Oregon not only disclosed the exact amount of each commission but also required documentation of acknowledgment by the policyholder. The state of Oregon is setting the bar high for other states. I think that is a positive step towards keeping clients in the know and minimizing potentially costly and illegal charges.
When I was reading this article in nationalunderwriter.com I began applying the rules to my situation. Do I oppose my clients knowing how much money I will make off the product I sell to them? In the past I have disclosed my commission when a client inquired. I did not feel uncomfortable or upset at the fact they knew. Insurance agents get paid to provide a service just like any other service in other industries. Full disclosure is not harmful but actually helpful to build more trust between clients and agents.
How do you feel about disclosing your fees and commissions to your clients?
Where can I find a detailed list of regulations for broker fees and commission for each state?
Posted by: Zach Hawley | April 18, 2007 6:16 PM | Permalink to Comment