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Producer Commissions FAQ's

 

How do I contact the Commission Department at Dearborn National?

Is an agent required by state law to have a valid license to sell insurance products?

Is an agent required to complete and submit appointment paperwork prior to selling business?

Does the agent's hierarchy need to be appointed by Dearborn National to receive commissions?

What entity is authorized to request a Broker of Record (BOR) change?

How is the effective date of a BOR change determined?

What is the frequency commissions are paid?

Does Dearborn National have minimum commission earning thresholds before they'll release funds?

When does Dearborn National provide Form 5500 Schedule A information?

Where does Dearborn National send Schedule A information?

Is Dearborn National required to send Schedule A information for all its customers?

Why is my commission schedule different from the standard schedule posted?

 


 
How do I contact the Commission Department at Dearborn National?

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.


 
Is an agent required by state law to have a valid license to sell insurance products?

Yes, all state insurance departments mandate anyone selling insurance products must hold a valid and current license in the state they are soliciting business.


 
Is an agent required to complete and submit appointment paperwork prior to selling 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.


 
Does the agent's hierarchy need to be appointed by Dearborn National to receive commissions?

There are 21-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.


 
What entity is authorized to request a Broker of Record (BOR) change?

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.


 
How is the effective date of a BOR change determined?

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.


 
What is the frequency commissions are paid?

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.


 
Does Dearborn National have minimum commission earning thresholds before they'll release funds?

Yes, the following rules apply:

  • For agent's being paid by paper check the minimum earning threshold is $250.
  • 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.


 
When does Dearborn National provide Form 5500 Schedule A information?

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.


 
Where does Dearborn National send Schedule A information?

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.


 
Is Dearborn National required to send Schedule A information for all its customers?

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.


 
Why is my commission schedule different from the standard schedule posted?

Commission schedules vary due to partners or General Agency contracts established.