The following features all apply:
The features of a valid Broker of Record letter are as follows:
Note: If organization or corporation is nonprofit, provide Board Minutes. Often the policy is not updated with current members.
No. A statement on an employer’s Broker of Record letter that the 10-day period is waived does not relieve State Fund of sending the 10-day letter to the original broker.
The effective date of the Broker of Record letter will be determined on the basis of the date when State Fund receives the valid Broker of Record letter. Valid Broker of Record letters received after 5 p.m., on a weekend or a State holiday will be considered received on the next business day. A business day ends as of 5 p.m.
A midyear Broker of Record letter is defined as a Broker of Record letter received midyear during the policy term between inception and renewal date. Broker of Record letters received on inception/renewal date are considered midyear Broker of Record letters.
For midyear Broker of Record changes, any commission due and payable or any reimbursement of commissions due State Fund remains between State Fund and the original Broker of Record at inception or renewal of policy.
State Fund reserves the right to contact the employer to ascertain the definitive Broker of Record designation.
New Business: Broker of Record letters, with accompanying submissions, can be sent via the designated State Fund office submissions postal address, e-mail address or fax number to either the regional office where the broker or where the employer is located.
Renewal Business: Broker of Record letters can be sent via the designated Broker of Record Desk e-mail address, firstname.lastname@example.org, or fax number 888-302-3538.
Note: Broker of Record letters may also be submitted to your local State Fund regional office postal address.
If a broker no longer wishes to represent an account with State Fund, the broker must submit a written request. The request must state, “relinquish ownership” or “release representation of this policy,” and be sent to the designated Broker of Record Desk by email, email@example.com, or fax 888-302-3538, or your local State Fund regional office postal address. The letter must be signed and dated by the producer or brokerage principal/officers listed in the State Fund Brokerage Profile.
Yes. If a Broker of Record letter is received between the inception date and 21 days prior to the policy’s Anniversary Rating Date (ARD), the policy will be converted to a brokered policy effective the date State Fund received the valid BOR letter. The broker will be eligible for commission at policy renewal.
If the Broker of Record letter is received within 20 calendar days from it’s ARD or inception/renewal date, the policy will be converted after the ARD. The broker will be eligible for commission at the next renewal period.
Yes, as long as the effective date of the valid Broker of Record letter is within the original policy period.