What is the Definition of an Open Release?

[Chase Urich]

What a bunch of bullshit, that sounds worse than our current political system. Why can't the agent just move wherever whenever they choose? In Life Insurance, if I put a Protective case through Pinney I can put another through a different imo the same day with one of my multiple Protective numbers. I am Independent. If I have a change back with Pinney, Pinney and I deal with it. It does not affect my other Protective business. Notice I say _my_ because it is my business.

I didn't write the rules Wino. See JD's post above. He is spot on.

 

[WinoBlues]

I didn't write the rules Wino. See JD's post above. He is spot on.

I understand, I am not directing it at you specifically.

 

[Chase Urich]

I understand, I am not directing it at you specifically.

No worries. I would love to know when the release process was implemented in our business and the story behind it.

 

[WinoBlues]

No worries. I would love to know when the release process was implemented in our business and the story behind it.

I would bet the companies and a couple large marketing organizations were sharing a room at a no tell motel.

""Releases can come in a few different forms. Doesn't always have to be a reciprocal release or straight release in every scenario. That is a preference by the releasing or accepting*IMO. Some carriers don't care either way while others do.""

This is the stuff that makes me want to keep my stuff spread out.

Question for the upline ~ What happens if an agent has something signed that says they will release agent Ted. Then agent Ted decides to move his HumptyDump insurance contract. The deep pockets IMO gets his panties knotted up for whatever reason and says no I am not releasing any of your contracts, sue me.

<Thump> stepping off the soap box.

 

[Chase Urich]

I would bet the companies and a couple large marketing organizations were sharing a room at a no tell motel. ""Releases can come in a few different forms. Doesn't always have to be a reciprocal release or straight release in every scenario. That is a preference by the releasing or accepting*IMO. Some carriers don't care either way while others do."" This is the stuff that makes me want to keep my stuff spread out. Question for the upline ~ What happens if an agent has something signed that says they will release agent Ted. Then agent Ted decides to move his HumptyDump insurance contract. The deep pockets IMO gets his panties knotted up for whatever reason and says no I am not releasing any of your contracts, sue me. <Thump> stepping off the soap box.

Not all IMO's are the evil empire. It really comes down to finding a group that will do what they say they will do. Spreading your contracts out is an option I guess but I would recommend working with someone who has character, doesn't get their feelings hurt when you decide to switch gears and doesn't talk out of both sides of their mouth. There are still some good people left in this world believe it not at both the carrier and IMO level.

 

[chasejordan1]

What a bunch of bullshit, that sounds worse than our current political system. Why can't the agent just move wherever whenever they choose? In Life Insurance, if I put a Protective case through Pinney I can put another through a different imo the same day with one of my multiple Protective numbers. I am Independent. If I have a chargeback with Pinney, Pinney and I deal with it. It does not affect my other Protective business. Notice I say _my_ because it is my business. BTW, I am not directing all this at you specifically.

It's simple, agents roll business and write crap business just for an advance, and the old IMO is stuck with debt. Agents are as slimy as the IMO's.

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No worries. I would love to know when the release process was implemented in our business and the story behind it.

Again it's simple, agents left IMO's and company with debt.

 

[mudhound]

Sadly, I might be going thru this soon. :(
I have been and continue to be associated with an agency for almost 30 years.
I hope to back away soon and work part time. I already know they (agency) do not want me to go part time. The battle will begin in 1-5 years. Heck, it could be 1-5 weeks. LOL!!!!

 

[ZackMorris]

Interesting. Now what's to stop an agent from writing through multiple IMOs? Or is that only an issue when you want to take your contracts elsewhere?

 

[LongRoadHome]

So, excuse the newbie question...BUT...if I contract with all my carriers on an as earned basis and as a result there isn't any debt incurred, do I still need to be concerned about getting a release? And would there be ANY justifiable reason for the release to be withheld?

 

[jdeasy]

So, excuse the newbie question...BUT...if I contract with all my carriers on an as earned basis and as a result there isn't any debt incurred, do I still need to be concerned about getting a release? And would there be ANY justifiable reason for the release to be withheld?

There is no justifiable reason anyway. It's the slave owner mentality that you will work for them or no one.

The only reason to hold up a release is debt. if the debt is settled then release. Being as earned lowers the risk of debt.

Most IMO's will not release. Debt or no debt. I couldn't get my Coventry contract released from P and A and I didn't owe them a dime. Same for RBI. I couldn't get my Wellcare contract released and I didn't owe them anything nor did they have any exposure for debt.

NAA made me wait out 6 months and I didn't have debt or exposure to debt with them. They did it just because they could.

The release thing will not hold up in court since you didn't sign off on it. But it's too expensive to take them to court and by the time you get there the waiting period has passed anyway.

The companies and IMO's all know that. This forum has been a catalyst for agents to be able to get released.

Sometimes even IMO's that normally release have to be shamed into by a post well placed here at the forums.