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Any insurance agents here?
Posted on 1/1/15 at 12:51 pm
Posted on 1/1/15 at 12:51 pm
Has anyone heard of a MSA (Marketing Service Agreement) in P&C insurance? This is something that is/was used by title insurance companies partnering with mortgage companies to give kickbacks for pushing home buyers to them. Kickbacks are illegal under insurance law but the way these deals were structured it did not violate anything on the insurance side. Recently the CFPB set out to stop these title insurance companies from entering in these bs contracts due to violations of RESPA. I have found plenty of examples of an MSA being used in title insurance but have not seen anything about auto or homeowners. Why do y'all think that is?
4
Posted on 1/1/15 at 1:52 pm to TheDirty1
My cousin had some lawyers draft one up for his P&C operation to use with a real estate brokerage. They ran it past the La. DOI and they approved the arrangement.
Posted on 1/1/15 at 1:57 pm to TheDirty1
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This post was edited on 1/1/15 at 1:58 pm
Posted on 1/1/15 at 2:00 pm to TheDirty1
The department of insurance just changed all of the regulations on this.
And lots of title companies are about to get hammered. Everyone is ratting each other out and it's gonna be fun to see some licenses get pulled
And lots of title companies are about to get hammered. Everyone is ratting each other out and it's gonna be fun to see some licenses get pulled
Posted on 1/1/15 at 2:04 pm to TheDirty1
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