The information was there
On behalf of the 1,400 member agencies of the Professional Independent Insurance Agents of Illinois (PIIAI), I am writing in regards to the recent article concerning fees charged by a Princeton-based agency.
Since 1996, every licensed insurance provider (agent) has been required to complete 30 hours of continuing education every two years, and the PIIAI has worked closely with the Illinois Department of Insurance in maintaining and enhancing the requirements. In regards to the incidents cited in your article, several points need to be made:
Fees separate from commissions have been authorized by statute and have always been required to be disclosed in writing to the consumer.
In 2002, the statute regulating fees was updated and clarified, and the PIIAI provided continuing education seminars throughout the state on this and other new laws.
Since the change, the PIIAI has provided information regarding fee disclosure on our Web site at www.piiai.org to members and non-members alike.
The PIIAI has published and distributed an Agency Management Guide to its members, the majority of which is devoted to statutory and regulatory compliance.
It is very unfortunate that in the current context regarding agent compensation, that the wrongful actions of a few taint the professional reputations of thousands of honest professionals providing insurance products and services to individual consumers, municipalities and businesses.
Allen Karch, CIC
PIIAI president-elect
Chaney & Karch Insurance Group, Inc.
Springfield