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Standard Commission
The standard agency compensation paid on both new and renewal account is 7%.
NEW 2009 Key Broker Commission Scale (effective 1/1/09)
New Business Requirements
Must produce a minimum of $5,000 annualized premium
Renewal Business Requirements
Renewals must total $70,000 in annualized premium
Must maintain a 80% policyholder retention rate
Key Broker Compensation
10% commission on new business
8% commission on all renewals
Quality-Key Broker Bonus
2% commission override will be paid to each Qualified Key Broker who maintains a loss ratio below 50%
Key Broker Commission Payment Process
Throughout the calendar year, Key Brokers will receive monthly commission at the standard commission rate of 7% new and 7% renewal.
In December of the following year, after the completion of payroll audits, and upon verification of qualifying criteria (number and dollar amount of new accounts written, total renewal premium in excess of $70,000, 80% renewal of policyholders and aggregate loss-ratio of 50%) agents will receive a "True Up" commission of the previous year's business to reflect 10% new and 8% renewal and as appropriate the 2% quality bonus.
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