tag:blogger.com,1999:blog-87456261990035967032023-12-22T19:54:05.994-05:00SimplyEasierPaymentsRun by a team of Insurtech professionals that have been innovating technology in the insurance industry for decadesUnknownnoreply@blogger.comBlogger53125tag:blogger.com,1999:blog-8745626199003596703.post-66671916999172712302023-04-26T10:16:00.001-04:002023-04-26T10:16:35.827-04:00<p><span style="font-size: medium;"><br /></span></p><p><span style="font-size: medium;"><b>Integrate Your Premium Finance with Intelligent Invoicing</b></span></p><p><br /></p><p>With Simply Easier Payments' Intelligent Invoicing yo can integrate your existing Premium Finance company with your agency bill invoicing.</p><p>You get to present both the pay in full and pay in installments options to your insured on the same screen and in the same invoice.</p><p><br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhfMHkgN6Z7lU2NwcNI9kxqBURu_UMLr3TIC56XfwXyT6KJ9Itcn07gezCs-LWtCtKsVrn95vbR5QQzwLUjzf-rdL-ziw5OapgGX0BtUtwYt9bqTJv5d-i-ONIDHo0i5eNYKqskeDYhWRhDrIoY-6uxZxvbNuOhk9rR-w7Xxru8tFe13pnzu3laTgfx/s800/Intelligentinvoicing.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="420" data-original-width="800" height="168" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhfMHkgN6Z7lU2NwcNI9kxqBURu_UMLr3TIC56XfwXyT6KJ9Itcn07gezCs-LWtCtKsVrn95vbR5QQzwLUjzf-rdL-ziw5OapgGX0BtUtwYt9bqTJv5d-i-ONIDHo0i5eNYKqskeDYhWRhDrIoY-6uxZxvbNuOhk9rR-w7Xxru8tFe13pnzu3laTgfx/s320/Intelligentinvoicing.jpg" width="320" /></a></div><br /><p><a href="https://www.simplyeasier.com/">Learn More</a></p><p><br /></p>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8745626199003596703.post-38882524361911785882023-04-21T09:38:00.004-04:002023-04-21T09:38:34.367-04:00<p><b><span style="font-size: large;"><br /></span></b></p><p><b><span style="font-size: large;">Intelligent Invoicing Customizable Options</span></b></p><p><br /></p><p>Key features of our new Intelligent Invoicing system allows your business to create and send invoices to their customers quickly and easily, with customizable options for branding and messaging. </p><p>Customers can then pay their invoices directly from their email inbox, text message, pay now button or a secure online payment portal.</p><p><a href="https://www.simplyeasier.com/intelligent-invoicing.html">Learn More</a></p><p><br /></p>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8745626199003596703.post-85577651266113496512023-04-19T11:30:00.006-04:002023-04-19T11:30:25.934-04:00<p> </p><p><b><span style="font-size: large;">How to Get Paid Faster</span></b></p><p style="--artdeco-reset-typography_getfontsize: 1.6rem; --artdeco-reset-typography_getlineheight: 1.5; background-color: white; border: var(--artdeco-reset-base-border-zero); box-sizing: inherit; color: rgba(0, 0, 0, 0.9); counter-reset: list-1 0 list-2 0 list-3 0 list-4 0 list-5 0 list-6 0 list-7 0 list-8 0 list-9 0; cursor: text; font-family: -apple-system, system-ui, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", "Fira Sans", Ubuntu, Oxygen, "Oxygen Sans", Cantarell, "Droid Sans", "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Lucida Grande", Helvetica, Arial, sans-serif; line-height: var(--artdeco-reset-typography_getLineHeight); margin: 0px; padding: 0px; vertical-align: var(--artdeco-reset-base-vertical-align-baseline); white-space: pre-wrap;">Automated payment reminders and online payment options can make it easier for customers to pay their invoices promptly, resulting in faster payments for the business. Just another of the nice features included in our Intelligent Invoicing. </p><p style="--artdeco-reset-typography_getfontsize: 1.6rem; --artdeco-reset-typography_getlineheight: 1.5; background-color: white; border: var(--artdeco-reset-base-border-zero); box-sizing: inherit; color: rgba(0, 0, 0, 0.9); counter-reset: list-1 0 list-2 0 list-3 0 list-4 0 list-5 0 list-6 0 list-7 0 list-8 0 list-9 0; cursor: text; font-family: -apple-system, system-ui, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", "Fira Sans", Ubuntu, Oxygen, "Oxygen Sans", Cantarell, "Droid Sans", "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Lucida Grande", Helvetica, Arial, sans-serif; line-height: var(--artdeco-reset-typography_getLineHeight); margin: 0px; padding: 0px; vertical-align: var(--artdeco-reset-base-vertical-align-baseline); white-space: pre-wrap;"><br /></p><p style="--artdeco-reset-typography_getfontsize: 1.6rem; --artdeco-reset-typography_getlineheight: 1.5; background-color: white; border: var(--artdeco-reset-base-border-zero); box-sizing: inherit; color: rgba(0, 0, 0, 0.9); counter-reset: list-1 0 list-2 0 list-3 0 list-4 0 list-5 0 list-6 0 list-7 0 list-8 0 list-9 0; cursor: text; font-family: -apple-system, system-ui, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", "Fira Sans", Ubuntu, Oxygen, "Oxygen Sans", Cantarell, "Droid Sans", "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Lucida Grande", Helvetica, Arial, sans-serif; line-height: var(--artdeco-reset-typography_getLineHeight); margin: 0px; padding: 0px; vertical-align: var(--artdeco-reset-base-vertical-align-baseline); white-space: pre-wrap;"><a href="https://www.simplyeasier.com/intelligent-invoicing.html">Learn more</a></p><p style="--artdeco-reset-typography_getfontsize: 1.6rem; --artdeco-reset-typography_getlineheight: 1.5; background-color: white; border: var(--artdeco-reset-base-border-zero); box-sizing: inherit; color: rgba(0, 0, 0, 0.9); counter-reset: list-1 0 list-2 0 list-3 0 list-4 0 list-5 0 list-6 0 list-7 0 list-8 0 list-9 0; cursor: text; font-family: -apple-system, system-ui, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", "Fira Sans", Ubuntu, Oxygen, "Oxygen Sans", Cantarell, "Droid Sans", "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Lucida Grande", Helvetica, Arial, sans-serif; font-size: 20px; line-height: var(--artdeco-reset-typography_getLineHeight); margin: 0px; padding: 0px; vertical-align: var(--artdeco-reset-base-vertical-align-baseline); white-space: pre-wrap;"><br style="box-sizing: inherit;" /></p><p style="--artdeco-reset-typography_getfontsize: 1.6rem; --artdeco-reset-typography_getlineheight: 1.5; background-color: white; border: var(--artdeco-reset-base-border-zero); box-sizing: inherit; color: rgba(0, 0, 0, 0.9); counter-reset: list-1 0 list-2 0 list-3 0 list-4 0 list-5 0 list-6 0 list-7 0 list-8 0 list-9 0; cursor: text; font-family: -apple-system, system-ui, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", "Fira Sans", Ubuntu, Oxygen, "Oxygen Sans", Cantarell, "Droid Sans", "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Lucida Grande", Helvetica, Arial, sans-serif; font-size: 20px; line-height: var(--artdeco-reset-typography_getLineHeight); margin: 0px; padding: 0px; vertical-align: var(--artdeco-reset-base-vertical-align-baseline); white-space: pre-wrap;"><br /></p>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8745626199003596703.post-51117143005505595632023-04-18T10:08:00.004-04:002023-04-18T10:09:48.768-04:00<p><b><span style="font-size: medium;">What Else Can Intelligent Invoicing Do for You?