What is the amount of commission that agents earn?
For both New Business and Renewals, agents earn 16% of the premium amount for Residential and Commercial policies, and 12% of the premium amount for Manufactured Home policies. No commissions are earned on any surcharges.Read More
How will I be paid my commission?
Agents can either be paid via an Automated Clearing House (ACH) direct deposit transaction or via check. The most efficient way to receive commission payments it through ACH direct deposit.Read More
How do I sign up for ACH?
The enrollment forms are available on the TWIA website. Click on the Agents tab near the top of the screen, and then click on TWIA Agent Resource Center in the navigation bar. Under the heading entitled TWIA Registration, you will find a link to the ACH Authorization Form. Click on the link and print out the […]Read More
How will I be able to keep up with my commissions?
A commission statement will be emailed to the commission contact designated by the Taxing Entity for your agency. Each month TWIA will provide a detailed commission statement listing all transactions made to policies in your book of business.Read More
When will I receive my commission statement and commission payment?
Commission statements and payments are issued on the fifth business day of the month after the monthly statement is received. For payments handled via ACH direct deposit, the statement and payment notification will be sent via email and the payment deposited directly into the account you have specified. For payments handled via check, the statement […]Read More
What is a “Taxing Entity,” and why are you sending the commission statement to that office?
The Taxing entity is the party responsible for paying taxes on the commission earned by the agent or agency, and therefore is the recipient of the statement.Read More
I didn’t receive the ACH transactions, and I know I sent in some applications last month. What happened?
Commission will be paid on the later of: 1) the effective date of the issued policy and/or endorsement effective date, or 2) the process date (if a policy is in an issued state and not a binder).Examples:Read More
I lost the commission statement you emailed me, and I’ve deleted it from my emails. How do I get another copy?
You may contact TWIA Policy Services by email at email@example.com, or call them at (800) 788-8247, Option 3, for another copy of your statement.Read More
I changed my bank account number. How do I update my ACH information?
It will be necessary for a new ACH form to be completed. Also, a voided check from the new bank account will be required. Email these documents to firstname.lastname@example.org.Read More
If I have already mailed in an application with a check based on the net premium instead of gross, what is going to happen?
Whether a policy is Issued or placed under a 60 day binder, TWIA will mail your office a 30-day invoice representing the gross premium minus the net payment received (in most cases the amount invoiced will be the commission withheld by the agent when the application was submitted). If the invoice is not paid, cancellation […]Read More
Once a policy is issued, how would the scenario described above be reflected on the commission statement?
The commission statement will reflect the commission earned based on gross premium (even if the commission originally was withheld by the agent).Read More
What is the amount of time allowed for paying an invoice?
In most cases, invoices are due in 30 days. There may be an occasion when a 14-day payment deadline will be enforced, specifically when you are in receipt of the “Minimum Acceptable Payment” letter.Read More
If a net-only premium payment is received at TWIA after the end of the year, and TWIA sends a Deficient Premium notice to the agent, how long does the agent have to send in the difference in premium?
The agent must get the difference in premium to TWIA within the thirty (30) day invoice period.Read More
How are premium refunds handled?
Premium refunds are mailed directly to the policyholder or premium financier.Read More