Producer Commissions FAQ's
By phone, our dedicated toll-free number is 1-800-352-3935 or by e-mail.
Our mailing address is 1020 31st Street, Downers Grove, IL 60515.
Yes, all state insurance departments mandate anyone selling insurance products must hold a valid and current license in the state they are soliciting business.
Yes, most states require the insurance carrier to appoint an agent with the state insurance department before the agent's solicits business on behalf of the carrier. Each state has a different set of rules. Please contact the commission department to understand the rules in your state.
There are multiple states that mandate an entity or individual that receives a commission override to be appointed by the carrier in the state where the business was written. Each state has a different set of rules. Please contact our commission department to understand the rules in your state.
A BOR can only be honored by Dearborn National if the request is from the group administrator on company letterhead and signed by a company official.
The effective date of the BOR change is the current paid to date of the group, as of the date the BOR is received by the commission team.
Commissions are paid on a monthly basis. On the last production day of a calendar month, commissions are calculated and sent to the agent the 1st day of the next calendar month.
Yes, the following rules apply:
- For agent's being paid by paper check the minimum earning threshold is $500.
- For agents being paid by electronic funds transfer (EFT) the minimum earning threshold is $10.
- If you do not meet the minimum in a particular month, the balance will roll over to the proceeding month(s) until the minimum is met.
As required by Employer Retirement Income Security Act (ERISA), Dearborn National must provide the Plan Administrator with the information needed to complete Form 5500 Schedule A within 120 days of the close of the plan year.
A copy of the Schedule A information is initially sent to the writing agent and then within one week the original is sent to the Plan Administrator.
The insurer's obligations apply to ERISA qualified plans. Certain plans, such as governmental, school districts and most church plans are exempt from ERISA. In addition, plans with fewer than 100 participants are exempt from filing Form 5500.
Commission schedules vary due to partners or General Agency contracts established.