</span></b></p><p><br /></p><p>Intelligent invoicing systems can also help businesses improve their cash flow by reducing the time it takes for customers to pay their invoices. </p><p><br /></p><p><a href="https://www.simplyeasier.com/intelligent-invoicing.html">Learn more </a></p><p><br /></p>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8745626199003596703.post-30097964769780180642023-04-17T13:29:00.002-04:002023-04-17T13:30:05.987-04:00<p> </p><p align="center" class="MsoNormal" style="text-align: center;"><b><span style="font-size: 18pt; line-height: 107%;">Simply Easier Payments Releases <a style="mso-comment-date: 20230411T0750; mso-comment-done: yes; mso-comment-reference: BW_1;">Intelligent Invoicing</a></span></b><span class="MsoCommentReference"><span style="font-size: 8pt; line-height: 107%;"><!--[if !supportAnnotations]--><a class="msocomanchor" href="file:///C:/Users/Duke/Desktop/Intelligent%20Invoice/PRess%20Release/Final_Intelligent%20Invoicing%20Press%20Release%2002BW.docx#_msocom_1" id="_anchor_1" language="JavaScript" name="_msoanchor_1">[BW1]</a><!--[endif]--><span style="mso-special-character: comment;"> </span></span></span><b><span style="font-size: 18pt; line-height: 107%;">,<br />
An Enhanced Solution for Agency Invoicing and Billing<o:p></o:p></span></b></p>
<p align="center" class="MsoNormal" style="text-align: center;"><span style="font-size: 14pt; line-height: 107%;">Innovation streamlines and integrates
premium finance with suite of agency tools<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><b>DURHAM,
North Carolina, April ,
2023</b> – <a href="https://www.simplyeasier.com/">Simply Easier Payments</a> has
announced its release of an innovative insurance invoicing and billing solution.
Called Intelligent Invoicing, this integrated solution takes insurance payments
to a new level of convenience by combining industry-leading agency billing and
premium finance.<o:p></o:p></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><o:p> </o:p></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">Intelligent
Invoicing combines a suite of digital tools that delivers a new level of
efficiency in agency billing. This new solution enables insurance agents,
brokers and premium financing providers to give policyholders the option of
paying now or using payment plans through a single invoice. Traditionally,
agency billing and premium finance contracts have been presented separately,
with multiple steps in each process. Intelligent Invoicing marks a new way to
combine those into a single step, while leveraging the advantages of enhanced
invoicing and billing features, such as electronic signatures, expanded agency
management system integrations, and more.<o:p></o:p></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><o:p> </o:p></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">“With Intelligent
Invoicing, agency billing and premium financing can now be a single-step
process without sacrificing other capabilities, that eliminates tedious and
repetitive tasks for insurance professionals,” said Duke Williams, CEO and
Founder of Simply Easier Payments.<o:p></o:p></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><o:p> </o:p></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">Calvin
Churchill, VP of Product Management, of Simply Easier Payments, added: “Intelligent
Invoicing delivers significant time savings to agencies because it requires
little or no additional data entry. Once a finance contract is signed and the
payment is made, Intelligent Invoicing can route all receipts and paperwork
automatically, with no other manual intervention by the agency.”<o:p></o:p></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><o:p> </o:p></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">An additional
benefit of Intelligent Invoicing is an enhanced customer experience. Among its
features are the ability to invoice customers automatically, import open
invoices from an agency management system, and provide automated reminders.<o:p></o:p></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><o:p> </o:p></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">To learn more,
please contact Simply Easier Payments at 800-768-0907 or visit <a href="http://www.simplyeasier.com/">www.simplyeasier.com</a>.<o:p></o:p></p>
<div style="mso-element: comment-list;"><!--[if !supportAnnotations]-->
<hr align="left" class="msocomoff" size="1" width="33%" />
<!--[endif]-->
<div style="mso-element: comment;"><!--[if !supportAnnotations]-->
<div class="msocomtxt" id="_com_1" language="JavaScript"><!--[endif]--><span style="mso-comment-author: "Bradley Williams"; mso-comment-providerid: "Windows Live"; mso-comment-userid: e0427ac5ca1a8bdd;"><!--[if !supportAnnotations]--><a name="_msocom_1"></a><!--[endif]--></span>
<p class="MsoCommentText"><span class="MsoCommentReference"><span style="font-size: 8pt;"><span style="mso-special-character: comment;"> <!--[if !supportAnnotations]--><a class="msocomoff" href="file:///C:/Users/Duke/Desktop/Intelligent%20Invoice/PRess%20Release/Final_Intelligent%20Invoicing%20Press%20Release%2002BW.docx#_msoanchor_1">[BW1]</a><!--[endif]--></span></span></span>Description:
Simply Easier Payments is proud to present its new Intelligent Invoicing
service designed to save agencies time while enabling them to deliver a
superior digital customer experience to their insureds. Intelligent Invoicing
features integrated premium finance options, expanded AMS integrations,
enhanced e-sign capabilities, and more!<span style="mso-spacerun: yes;"> </span><o:p></o:p></p>
<!--[if !supportAnnotations]--></div>
<!--[endif]--></div>
</div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8745626199003596703.post-22848947691231476842018-12-19T11:41:00.003-05:002018-12-19T11:41:59.196-05:00NetVU Silver Partnership Annoucement<h2>
<span style="color: #333333; font-family: Helvetica; font-size: 14px; font-variant-east-asian: normal; font-variant-numeric: normal; overflow-wrap: break-word;">NetVu Partnership Announced</span></h2>
<span style="color: #333333; font-family: Helvetica; font-size: 14px; font-variant-east-asian: normal; font-variant-numeric: normal; overflow-wrap: break-word;"><br /></span>
<span style="color: #333333; font-family: Helvetica; font-size: 14px; font-variant-east-asian: normal; font-variant-numeric: normal; overflow-wrap: break-word;">I am excited to introduce you to our newest Silver Corporate Partner – </span><a href="https://www.simplyeasierpayments.com/" style="background-attachment: scroll; background-clip: border-box; background-image: none; background-origin: padding-box; background-position: 0% 0%; background-repeat: repeat; background-size: auto; box-sizing: border-box; color: #ff6600; cursor: pointer; font-size: 14px; font-variant-east-asian: normal; font-variant-numeric: normal;">Simply Easier Payments</a><span style="color: #333333; font-family: Helvetica; font-size: 14px; font-variant-east-asian: normal; font-variant-numeric: normal; overflow-wrap: break-word;">.
