We already have a pretty good idea about how brokers and agents are feeling about the medical loss ratio provision of PPACA. In two words: not happy.
The provision, designed to make sure the bulk of consumers' premium dollars will go toward medical care, has swiftly slashed brokers' and agents' commissions, as carriers adjust overhead to make room for higher claims payouts.
According to a recent poll by the National Association of Insurance and Financial Advisors, 53 percent say they have seen a 25 percent or more decrease in commissions, including 17 percent who report a 50 percent or more decrease. Yikes.
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