Prime offers competitive commissions to producers:
Policy Premium |
IEBS—General Broker Commission |
$750 to 24,999 |
Account Commission (AC) * |
Mandated commission reductions based upon increased policy premiums **
(The following percentages will be deducted from the baseline commission at the time the premium indication is prepared by the account underwriter). |
$25,00 to 49,999 |
AC less 2.5% |
$50,000 and above |
AC less 4.5% |
* This is the company’s baseline commission level. The account underwriter will determine the commission allowed on each account, at the time the account is priced. Generally, commission levels will be less than they have been in the past. As premiums are averaging much higher than previous policy years, brokers will still see an increase in income on most accounts.
** Senior underwriting management will approve all premiums in excess of $24,999 and approve the commission levels offered on all premiums in excess of $24,999. As account premiums go up, the baseline level will be adjusted down.
The Account Commission * will only apply to the first layer of premium up to the 24,999 indicated. The reduced commission level (2.5% less) would only apply to the premiums in excess of the 24,999 base premium level up to 49,999. The next reduced commission level (2% less) will only apply to premiums in excess of the 49,999 premium up to 99,999. Additional commission reductions on premiums in excess of 99,999 will be input by the underwriter at the time the indication is prepared on a case by case basis.
March 11, 2003 |