</span><br />
<div style="box-sizing: border-box; color: #333333; font-size: 14px; font-variant-east-asian: normal; font-variant-numeric: normal; margin-bottom: 10px;">
<br style="box-sizing: border-box;" />Simply Easier Payments was created to focus on two issues:</div>
<ol style="box-sizing: border-box; color: #333333; font-size: 14px; font-variant-east-asian: normal; font-variant-numeric: normal; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;">The high cost of card payments for insurance agents, carriers and premiums finance companies</li>
<li style="box-sizing: border-box;">Navigate the maze of regulatory compliance requirements unique to the insurance industry relating to fees being charged in addition to premiums</li>
</ol>
<div>
<span style="color: #333333;"><span style="font-size: 14px;"><br /></span></span></div>
<div style="box-sizing: border-box; color: #333333; font-size: 14px; font-variant-east-asian: normal; font-variant-numeric: normal; margin-bottom: 10px;">
Simply Easier Payments addresses:</div>
<ol style="box-sizing: border-box; color: #333333; font-size: 14px; font-variant-east-asian: normal; font-variant-numeric: normal; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;">The need to sign documents at the same time payment is accepted</li>
<li style="box-sizing: border-box;">The need distribute funds electronically to better manage cash flow</li>
<li style="box-sizing: border-box;">Recurring Billing</li>
<li style="box-sizing: border-box;">Invoicing</li>
</ol>
<div>
<span style="color: #333333;"><span style="font-size: 14px;"><br /></span></span></div>
<div style="box-sizing: border-box; color: #333333; font-size: 14px; font-variant-east-asian: normal; font-variant-numeric: normal; margin-bottom: 10px;">
Simply Easier Payment's value goes beyond the processing of payments, their solutions can be used…</div>
<ul style="box-sizing: border-box; color: #333333; font-size: 14px; font-variant-east-asian: normal; font-variant-numeric: normal; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;">Online through your website</li>
<li style="box-sizing: border-box;">By phone to your staff or call center</li>
<li style="box-sizing: border-box;">Mobile through phone apps they provide</li>
<li style="box-sizing: border-box;">Mobile through your own phone apps</li>
<li style="box-sizing: border-box;">Integrated into your billing systems</li>
<li style="box-sizing: border-box;">Integrated with your IVR systems</li>
<li style="box-sizing: border-box;">Integrated with chatbots and Voice Assistants</li>
<li style="box-sizing: border-box;">To strengthen customer relations and enhance customer experience.</li>
</ul>
<div>
<span style="color: #333333;"><span style="font-size: 14px;"><br /></span></span></div>
<div style="box-sizing: border-box; color: #333333; font-size: 14px; font-variant-east-asian: normal; font-variant-numeric: normal; margin-bottom: 10px;">
For a Demo or to Learn more - contact Calvin Churchill at 800-768-0907 or <a href="mailto:cchurchill@simplyeasierpayments.com" style="background-attachment: scroll; background-clip: border-box; background-image: none; background-origin: padding-box; background-position: 0% 0%; background-repeat: repeat; background-size: auto; box-sizing: border-box; color: #ff6600; cursor: pointer;">cchurchill@simplyeasierpayments.com</a><br style="box-sizing: border-box;" /></div>
<span style="color: #333333; font-family: Helvetica; font-size: 14px; font-variant-east-asian: normal; font-variant-numeric: normal; overflow-wrap: break-word;">
</span><span style="color: #333333; font-family: Helvetica; font-size: 14px; font-variant-east-asian: normal; font-variant-numeric: normal; overflow-wrap: break-word;">
</span><span style="color: #333333; font-family: Helvetica; font-size: 14px; font-variant-east-asian: normal; font-variant-numeric: normal; overflow-wrap: break-word;">
</span><span style="color: #333333; font-family: Helvetica; font-size: 14px; font-variant-east-asian: normal; font-variant-numeric: normal; overflow-wrap: break-word;">
</span><span style="color: #333333; font-family: Helvetica; font-size: 14px; font-variant-east-asian: normal; font-variant-numeric: normal; overflow-wrap: break-word;">
</span><span style="color: #333333; font-family: Helvetica; font-size: 14px; font-variant-east-asian: normal; font-variant-numeric: normal; overflow-wrap: break-word;">
</span><br style="box-sizing: border-box; color: #333333; font-size: 14px; font-variant-east-asian: normal; font-variant-numeric: normal;" /><br style="box-sizing: border-box; color: #333333; font-size: 14px; font-variant-east-asian: normal; font-variant-numeric: normal;" /><span style="color: #333333; font-family: Helvetica; font-size: 14px; font-variant-east-asian: normal; font-variant-numeric: normal; overflow-wrap: break-word;">------------------------------</span><br style="box-sizing: border-box; color: #333333; font-size: 14px; font-variant-east-asian: normal; font-variant-numeric: normal;" /><span style="color: #333333; font-family: Helvetica; font-size: 14px; font-variant-east-asian: normal; font-variant-numeric: normal; overflow-wrap: break-word;">Lynn Albertson</span><br style="box-sizing: border-box; color: #333333; font-size: 14px; font-variant-east-asian: normal; font-variant-numeric: normal;" /><span style="color: #333333; font-family: Helvetica; font-size: 14px; font-variant-east-asian: normal; font-variant-numeric: normal; overflow-wrap: break-word;">Business Development Coordinator</span><br style="box-sizing: border-box; color: #333333; font-size: 14px; font-variant-east-asian: normal; font-variant-numeric: normal;" /><span style="color: #333333; font-family: Helvetica; font-size: 14px; font-variant-east-asian: normal; font-variant-numeric: normal; overflow-wrap: break-word;">NetVU</span><br style="box-sizing: border-box; color: #333333; font-size: 14px; font-variant-east-asian: normal; font-variant-numeric: normal;" /><span style="color: #333333; font-family: Helvetica; font-size: 14px; font-variant-east-asian: normal; font-variant-numeric: normal; overflow-wrap: break-word;">(972) 409-6200</span><br style="box-sizing: border-box; color: #333333; font-size: 14px; font-variant-east-asian: normal; font-variant-numeric: normal;" /><span style="color: #333333; font-family: Helvetica; font-size: 14px; font-variant-east-asian: normal; font-variant-numeric: normal; overflow-wrap: break-word;">lynn@netvu.org</span>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8745626199003596703.post-45527716420430105742018-11-19T09:52:00.002-05:002018-11-19T09:52:51.059-05:00Car Insurance Rates by State<br />
All 50 States Ranked by Average Car Insurance Cost<br />
<br />
Insure.com recently released its 2018 study of the average car insurance premiums.<br />
<br />
Here is the link...<br />
<br />
<a href="https://www.insure.com/car-insurance/car-insurance-rates.html">https://www.insure.com/car-insurance/car-insurance-rates.html</a><br />
<br />
The national average is $1,365.<br />
<br />
Most expensive is Michigan at $2,239.<br />
<br />
Least expensive is Vermont at $932.<br />
<br />
My home state of North Carolina comes in at 42nd at $1,104. Oh the joys of the North Carolina Reinsurance Facility, our one of a kind rate suppressor.<br />
<br />
