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Book of Business Expedited Transfer

Scope

This policy applies to brokers.

Policy Details

Guidelines for an agency request to a book of business transfer, which includes a change to the agent of record (AOR) from one broker in the agency to another broker in the agency, or transfer of AORs when a book of business has been sold to another agency.

Procedures

Book of business transfers for consumers who have enrolled in a qualified health plan through MNsure must be processed through MNsure and cannot be done through an insurance carrier. 

When a book of business must be transferred from one agent (referred to in this policy as the “current agent”) to another MNsure certified agent (referred to in this policy as the “new agent”), the new agent can request that MNsure expedite the transfer of AORs to facilitate the timely payment of accurate commissions. 

The expedited AOR process can only be used prospectively and can only be completed for consumers where the current broker has an AOR through the assister portal. All other situations will require a manual AOR. 

Expedited book of business transfer procedure: 

  1. New agent must submit a request via secure email to the Broker Service Line. The request must include the following information:
    • The name of the current agent of record, their NPN and assister portal reference number 
    • The name of the new agent of record, their NPN and assister portal reference number 
    • Reason for requesting a book of business transfer 
    • If known, the number of AORs being transferred 
    • Documentation substantiating a legal transfer of the business. Preferred documentation is: 
      • In the event of an employment separation: A written statement or email from the current agent of record approving the release of business and stating that they consent to changing the AOR. Other acceptable documentation includes employment agreement or contracts reflecting non-compete agreements. 
      • In the event of a sale: A written statement or email from the current agent of record approving the release of business and consenting to changing the AOR. Other acceptable documentation includes an official sales documents or official business formation or incorporation documents that show agency ownership, or transfer of assets, such as income-generating assets. 
      • In the event of a retirement: A written statement or email from the current agent of record with the retirement date and the name of the agent to whom the business should be transferred. 
      • In the event of an agent passing away: An obituary, funeral program or bulletin, or a death certificate, or a written statement from the agency.
  2. After the book of business expedited transfer request has been received, MNsure will review the request and supporting documentation within five business days. MNsure may request additional documentation during the review.
  3. If a legal transfer cannot be substantiated, MNsure will notify the new agent by email that the request could not be processed. In this case, the AOR can only be changed by the consumer through their online MNsure account.
  4. If the legal transfer of business can be substantiated, MNsure will notify the new agent of record by email that the transfer will proceed. 
    • An updated AOR will be electronically sent to the insurance carrier within two business days. Commission payment amounts and date will be determined by the insurance carrier once the AOR is received. 
    • MNsure will notify the affected consumers that a change has been made to their agent of record within 30 days of processing the request.  
  5. Within six months of this expedited book of business transfer, the new broker must ensure that all transferred consumers complete an association with the new broker via the consumers’ online account. Note that an AOR that is transferred using this expedited process will be sent to the insurance carrier, but it will not show up in the new broker’s assister portal account, nor will the new broker have the ability to act on behalf of the consumer online until the consumer has completed an association through their online account.

Consumer online association procedure:

In order for the new broker of record to have the ability to act on behalf of the consumer:

  • The consumer must log into their MNsure account and enter in the reference number of the new broker. This can be done through the “Manage My Assister” page in the consumer’s account. 
  • Anytime a consumer adds or changes an association with a broker through the consumer’s MNsure account, the insurance carrier will receive the new AOR information within 24 hours.  

Terms and Definitions

Agent of record: A contractual agreement where an agent has been authorized by the consumer to act on their behalf with MNsure an insurance carrier. 

Assister portal: Online portal that enables assisters to apply and enroll on behalf of a consumer who has given them authorization.

Book of business: A broker’s list of consumer accounts where the consumer has designated them as agent of record.

Resource Links

MNsure Assister Portal Manual (see page 8 & 9- Associating with a Consumer)

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