Insurance commission?
Find answers to your legal question.
Insurance commission?
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When I go direct to the Insurance Co office to renew the car insurance should I not get the agent commission back?
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Fred C
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It is illegal to pay commission to any person who doesn't have a licence to sell insurance policies. It is called "rebating", and there are severe penalties levied against any person, office, or company that engages in the practice.
You remain the client of the original agent or broker who sold you the policy until such time as you sign a document designating a different agent or broker as the agent of record for that policy. That change of agent will take effect at the next renewal AFTER you sign the document, not midterm. |
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Everythin i believed in has lied
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i do not think so. u will not get back the commission.
u better check with some authorised person. |
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sunita malhotra
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you can not get the insurance agent's commission but you can change the agent if he is not helping you.. the co. will then stop payment to that agent and will pay to the one who will help you in better way.. commissions are generally for agents only |
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Gambit
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First off the insurance company pays commission to the brokerage/agency, not you.
Second the insurance company will not accept your money and will not talk to you. They will tell you to go to your broker/agent and renew the policy there. It would be a HUGE violation of the agency agreement for the insurance company to do that. Insurers do not want to piss off the people selling their product or gain a reputation in the industry that they do this. If you do not like your current broker/agent they can give you a list of the names of other brokers/agents who sell their product and will refer you to them. |
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Rajiv R
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It was a practice by non-life insurance companies when there was no IRDA. They used to give incentive to anyone who brought business. Travel insurance for instance the insurance companies passed 20 per cent commission. But not any more - the Indian Parliament enacted law to regulate the insurance business. The law governs actuaries, agents, brokers, surveyors to compulsorily complete training with no passing the buck. |
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