Where does your state come in?Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8745626199003596703.post-91096823875726187592018-11-08T09:38:00.003-05:002018-11-08T09:38:42.531-05:00New NetVu Partnership Logo<br />
<h2>
NetVu Silver Partnership</h2>
<br />
I love the new NetVu Logo...<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPzX85zfYQv4NszHpYUNkEZWIk7hxEVz2IDnYSS3WN-q62E-0P6EKEsclGILmcIkyXtvGilSNE8YNxroLKqwUpvmukxYpbD7rgyMCRlTDLGm7WIv56wLGsnhOtIvWrUJqpyZntHsXNejg/s1600/350+x+150+-+Web+Banner+-+Silver.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="151" data-original-width="351" height="137" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPzX85zfYQv4NszHpYUNkEZWIk7hxEVz2IDnYSS3WN-q62E-0P6EKEsclGILmcIkyXtvGilSNE8YNxroLKqwUpvmukxYpbD7rgyMCRlTDLGm7WIv56wLGsnhOtIvWrUJqpyZntHsXNejg/s320/350+x+150+-+Web+Banner+-+Silver.jpg" width="320" /></a></div>
<br />
<br />
We are exceeding proud to be a NetVu Silver Partner!<br />
<br />
<br />
<br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8745626199003596703.post-51245990598876575742018-11-06T11:02:00.001-05:002018-11-06T11:02:17.405-05:00Insurance Premiums, Credit Card Payments and Refunds<br />
<h2>
How to Refund a Card Payment</h2>
<br />
Insurance always has to be different. If you are in the business, you know what I mean.<br />
<br />
How do you handle a premium refund if the premium was paid to your agency with a credit card?<br />
<br />
<h3>
What the Card Rules Say</h3>
<br />
Under the Rules, any payment accepted as a card payment must be refunded through a credit to the cardholders credit card account.<br />
<br />
Why?<br />
<br />
To protect you from refunding the money twice!<br />
<br />
<h3>
How Does A Double Refund Happen</h3>
<br />
Since the cardholder can always dispute and reverse the card payment they made to pay the premium originally, the cardholder can, in effect, get a refund without ever asking you about a refund.<br />
<br />
The cardholder disputes the charges and the card company automatically credits the amount of the payment back to the cardholder and takes the payment amount out of your bank account. (Yes, you agreed to this when you signed your Merchant Agreement.)<br />
<br />
NOTE:Disputes are rare for insurance premium payments.<br />
<br />
If you make a refund that is not through a credit back to the cardholders card account, the credit card company has no record of any of this refund. Since they do not know you have done this, their software will allow your customer to dispute the charge and automatically provide a refund credit.<br />
<br />
<h3>
How Can You Prevent This</h3>
<br />
If you have refunded this payment through the card network, the card company will see that reversal and will not allow a dispute of the charge since the cardholder has clearly already received a refund.<br />
<br />
<h3>
Simply Easier Payment's Refund Feature</h3>
<div>
<br /></div>
Your Simply Easier Payments account lets you void a full payment or do a partial refund.<br />
<br />
Your do this from the Report function. Check out our help section or call and ask us how if you need help in learning how.<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8745626199003596703.post-33259261471403763412018-10-30T11:08:00.003-04:002018-10-30T11:09:08.382-04:00AppliedNet and NetVu<span style="background-color: white; color: #1d2129; font-family: "helvetica" , "arial" , sans-serif; font-size: 14px;"><br /></span>
<br />
<h2>
<span style="background-color: white; color: #1d2129; font-family: "helvetica" , "arial" , sans-serif; font-size: 14px;">Sliver Partners</span></h2>
<span style="background-color: white; color: #1d2129; font-family: "helvetica" , "arial" , sans-serif; font-size: 14px;"><br /></span>
<span style="background-color: white; color: #1d2129; font-family: "helvetica" , "arial" , sans-serif; font-size: 14px;">I am extremely pleased to announce Simply Easier Payments is now a Silver Partner fro both NetVu and AppliedNet.</span><br />
<span style="background-color: white; color: #1d2129; font-family: "helvetica" , "arial" , sans-serif; font-size: 14px;"><br /></span>
<span style="background-color: white; color: #1d2129; font-family: "helvetica" , "arial" , sans-serif; font-size: 14px;">We are committed to the ongoing success of the independent agency channel.</span>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8745626199003596703.post-43297852812371556632018-10-23T13:07:00.002-04:002018-10-24T10:15:07.344-04:00Signed Forms and Payments<h2>
Requiring a Signed Form With a Payment</h2>
<div>
There are times as an insurance agent when you need your customer to sign a form in addition to making a payment.</div>
<div>
<br /></div>
<div>
The ACORD 37 Statement of No Losses comes to mind immediately.</div>
<div>
<br /></div>
<h3>
Exclusive Feature</h3>
<div>
<br /></div>
<div>
We have just added a feature to our invoicing system that allows you to add a form with a certified electronic signature on the form to your invoice.</div>
<div>
<br /></div>
<div>
When your customer clicks the link for the invoice the required, pre-filled form opens with the e-signature field prominently displayed telling your customer they need to sign the document before they can make the payment.</div>
<div>
<br /></div>
<div>
If they do not sign the document the payment screen is not accessible.</div>
<div>
<br /></div>
<div>
Once they do sign the document, the payment screen automatically appears.</div>
<div>
<br /></div>
<h3>
Two Tasks with One Invoice</h3>
<div>
<br /></div>
<div>
This new feature saves you time because you only need to send one email.</div>
<div>
<br /></div>
<div>
It saves your insured time because they only need to respond to one email.</div>
<div>
<br /></div>
<div>
It saves you both the issue of only getting one or the other task done.</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8745626199003596703.post-52744685698660027662018-09-06T09:48:00.002-04:002018-09-06T09:48:25.420-04:00Convenience Fees and Surcharges<div>
<br /></div>
<div>
<h2>
How do Surcharge Rules Differ from Convenience Fees</h2>
</div>
<div>
<br /></div>
<div>
Visa allows most Merchants two ways to add charges to Visa card payment transactions to let the Merchant pass the cost of the card transaction on to the person making the payment.</div>
<div>
<ol>
<li>Convenience Fees</li>
<li>Surcharges</li>
</ol>
</div>
<div>
<br /></div>
<div>
I wrote about "convenience fees" in my last post...</div>
<div>
<br /></div>
<div>
<a href="https://simplyeasierpayments.blogspot.com/2018/09/visa-rules-on-convenience-fees.html" target="_blank">https://simplyeasierpayments.blogspot.com/2018/09/visa-rules-on-convenience-fees.html</a><br />
<br />
<br /></div>
<div>
<h3>
Rules for Surcharges</h3>
<br />
Surcharges differ from convenience fees on several major points.<br />
<br />
<ul>
<li>Only applied to credit card payments</li>
<li>Cannot be applied to debit card payments</li>
<li>Can be a flat fee or percentage</li>
<li>Cannot be an additional revenue generator for the merchant</li>
<li>Merchant must register with Visa stating they are charging surcharge in advance</li>
</ul>
<br />
<br />
<h3>
Limits on Surcharge Amount</h3>
<br />
The amount of the surcharge is limited by the actual cost of the transaction...<br />
<br />
<i><b>"the US Credit Card Surcharge amount is not greater than the applicable
Merchant Discount Rate for Visa Credit Card Transactions at the Merchant"</b></i><br />
<br />
<br />
