Banner/William Penn offer two ways to setup an agent that isn't paid commissions directly from the carrier:
- Using the Assignment of Commissions form
- Or using the ABNCA Adoption Agreement
Each options applies different rules, which may also affect the tax liability and/or business transfer rules. Please contact the carrier directly for more information on these two different agreements.
The following question will be prompted in step 3 for you to answer:
"ASSIGNMENT/ABNCA: Will your producer be assigning commissions using the ASSIGNMENT OF COMMISSIONS (BK-6) form or will the ABNCA ADOPTION AGREEMENT apply?"
Please Note: your PRODUCER does not see this question. It's meant for your agency's administrator to answer for each LOA contract request.
Once this question is answered, you'll have access to the forms related to the request type selected. This one question is the driving force that produces the related forms needed.
- The ASSIGNMENT option will produce the Assignment of Commissions Forms (BK-6) along with related agreements and allocated compensation schedules as needed by the carrier.
- The ABNCA option will provide the ABNCA Agreement along with related agreements as needed by the carrier
If your agency only uses ONE option (Either Assignment or ABNCA) for all contracts processed out of your agency, you can request to hard code the preferred selection. Simply submit a request to email@example.com with a brief explanation.