TABLE OF CONTENTS
- New Business
- Clearance Search
- Renewals
Billing a Referral Fee – Foreign Market
Use this workflow to bill a retail agent for Referral Fee on a Foreign placement, where you assisted the retailer in placing the risk elsewhere and are charging them a fee for that assistance. This workflow will not allow you to bill a market carrier for a Referral Fee on a Foreign Placement. This process and fee type are not permitted for any other use, including any foreign submission where commission is being charged. Please refer to the Binding a Foreign Placement with Commission workflow if commission is being collected.
New Business
1. Clearance Search – Clear the submission by following the Entering New Business guide.
2. Account information – All of the account information will be entered as normal, following the Entering New Business guide.
3.Foreign Exposure checkbox– The “Is any portion of this risk foreign exposure?” checkbox should be left unchecked.
a. This checkbox is intended only for reporting purposes if a domestic risk has incidental foreign exposure, (for example, employees that travel internationally), and is not intended to be checked for the process of charging a fee on a foreign exposure.
4. Submission Entry – Now that the submission has been created in AIM, you’ll need to update the following fields on the Submission Entry screen.
a. Filing State: This will need to be updated to OTHER – NON US. Until approval of your risk is received, the Filing State must be left as OTHER – NON US.
b. Attn/POC: I f you did not add your retail agent contact during the Universal Clearance process, you can add them now.
c. Save: Select Save at the bottom of the Submission Entry screen.
5. ImageRight: The ImageRight file will be created automatically as part of the AIM Universal Clearance process.
a. ImageRight filing – If, as part of the referral process, copies of the quote, binder or policy have been received, these should be filed into ImageRight in accordance with the RT Way filing and documentation retention standards. However, we should take no role in solicitation of any of these documents.
6. Acknowledgement Letter: It is optional to send the Acknowledgement letter, but if you wish to do so, you can access this process by selecting the Submission Menu Option, then Acknowledgement.
7. Check your email: By having selected OTHER – NON US as the filing state, an email has been automatically generated to the Prod/Acct Exec that was assigned on the submission entry screen, and copied to the Market Rep and TA/CSR. This email will contain a link to a Supplemental Questionnaire that must be completed and submitted to Regulatory and Compliance (R&C) to start the review process. It’s important to understand that your submission will not be reviewed until the questionnaire is completed and submitted. Once R&C reviews the supplemental questionnaire, they may contact you to further discuss the submission.
a. If approved: Approvals will be communicated by the approver to the App Support team. App Support will perform the necessary background entry and confirm with you when complete.
8. Once approval is granted and processed, locate your AIM submission, and select the Bind button. (It is not necessary to complete the quote process.)
9. Policy Number Options – Select the option to Enter policy number from Company and input the AIM Submission number in place of the policy number. Do not input the actual policy number.
10. Submission Entry – Quote Detail: From the Submission Entry – Quote Detail – Page 2 screen, use the Back button in the lower left corner to navigate back to the Submission Entry – Quote Detail screen, and change the filing state to ILLINOIS. Then click on the Next or Save button.
11. Submission Entry – Quote Detail – Pg 2
a. Market Company: Select the market company called Foreign Account Referral M4246.
b. Risk Company: Select the risk company called Foreign Account Referral R2083.
c. Premium: Enter $.01 (one cent) of premium. No higher value will be permitted.
d. Total Fees: Click on the magnifier next to total fees and select the fee called Referral Fee – Foreign
Placement and complete the amount of the fee being charged.
e. Eff and Exp dates: Confirm that you have entered the correct policy dates.
f. Gross and Agent Commission: It is not necessary to fill in any commission values.
g. State Specific Information (if prompted): Select Timothy W. Turner as the Authorized Signatory.
12. Bind – Select the Bind button.
13. Issue Binder – Be certain the billing type selected is Agency Bill, and select Bind.
14. Binder – Save and close the binder document.
15. Create a Suspense – Answer No to create a suspense.
16. Invoice Transaction - Header – Make any necessary updates to Description, Due Date or invoice message, and select OK.
17. Invoice Screen – Check your invoice for accuracy and select Post to generate the invoice document to mail to the responsible party. (Invoice document not shown.)
a . Make sure to inform the responsible party they are not expected to pay the one penny premium.
Renewals
Once the the renewal submission has been created in AIM, you’ll need to update the following fields on the Submission Entry screen. If you are intending to charge a Referral Fee – Foreign Placement on the renewal, you will need to set up the renewal submission to trigger the approval process, as a new approval and entry into the approved table before you can proceed.
1. Submission Entry – Now that the submission has been created in AIM, you’ll need to update the following fields on the Submission Entry screen.
a. Filing State: This will need to be updated toOTHER – NON US. Until approval of your risk is received, the Filing State must be left as OTHER – NON US.
b. Attn/POC: If you did not add your retail agent contact during the Universal Clearance process, you can add them now.
c. Save: Select Save at the bottom of the Submission Entry screen.
Version 2, 3/20/2022
RT Application Training & Support Portal
Copyright © 2022 Ryan Specialty Group
This document is deemed internal and confidential and cannot be released outside of RT Specialty or its subsidiaries.
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