The surcharge can cannot be charged on any debit card transactions...<br />
<br />
<b><i>"surcharges are not permitted on debit Transactions
regardless whether a Cardholder selects the "credit" or "debit" button"</i></b><br />
<br />
It is up to the merchant to determine if the actual card being used is a debit or credit card. This is typically done by referencing BIN tables with the processing software.<br />
<br />
The Visa Rules on surcharging can be found beginning on page 378, Rule 5.6. at this link...<br />
<br />
<a href="https://usa.visa.com/dam/VCOM/download/about-visa/visa-rules-public.pdf" target="_blank">https://usa.visa.com/dam/VCOM/download/about-visa/visa-rules-public.pdf</a><br />
<br />
<br />
<br /></div>
<div>
<br /></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8745626199003596703.post-54772750511625360142018-09-04T10:25:00.002-04:002018-09-04T10:25:31.830-04:00Visa Rules on Convenience Fees<h2>
Can An Insurance Agency Charge a % Fee</h2>
<br />
In a seven or eight states there are no insurance specific laws or general business laws which prohibit an insurance agency from charging a convenience fee to their customers who pay by credit card or debit card.<br />
<br />
In these states, insurance agents, like any other business, can charge convenience fees or surcharges. These two things - <b>"convenience fees"</b> and <b>"surcharges"</b> - are defined as different things by Visa. Today I will cover convenience fees. In my next post I will cover surcharges.<br />
<br />
<h3>
What an Agency Was Doing</h3>
<br />
Recently an agent mentioned they were charging a 3% convenience fee on card payments. They were not charging the fee on all lines of business.<br />
<br />
<h3>
2 Violations of Visa Rules</h3>
<br />
<br />
This situation creates the following violations of Visa Rules:<br />
<br />
1 - Visa requires a flat dollar fee to be charged for all convenience fees regardless of the payment size<br />
<br />
2 - Visa requires that all card payments be charged a fee or that no card payments be charged a fee.<br />
<br />
Here are the Rules:<br />
<br />
<a href="https://usa.visa.com/dam/VCOM/download/about-visa/visa-rules-public.pdf">https://usa.visa.com/dam/VCOM/download/about-visa/visa-rules-public.pdf</a><br />
<br />
Page 385 of the above document, rule 5.6.2.1<br />
<br />
Refer to Table 5-7.<br />
<br />
Visa prohibits percentage. Only flat dollar amount can be charged and that amount has to be the same for all payments - Whether a $10 premium payment or a $10,000 premium payment.<br />
<br />
<i>"A flat or fixed amount, regardless of the value of the payment due
In the AP Region, an ad valorem amount is allowed as required by applicable
laws or regulations."</i><br />
<br />
Visa requires all payments made through the payment channel - electronic payments in this instance - be charged the same fee.<br />
<br />
<i>"Applicable to all forms of payment accepted in the payment channel"</i><br />
<br />
<br />
<br />
I hope this is helpful in your understanding of the way you can charge fees in compliance with your Merchant contract.<br />
<br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8745626199003596703.post-83937984449357395442018-08-31T10:17:00.002-04:002018-08-31T10:17:57.664-04:00Local Gas Stations and Electric Cars<h2>
Local Electric Charging Stations</h2>
<br />
My wife and I recently bought a Chevrolet Bolt. Our first electric car.<br />
<br />
We bought the Bolt because it has great range - 250 miles on a full charge - and because it is priced in the range of most cars. After the Federal tax credit it cost us less than $30,000.<br />
<br />
Before owning this car I was of a mind that local charging stations would start popping up the way local gas stations have. After all I see them in all the public parking decks in town. I was told by the car salesman that the Sheets gas stations are all putting in charging stations.<br />
<br />
I even downloaded the ChargePoint and EVGo apps to be able to find charging stations.<br />
<br />
After owning the car for a month I have radically changed my thinking.<br />
<br />
<h3>
Local EV Charging Stations Will Never be Like Gas Stations</h3>
<br />
We drive the Bolt 25 to 75 miles a day. We plug it in at home and get a full charge each night.<br />
<br />
We will never have a need for a local charging station the way we do for a local gas station.<br />
<br />
With our old timey internal combustion engine cars we buy gas only from gas stations. We do not have the option of filling up at home. I know farmers and a few others have their own gas pumps, but most people do not.<br />
<br />
Everyone can "fill up" their electric vehicle at home because everyone has electricity at home.<br />
<br />
<h3>
Change Happens Over Time, But It Still Happens</h3>
<br />
I know I am an early adopter. I know the move away from most cars being gas powered cars is a decade or more away. But that change is coming.<br />
<br />
<i><b>The future is always farther than the past. However, the future is where we are going.</b></i><br />
<br />
What will be the downstream effects of people not needing to go to the local gas station to buy gas?<br />
<br />
What do you think?<br />
<br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8745626199003596703.post-90777187137309853712018-08-23T10:36:00.003-04:002018-08-23T10:36:52.509-04:00Bank Loans and Car Warranty Premiums<h2>
How Does the Insured Get the Cancellation Refund</h2>
<br />
I was standing in line at the bank this week when I overheard a customer asking the teller when the bank was going to give her the refund on her Car Warranty she purchased when she recently bought a new car.<br />
<br />
Here is what she had done:<br />
<br />
<ol>
<li>Bought a new car</li>
<li>Bought the new car warranty coverage from the dealership</li>
<li>Paid for the car and the warranty with the loan from the bank</li>
<li>Cancelled the warranty coverage</li>
<li>Asked the car dealer who sold her the warranty coverage for the refund</li>
<li>Car dealer told her she would have to get the refund from the bank since they had the loan</li>
</ol>
<br />
<br />
<h3>
Where did the refund money from the warranty company go?</h3>
<br />
If the bank had been a premium finance company, the insurance / warranty company would have a record of that and would have sent the refund back through the premium finance company.<br />
<br />
But the bank is not a premium finance company. That raises the question...<br />
<br />
"Should a bank loan money to pay for a warranty policy - essentially an insurance policy?"<br />
<br />
<h3>
Is the insured just trying to scam the bank loan?</h3>
<br />
The loan customer supposedly borrowed say $20,000 for the car and $3,000 for the warranty. The loan customer is now trying to get part of that loan back as cash.<br />
<br />
Presumably the loan amount is not reduced by the cancellation of the warranty policy. If the loan customer had cancelled the purchase of the car - meaning sold the car - the loan would have to be settled.<br />
<br />
Seems kinda tricky to me.<br />
<br />
<h3>
Do you know the answer?</h3>
<br />
I do not, but I am interested. Please leave a comment to explain.<br />
<br />
Thanks.<br />
<br />
<br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8745626199003596703.post-16197056936570664882018-08-13T09:44:00.003-04:002018-08-13T09:44:53.081-04:00Does Insurance Agent or Broker Relationship Control in Nevada<br />
