Wesleybb
Fredericton,#2Consumer Comment
Tue, May 26, 2009
Dear Sir, I work in the insurance industry and I believe you are unaware of a few things. First of all, once E&O is paid for it can not be reimbursed. But if you paid for it yourself it is yours to keep and a copy of your E&O can easily be replaced by contacting your E&O supplier. Secondly once any sponsorship is terminated, any company will hold onto all income for a period of time to insure at none of the policies you sold, cancels in which would place your account in a negative balance. As any agent whether a "captive agent" or a "broker" we are self employed, thus we must payback any negative balances. Plus it is my experiance that most "captive agents" never read their contract. I'm sure your contract holds some statements regarding termination. As for your original license. The company should have returned it, however once your where terminated, the sponsorship would have ended, and since your license has the company's name on it, it is a HUGE security risk to allow people to retain their license with the threat of that person pretending they work for the company when they do not. Besides you can easily get another license once you get another sponsor. I see you are upset, but your comments are unfounded and have no grounds. This is more of a venting then a rip-off report. Good Luck in the future