Revised Millers Mutual Insurance Agency Agreement Earns IA&B Seal of Approval

By September 27, 2018Millers News

We’re pleased to announce that our revised Agency Agreement – identified on the contract as “Millers Capital Insurance Company Agency Agreement, Edition Date: September 2018” – has earned the IA&B Seal of Approval in Pennsylvania, Maryland, and Delaware. After having expressed an interest in the process, and after considerable review by and consultation with IA&B, we refined and amended our original contract, making changes to more precisely address and define independent agents’ rights and obligations.

Below are some of the Key Benefits and Changes to our Agency Agreement:

  • We have increased the notice of commission changes to 180-days vs. current 90 days
  • We have made more specific reference to agency binding authority
  • We have made more specific reference to AOR/BOR procedures
  • We have redesigned the overall layout of the Agreement to make it easier to read
  • We have broadened the Termination clause, including the transfer or sale of agency, to detail the duties and responsibilities of both parties (Millers and the Agency)
  • We have improved language clarity in areas regarding:
    • Agency ownership of expiration
    • Billing items and procedures
    • Use of holding funds in a “fiduciary capacity” versus “in trust”
    • Adherence to all applicable federal and state privacy laws and regulations