To all valued brokers and partners,
As of October 15, 2024, Syndicated Resource Group Holdings, Inc. (SRGH) will be implementing changes to the terms of our Broker Agreement. This update is part of our ongoing commitment to provide the best possible service while ensuring that our business operations remain fully compliant with regulatory standards and industry best practices.
Why Are We Updating the Agreement?
As the regulatory environment continues to evolve, SRGH is committed to adapting and ensuring we operate within the scope of all relevant regulations in the states we serve. The updated agreement reflects these adjustments, along with clarifications to key areas of compensation, arbitration, and compliance. We also aim to enhance clarity in the terms of service to better protect both SRGH and our brokers, while continuing to support a smooth and transparent business relationship.
Key Changes to the Agreement
- Compensation Structure
We have refined the language surrounding broker compensation. Commissions will now be posted monthly or as soon as administratively practicable following the receipt and calculation of payments from the relevant insurance carrier or administrative entity. This update ensures more streamlined payment processes while offering greater flexibility in posting commissions. - Regulatory Compliance
Our new agreement emphasizes SRGH’s commitment to operating within the varying regulatory environments across the states in which we do business. The updated language clarifies that should any provision be deemed unenforceable or illegal in any state, the remainder of the agreement will continue in full effect. - Arbitration Clause
To address potential disputes more efficiently, we’ve introduced an updated arbitration clause. All disputes arising from the Broker Agreement will now be resolved through binding arbitration in the state of Florida, ensuring a more expedient and cost-effective resolution process. This clause also prevents class actions, ensuring that all disputes are handled on an individual basis. - General Terms & Clarifications
Additional adjustments to the agreement include improved clarity on severability, termination terms, and the overarching legal framework that governs the agreement. These changes are designed to enhance mutual understanding and minimize ambiguity in the enforcement of the agreement.
What Does This Mean for You?
If you are a current broker with SRGH, the updated agreement will automatically take effect on October 15, 2024. No immediate action is required from you at this time, but we encourage you to review the new terms in detail. You will receive the full, updated Broker Agreement via email, and it will also be available in your broker portal for easy access.
Next Steps
- Review the Updated Agreement: Please ensure you are familiar with the new terms before the effective date.
- Contact Us: If you have any questions about the changes, or if you need clarification on any aspect of the new agreement, please do not hesitate to reach out to your SRGH representative or our broker support team.
Conclusion
We appreciate your continued partnership and trust in Syndicated Resource Group Holdings, Inc.. These updates are part of our efforts to better serve you and our clients by aligning our operations with the latest standards and practices in the insurance industry. We look forward to continuing our successful collaboration and remain committed to providing you with exceptional support and opportunities.
Thank you for your attention to this important update.
Sincerely,
Syndicated Resource Group Holdings, Inc.
Broker Relations Team