<h2>
Which Relationship Controls in Nevada</h2>
<br />
In Nevada it is possible for a licensed insurance agent to act as a broker. Nevada rules allow a broker to charge fees under a written agreement for consultation services. Agents are not allowed to charge fees. This means it is important to understand which set of rules apply.<br />
<br />
<br />
<h3>
Agent Relationship Controls Broker</h3>
<div class="MsoNormal">
<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span class="MsoHyperlink">https://law.justia.com/codes/nevada/2017/chapter-683a/statute-683a.321/<a href="https://law.justia.com/codes/nevada/2017/chapter-683a/statute-683a.321/" target="_blank">https://law.justia.com/codes/nevada/2017/chapter-683a/statute-683a.321/</a></span><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<span style="color: black; font-family: "Calibri",sans-serif; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">"6. A producer who is acting as an agent may also act as and be a
broker with regard to insurers for which he or she is not acting as an agent.
The sole relationship between an insurer and a broker who is appointed as an
agent by the insurer as to any transactions arising during the period in which
the broker is appointed as an agent is that of insurer and agent, and not
insurer and broker."<o:p></o:p></span><br />
<br /><br />
Generally speaking the ability to charge fees in Nevada is addressed under the Illegal Dealing in Premiums law. Find that law here...<br />
<br />
<a href="https://law.justia.com/codes/nevada/2017/chapter-686a/statute-686a.230/" target="_blank">https://law.justia.com/codes/nevada/2017/chapter-686a/statute-686a.230/</a><br />
<br />
This is a common area of insurance law where additional fees are addressed in many states.<br />
<br />
Here is an outside legal opinion published on this issue...<br />
<br />
<a href="http://www.forc.org/Public/Journals/2015/Articles/Summer/Vol26Ed2Article3.aspx" target="_blank">http://www.forc.org/Public/Journals/2015/Articles/Summer/Vol26Ed2Article3.aspx</a><br />
<br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8745626199003596703.post-61067283449535267512018-08-07T11:40:00.000-04:002018-08-07T11:40:02.848-04:00Virginia Insurance Agents and Fiduciary Accounts<br />
<h2>
Premium Trust Accounts for Virginia Insurance Agencies</h2>
<br />
Virginia does not require a Premium Trust Account for insurance agents, instead Virginia does require a fiduciary account separate from all other business and personal funds.<br />
<span style="font-size: 11pt;"><br /></span>
Here is a link to the law...<br />
<br />
<a href="https://law.lis.virginia.gov/vacode/title38.2/chapter18/section38.2-1813/" target="_blank">https://law.lis.virginia.gov/vacode/title38.2/chapter18/section38.2-1813/</a><br />
<br />
<h2 style="margin-bottom: 1.2pt; margin-left: 0in; margin-right: 0in; margin-top: 0in; mso-line-height-alt: 14.4pt; vertical-align: baseline;">
<span style="color: #444444; font-family: "times" , serif; font-size: 15.5pt; font-weight: normal;">§ 38.2-1813.
Reporting and accounting for premiums.<o:p></o:p></span></h2>
<div>
<span style="color: #444444; font-family: "times" , serif; font-size: 15.5pt; font-weight: normal;"><br /></span></div>
<span style="font-family: "inherit" , serif; font-size: 11.0pt; line-height: 106%;">A. All premiums, return
premiums, or other funds received in any manner by an agent or a surplus lines
broker shall be held in a fiduciary capacity and shall be accounted for by such
agent or surplus lines broker. </span><br />
<span style="font-family: "inherit" , serif; font-size: 11.0pt; line-height: 106%;"><br /></span>
<br />
<h3>
<span style="font-family: "inherit" , serif; font-size: 11.0pt; line-height: 106%;">The Big Exception</span></h3>
<span style="font-family: "inherit" , serif; font-size: 11.0pt; line-height: 106%;"><br /></span>
<span style="font-family: "inherit" , serif; font-size: 11.0pt; line-height: 106%;">Section D of this same link shows the one exception...</span><br />
<span style="font-family: "inherit" , serif; font-size: 11.0pt; line-height: 106%;"><br /></span>
<span style="font-family: "inherit" , serif; font-size: 11.0pt; line-height: 106%;">"</span>D. This
section shall not require any agent who is a duly appointed agent of an insurer
and who has a written contractual relationship with such insurer which includes
provisions regarding remittance of funds to maintain a separate fiduciary
account for the funds. Such funds shall be held separately from any personal or
nonbusiness funds and shall be reasonably ascertainable from the books of
accounts and records of the agent."<br />
<br />
You still need to funds kept in a separate account, but it does not have to be a "fiduciary account".Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8745626199003596703.post-46745641679720249962018-08-06T10:17:00.000-04:002018-08-06T10:17:01.930-04:00Insurance Agency Fees in Michigan<h2>
What Fees Can Insurance Agents Charge in Michigan</h2>
<br />
<br />
<div class="MsoNormal">
Insurance producers are not allowed to charge or pass a
service fee to consumers for insurance policies sold in the admitted market.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Michigan is a non-broker state; therefore, insurance producers act as agents on
behalf of their insurance companies instead of their clients.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The only exception applies to licensed surplus lines
producers who may charge a fee not exceeding the statutory limit for surplus
lines policies only.<o:p></o:p></div>
<br /><br />
<br />
Here is the link to a document on the Michigan rules...<br />
<br />
<a href="https://www.michigan.gov/documents/difs/Market_Conduct_Agency_Audit_News_2017_560214_7.pdf">https://www.michigan.gov/documents/difs/Market_Conduct_Agency_Audit_News_2017_560214_7.pdf</a><br />
<br />
<br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8745626199003596703.post-91440275381869106582018-08-03T09:36:00.001-04:002018-08-03T09:36:39.120-04:00Can an Illinois Insurance Agent Pay Card Transaction Costs from their PFTA<br />
<h2>
Illinois and Insurance Premium Trust Accounts</h2>
<br />
In Illinois insurance premium payments accepted by the agent must be deposited into a PFTA - premium trust account.<br />
<br />
Here is the link to the relevant law...<br />
<br />
<a href="ftp://www.ilga.gov/jcar/admincode/050/050031130000400R.html" target="_blank">ftp://www.ilga.gov/jcar/admincode/050/050031130000400R.html</a><br />
<br />
If the premium payment is accepted as a debit or credit card payment, is it legal for there to be a withdrawal from your agency PFTA account to pay the transaction cost of those premium payments?<br />
<br />
Probably not. Read on....<br />
<br />
<h3>
Limitations of Withdrawals</h3>
Here are the things for which you are allowed to withdraw funds from the PFTA.<br />
<br />
<div class="MsoNormal">
"Withdrawals can be made for the following reasons:<o:p></o:p></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; text-indent: -.5in;">
h)
The following disbursements may be lawfully withdrawn from the PFTA:<o:p></o:p></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.5in; margin-right: 0in; margin-top: 0in; text-indent: -.5in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.5in; margin-right: 0in; margin-top: 0in; text-indent: -.5in;">
