. I'm a NY-resident licensed broker. If I write business as a non-resident broker (say, for example, for clients in NJ or PA), would the NY commission schedule still apply or would I get the commission schedule where the business was written (i.e., residence of the client). Thanks so much for the help!

You get paid based on the state in which you write the business. Also, once you start to produce, you'll be able to look for more than 50%...the cap that you're referencing is on the producer comp. It may be supplemented by overrides (ERA) that are paid by your GA.
 
I'm a GA in NY and I can help you out with much better contracts, but only for a few companies specializing in final expense. I do have a broker I use that offer way over "street" comp in NY who I can refer you to.
 
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