The president of John Hancock’s U.S. insurance division has been tapped to serve as president of John Hancock Financial Services, the U.S. division of Toronto-based Manulife Financial Corp.
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.