1)
Net or gross premium remittances due other licensees or insurers. Claims
payments or reinsurance premiums when offset at the direction of the insurer
may be transferred to another account;<o:p></o:p></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.5in; margin-right: 0in; margin-top: 0in; text-indent: -.5in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.5in; margin-right: 0in; margin-top: 0in; text-indent: -.5in;">
2)
Return premiums due insureds;<o:p></o:p></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.5in; margin-right: 0in; margin-top: 0in; text-indent: -.5in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.5in; margin-right: 0in; margin-top: 0in; text-indent: -.5in;">
3)
Commissions due the licensee, net of any financial institution fees or service
charges, or commissions due another licensee only when the commission
withdrawal is matched and identified with premiums previously deposited into
the PFTA;<o:p></o:p></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.5in; margin-right: 0in; margin-top: 0in; text-indent: -.5in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.5in; margin-right: 0in; margin-top: 0in; text-indent: -.5in;">
4)
Non-premium monies when matched and identified with prior non-premium PFTA
deposits;<o:p></o:p></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.5in; margin-right: 0in; margin-top: 0in; text-indent: -.5in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.5in; margin-right: 0in; margin-top: 0in; text-indent: -.5in;">
5)
Interest or other revenue which the licensee is authorized to retain.<o:p></o:p></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.5in; margin-right: 0in; margin-top: 0in; text-indent: -.5in;">
<br /></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.5in; margin-right: 0in; margin-top: 0in; text-indent: -.5in;">
6)
Withdrawals pursuant to subsections (h)(3), (4) and (5) must be made payable to
the licensee or another licensee."<o:p></o:p></div>
<br />
I look at this like a named peril insurance policy as opposed to an all-risk insurance policy. If the action is not specifically allowed, then the action is not allowed.<br />
<br />
Under this list of reasons I see no permission to withdraw funds to pay the transaction cost to the bank for you credit and debit card payments.<br />
<br />
What do you think?<br />
<br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8745626199003596703.post-75341207937050056242018-07-31T11:37:00.001-04:002018-11-01T10:40:24.467-04:0043 States Limit or Prohibit Insurance Agency Fees<br />
<h2>
Can Your Insurance Agency Charge a Fee in Addition to Premiums</h2>
<br />
Having read through all the state insurance codes, bulletins, advisory opinions, notices, regulations and related material I can find - don't I know how to have fun - I have complied an extensive list on how an insurance agency needs to operate to be in compliance with its state's insurance regulators.<br />
<br />
43 states have one or more specific rules or laws regarding insurance agency's ability to charge any fee in addition to the insurance premium.<br />
<br />
The basic reason for these rules is to require the actual insurance rate to be meaningful. When insurance rates have to be filed and/or approved, allowing additional charges to be added on to the customer bill defeats the purpose of the regulation of the insurance rates. In today's jargon, it provides a hack of the insurance regulatory process.<br />
<br />
<h3>
We Know and Care About Your Compliance</h3>
<br />
At Simply Easier Payments we spend a great deal of effort understanding your business so we may provide our service in a way that never puts you or your business at risk.<br />
<br />
We will never be perfect, but we will work hard and diligently.<br />
<br />
We believe any long term business relationship requires this of us.Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8745626199003596703.post-13477280450894369982018-07-30T12:00:00.001-04:002018-07-30T12:00:55.082-04:00Premium Payments Deposited to Bank in Your State<br />
<h2>
Nine States Require You to Use a Bank in Their State</h2>
<br />
When an insurance agent accepts a premium payment from a customer it always creates a fiduciary responsibility for the insurance agent.<br />
<br />
Most states have laws outlining many specifics of how these premium payments must be handled.<br />
<br />
These states all require that the premium payments be deposited in a bank or other depository institution with a physical presence in the agent's state or at a minimum regulated by the agent's state's banking regulators.<br />
<br />
<br />
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><u>States Requiring
Bank Account in Agency’s State<o:p></o:p></u></b></div>
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</div>
<ol>
<li>California – see note</li>
<li>Hawaii</li>
<li>Illinois</li>
<li>Maryland</li>
<li>Nevada</li>
<li>New York</li>
<li>Utah</li>
<li>Washington</li>
<li>Wyoming</li>
</ol>
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<o:p></o:p></div>
<div class="MsoNormal">
NOTE: California requirement is limited to cash payments
received at agency. Checks and card payments can be out of state.<o:p></o:p></div>
<br />
<br />
<br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8745626199003596703.post-14344832632730227242018-07-27T09:51:00.000-04:002018-07-27T09:51:25.554-04:00Minnesota Insurance Agency Fees Charged to Customers<h2>
Minnesota is Wide Open for Insurance Agency Fees</h2>
<br />
Here is the link to the pertinent law...<br />
<br />
<a href="https://www.revisor.mn.gov/statutes/cite/60K.46">https://www.revisor.mn.gov/statutes/cite/60K.46</a><br />
<br />
I have read every state's insurance code with a particular focus on what fee insurance agents can charge their insureds in addition to the policy premium. Minnesota is about as accommodating as any state.<br />
<br />
Minnesota does require written disclosure, but the disclosure does not require the insured's signature.<br />
<br />
The final clause that "all fees charged are reasonable in relations to the services rendered" may also create some theoretical upper limit on the dollar amount.<br />
<br />
<h4>
Here is the text of the law as of this writing.</h4>
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<span style="color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman";">"Subd. 2.<b><span style="border: none windowtext 1.0pt; mso-border-alt: none windowtext 0in; padding: 0in;">Fees for services.</span></b><o:p></o:p></span></div>
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<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 6.0pt; margin-left: 0in; margin-right: 0in; margin-top: 2.4pt; text-indent: 24.0pt; vertical-align: baseline;">
<span style="color: #333333; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman";">No
person shall charge a fee for any services rendered in connection with the
solicitation, negotiation, or servicing of any insurance contract unless:<o:p></o:p></span></div>
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<span style="color: #333333; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman";">(1)
before rendering the services, a written statement is provided disclosing:<o:p></o:p></span></div>
