Agents or brokers - what's the difference?

A producer acting in a broker capacity may submit business to an insurer that has not appointed the producer, provided the proper bonding requirements have been met.

A producer acting in an agent capacity submits business only to insurers that have appointed the producer.

Producers may act in either capacity at any time, but there are compensation and disclosure requirements to be aware of.

Updated 04/16/2014

See also

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