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FAQ on Changing Brokers
Do we have to change our benefit plan providers if we change our consultant or broker?
No. Changing your benefit plan adviser, whether it is a broker or consultant, does not mean that you have to change any of your insurance or service providers. If you are retaining a new broker you should confirm that the broker is, or will be, appointed with your existing insurers.
When is the best time to change benefit advisors?
If you are contemplating the appointment of new benefit adviser, you should make your decision and begin the engagement at least 6 months before your next renewal date. This will allow ample time for your new benefit adviser to build their files, learn about your needs, address urgent plan or provider issues, and lead you through an organized assessment of insurance, benefit and communication options.
What steps are required in changing a benefit adviser?
How are broker commissions affected by a change in broker?
Most group insurance contracts require employers to pay premiums on a monthly basis. The insurance company or service provider then pays the Broker of Record according to the terms of a commission agreement. In most cases, the insurer will commence payment to a newly appointed broker beginning on the first of the month following the date of a change in the Broker of Record. In certain instances, commissions are vested with the broker who originally placed the insurance or investment contract. This vesting period can be as short as the remainder of the policy period, to as long as the balance of the life of the insurance contract. If you are compensating a new broker via commissions, it is important to understand how the commissions are affected by a change in Broker of Record.
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