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<span style="color: #333333; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman";">(i)
the services for which fees are charged;<o:p></o:p></span></div>
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<span style="color: #333333; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman";">(ii)
the amount of the fees;<o:p></o:p></span></div>
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<span style="color: #333333; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman";">(iii)
that the fees are charged in addition to premiums; and<o:p></o:p></span></div>
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<span style="color: #333333; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman";">(iv)
that premiums include a commission; and<o:p></o:p></span></div>
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<span style="color: #333333; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman";">(2)
all fees charged are reasonable in relation to the services rendered."<o:p></o:p></span></div>
<br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8745626199003596703.post-81572537678202609712018-07-26T10:31:00.001-04:002018-07-26T10:31:27.465-04:00Kansas Insurance Department Ahead of the Times in 1995<br />
<h2>
Kansas Insurance Department Policy on Credit Card Payment</h2>
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On November 6, 1995 the Kansas Department of Insurance issued what I believe to be the VERY FIRST in the nation statement on accepting credit card payments for insurance premiums.<br />
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Here is a link to the Bulletin<br />
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<a href="file:///C:/Users/Duke/Desktop/Card%20Fees%20Summary%20June%202018/Kansas/1995-19%20Accepting%20Credit%20cards%20for%20Premiums%20Bulletin.pdf" target="_blank">file:///C:/Users/Duke/Desktop/Card%20Fees%20Summary%20June%202018/Kansas/1995-19%20Accepting%20Credit%20cards%20for%20Premiums%20Bulletin.pdf</a><br />
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The Department was responding to the complaint that the transaction cost of accepting a card payment constituted a REBATE since a significant portion of the premium went to the credit card transaction cost.<br />
<br />
I find this to be a wonderfully creative approach to the issue of the high cost of card transactions.<br />
<br />
Apparently some agencies and carriers felt it was a marketplace advantage for some companies to offer to accept credit card payments but resisted accepting cards themselves because of the reduction in NET PREMIUM received after the transaction cost.<br />
<br />
Looking back on this argument I would suggest they should have taken the position that the rewards points created by payment with a credit card could be considered a rebate since those points can be used as funding to pay for a wide variety of benefits - like airline tickets.Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8745626199003596703.post-30934535273500734112018-07-25T09:27:00.000-04:002018-07-25T09:27:43.782-04:00Insurance Agency Fees in Tennessee<br />
<h2>
Tennessee and What Are Services Associated with an Insurance Policy</h2>
<br />
The Tennessee law regarding fees an insurance agent can charge an insured brings up the most common issue related to agents charging fees.<br />
<br />
Here is a link to a Bulletin from 1998...<br />
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<a href="https://www.tn.gov/content/dam/tn/commerce/documents/insurance/bulletins/1-08-98.pdf">https://www.tn.gov/content/dam/tn/commerce/documents/insurance/bulletins/1-08-98.pdf</a><br />
<br />
The issues revolve around what are services that the insured should expect to be included in the premium?<br />
<br />
<h3>
Here is the text of the Bulletin</h3>
<br />
"“A fee which is not connected with the sale, solicitation,
or negotiation of a policy of insurance, and which therefore, would not be
included in the term “rate”, may be charged by an agent. Some factors which may
be useful in analyzing whether a fee is connected with the sale, solicitation,
or negotiation of a policy of insurance are:<br />
<br />
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<o:p></o:p></div>
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1 – Whether the services performed by the agent are
associate with the sale, underwriting, issuance, or servicing of a policy of
insurance;<o:p></o:p></div>
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2 – Whether compensation is dependent upon the purchase of a
policy of insurance;<o:p></o:p></div>
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3 – The date of payment of the fee in relation to the date a
policy of insurance was issued.<o:p></o:p></div>
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<br /></div>
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Although these factors are provided for guidance, the
department will continue to review each transaction on a case-by-case basis."<o:p></o:p></div>
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<br />
What do you think should be included in normal policy services?<br />
<br />
<br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8745626199003596703.post-68372281088713447922018-07-24T10:36:00.000-04:002018-07-24T10:36:32.132-04:00Florida Insurance Agency Fees and Car Insurance<br />
<h2>
What Fees Can Be Charged in Florida on Car Insurance</h2>
<br />
Florida allows two fees to be charged by Licensed General Lines Agents related to car insurance policies.<br />
<br />
<ul>
<li>The agent / agency can charge the cost of obtaining a motor vehicle report - with limitations</li>
<li>The agent /agency can charge $10 a policy with only PIP and Property Damage - with limitations</li>
</ul>
<br />
The rules for both are at this link...<br />
<br />
<a href="http://www.leg.state.fl.us/statutes/index.cfm?App_Mode=Display_Statute&Search_String=&URL=Ch0627/Sec7295.htm&StatuteYear=1998">http://www.leg.state.fl.us/statutes/index.cfm?App_Mode=Display_Statute&Search_String=&URL=Ch0627/Sec7295.htm&StatuteYear=1998</a><br />
<br />
<h3>
Cost of MVR</h3>
This rule is in Section 5(b). The key take away is your cost for the MVR cannot not be "otherwise compensated". In other words, the insurance company your place this business with cannot reimburse you for the cost.<br />
<br />
You cannot charge more than the actual cost of the MVR.<br />
<br />
You cannot include in the cost subscription or access fee you may pay.<br />
<br />
<h3>
PIP and Property Damage Only Policies</h3>
This rule is in Section 5(a). there are two important issues.<br />
<br />
<ol>
<li>The "policy covers only personal injury protection coverage as provided by s. 627.736 and property damage liability coverage as provided by s. 627.7275 and if no other insurance is sold or issued in conjunction with or collateral to the policy."</li>
<li>"The per-policy fee must be a component of the insurer's rate filing and may not be charged by an agent unless the fee is included in the filing."</li>
</ol>
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<span style="color: navy; font-family: "trebuchet ms" , "arial" , "helvetica" , sans-serif; font-size: 13.33px;"><br /></span>
It is your responsibility to know if your carrier's rate filing includes this fee.<br />
<br />
<br />Unknownnoreply@blogger.com0