When are commissions paid?

Understanding when you will receive your commission payments

Commissions are paid after we are able to reconcile the commission paid to IronPoint by the various carriers. After we are able to fully reconcile the commissions received from the carriers, and properly assign them to the correct producer, we begin the process of paying commission.

When is the last carrier commission statement received?

Under normal circumstances, the last commission statement received from the carriers is on the 15th of the month. After the statement is received we can begin the process of completing producer reconciliations and sending out statements.

When are commission payments made?

Commission payments are made on or about the 3rd week of the month. This is largely driven by the reality that the last carrier statement is received on or about the 15th of the month.

What things can delay commission payments?

Commission payments can be delayed when there are a lot of policies issued that aren't claimed by the producer in the policy management system, a quote was not originated in PL Rating, or there wasn't a service ticket for policy issuance created. In these instances, accounting has to manually verify account or policy ownership. When there are too many of these in a given month, we can see a few days delay in payment processing as accounting does their research.

You can assist accounting by always creating a prospect or insured in the policy management system prior issuing a policy in the carrier's systems.