Selling A Policy to Myself

[jazzy_lady29]

Hi,

I'm a licensed 2-15 agent in Florida. I've always been a captive agent until recently when I decided to branch out on my own. As a captive agent the companies I have worked for always provided health insurance. Since I am now considered an independent agent representing many top carriers, can I purchase a policy from one of the companies I represent for my family and myself? Also would I get commission on a sale like that?

Thanks

 

[Newby]

Hi,

I'm a licensed 2-15 agent in Florida. I've always been a captive agent until recently when I decided to branch out on my own. As a captive agent the companies I have worked for always provided health insurance. Since I am now considered an independent agent representing many top carriers, can I purchase a policy from one of the companies I represent for my family and myself? Also would I get commission on a sale like that?

Thanks

That is called controlled business. You should only do it with a company that you have sold non controlled business with. I think the rule for most companies is that you should not at any time have more than 20% of your business as contrilled business. Your commission on controlled business will be as earned not advanced.

It is not hard to slip controlled business past a company but if you get advances on it and then lapse it and there are problems you will likely lose your license.