I talked to Dawn earlier today and she tells me that Zurich is going to pay some $170,000,000 in fines/fees from the Spitzer investigation and that they will begin disclosing to all their policyholders the fees they pay their agent/brokers. She thinks that in the next 6 months our customers will begin to receive notification within their policies telling them our commission percentage on all their policies.
We\’ve already received notice from Zurich about the disclosure and a sample. It will be attached to all policies and if the policies are sent to the agent (versus directly to the insured), it will be up to us to send it with the policy or not.
Hoisted on their own petard, but taking us along for the ride……..
Let\’s see, if you pay $170 Mil you don\’t admit to any wrongdoing? If you are willing to pay the $170 Mil haven\’t you already said you are guilty? Sounds like plea-rigging to me!?! Actually, Zurich probably went to Elliot Shitzer and offered him the money to help them get away from having to pay contingents for the next 30 years. But I love disclosure: When my client saw that I was making 3% commission on his State Fund WC policy he offered to write me a check on the spot for another $50 just to get me up to $200. I told him Garamendi deserved all the credit in California and to send it to his Lt. Gov. campaign ……….
Maybe we can finally begin to get to the bottom of prescription profits, Medical profession fees, and Lawyers fees. Seems to me that Zurich has found another way to sock it to the agent by giving up contingency money owed to the Agency Force!
Full disclosure of all agent/broker compensation when it happens should not be a surprise to anyone. Stock Brokers have to do it, so why shouldn\’t insurance agents and brokers? In spite of having to disclose brokerage fees to buyers, it hasn\’t put A.G. Edwards and others out of business regardless of discount brokers. Good agents and brokers will always be in demand. If you aren\’t getting paid well enough by direct commissions, switch over to a fee basis. Other have done it and get along quite well. The \”milking\” of Zurich isn\’t over yet as well as other insurers. Other states including Florida are going after their share independly. Check out Charlie Crist, AG of Florida, who is a copy cat of Spitzer. Both are running for Governer. Hartford Financial is watching from the shadows trying to determine how big their \”hit\” will be. Trust me, it\’s coming.
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I talked to Dawn earlier today and she tells me that Zurich is going to pay some $170,000,000 in fines/fees from the Spitzer investigation and that they will begin disclosing to all their policyholders the fees they pay their agent/brokers. She thinks that in the next 6 months our customers will begin to receive notification within their policies telling them our commission percentage on all their policies.
With Elliot Spttzer as New York\’s next Governor and Hillary as our next President.We\’ll be in heaven
We\’ve already received notice from Zurich about the disclosure and a sample. It will be attached to all policies and if the policies are sent to the agent (versus directly to the insured), it will be up to us to send it with the policy or not.
Hoisted on their own petard, but taking us along for the ride……..
Spitzer is Garamendi and Spiers rolled into one.
Let\’s see, if you pay $170 Mil you don\’t admit to any wrongdoing? If you are willing to pay the $170 Mil haven\’t you already said you are guilty? Sounds like plea-rigging to me!?! Actually, Zurich probably went to Elliot Shitzer and offered him the money to help them get away from having to pay contingents for the next 30 years. But I love disclosure: When my client saw that I was making 3% commission on his State Fund WC policy he offered to write me a check on the spot for another $50 just to get me up to $200. I told him Garamendi deserved all the credit in California and to send it to his Lt. Gov. campaign ……….
Maybe we can finally begin to get to the bottom of prescription profits, Medical profession fees, and Lawyers fees. Seems to me that Zurich has found another way to sock it to the agent by giving up contingency money owed to the Agency Force!
Full disclosure of all agent/broker compensation when it happens should not be a surprise to anyone. Stock Brokers have to do it, so why shouldn\’t insurance agents and brokers? In spite of having to disclose brokerage fees to buyers, it hasn\’t put A.G. Edwards and others out of business regardless of discount brokers. Good agents and brokers will always be in demand. If you aren\’t getting paid well enough by direct commissions, switch over to a fee basis. Other have done it and get along quite well. The \”milking\” of Zurich isn\’t over yet as well as other insurers. Other states including Florida are going after their share independly. Check out Charlie Crist, AG of Florida, who is a copy cat of Spitzer. Both are running for Governer. Hartford Financial is watching from the shadows trying to determine how big their \”hit\” will be. Trust me, it\’s coming.