Allstate Corp. has issued a statement to its insurance agents, warning them of a discovery of a number of errors occurring on their year-end reports and tax documents, which show information about annual incomes and figures that are used in the calculation of their annual bonuses. This warning about errors comes only a month after the insurer made another type of miscalculation that cause the commissions in January to be underreported. These most recent mistakes have re-ignited a new upset from the sales force at the insurance company, where there…
Read MoreTag: insurance agent news
California labor law could inadvertently target insurance agents and others
California’s new labor law may have dire implications for insurance agents in the state. The law was enacted late last year and is designed to punish employers that misclassify workers in an attempt to receive discounts on their insurance coverage. The law itself does not make specific mention to insurance agents, but the language in which the law is written is very vague. Agents could easily fall victim to the law simply by providing employers with advice regarding employee classifications. The law allows the California Labor and Workforce Development Agency…
Read MoreAllstate New Jersey wins judgment from state Superior Court in franchise suit
Allstate New Jersey Insurance Company had received a judgment in its favor from the Superior Court in that state, dismissing all of the claims made against the insurer in a lawsuit that had been filed against it. In 2011, the suit was filed by three exclusive agents who sought to prevent the agreements with their agencies from being terminated for being unable to meet certain quotas. Their claim was that their relationship with Allstate New Jersey was of a franchise nature and that they therefore had the protection of the…
Read MoreWashington Internet business runs afoul of Kansas insurance regulators who claim the site was misrepresenting the state
The Kansas Department of Insurance has ordered an Internet business based in Washington to discontinue its references to the state’s currently non-existent health insurance exchange. The business – My HIX Insurance Exchange – claimed to sell insurance policies through the insurance exchange of Kansas. Insurance Commissioner Sandy Praeger has issued the cease and desist order, demanding that the site’s manager to remove all references of the exchange from the site. Commissioner Praeger fears that this misrepresentation may have done significant harm to the state’s already dubious plans to pursue and exchange.…
Read MoreConsumer Agent Portal announces new online resource to connect independent agents with consumers
As the provisions of the Affordable Care Act begin to come to fruition, the role of independent insurance agents is becoming more vague. In an effort to embolden independent agents, the Consumer Agent Portal LLP, a coalition of property/casualty insurers that support independent agents, has launched a new online resource system that is designed to give agents access to the 65% market share they are missing out on. The system will take advantage of the growing electronic market, which is becoming a major playing field in the world of insurance…
Read More