The president and chief executive officer of Horizon Blue Cross Blue Shield of New Jersey received a 59% pay hike from 2008 to 2009, taking home $8.7 million last year.
Agents selling personal lines insurance factor in the frequency of the insurer’s key contact, their compensation and the marketing money they receive from a carrier in deciding where to place business.
Two executives of an Iowa life insurance company will pay a combined $1 million in penalties as part of civil settlements with the U.S. Securities and Exchange Commission regarding misleading proxy disclosures to investors.
As a direct result of the Patient Protection and Affordable Care Act (PPACA) – also known as ObamaCare – health insurance agent and broker commissions have been slashed by as much as 50%. Agencies have been forced to lay off employees, limit products and services, shift to other lines, and have seen significant drops in compensation.