Answer posted in Teams: To initiate a BoR transfer for ancillary benefits like short-term disability (STD) and voluntary life insurance, a transfer letter signed by the group is required, which should specify the new broker, the preferred effective date, policy numbers, and the carrier’s name.
Answer from ChatGPT: While the requirements may vary by carrier, initiating a Broker of Record (BoR) transfer for ancillary benefits like Short-Term Disability (STD) and Voluntary Life Insurance typically involves several key steps:
- Letter of Authorization: The client (employer) must write a Letter of Authorization or a Broker of Record letter. This letter should clearly indicate the intention to appoint a new broker for their ancillary benefits.
- Company Letterhead: The letter should be on the company’s letterhead to ensure its authenticity.
- Details of the New Broker: The letter must include the name and relevant details of the new broker or brokerage firm that is being appointed.
- Specify Affected Policies: Clearly mention the specific policies (like STD and Voluntary Life Insurance) for which the broker change is intended.
- Authorized Signature: The letter must be signed by an authorized representative of the company, typically someone who has the authority to make such decisions on behalf of the company.
- Submission to the Insurance Carrier: The signed letter should be submitted to the current insurance carrier or provider of the ancillary benefits.