We want to make you aware of a new New Jersey compensation disclosure policy that became effective January 5, 2009. We also want you to know about the steps we are taking to help you comply immediately with this new regulation.

As a result of the New Jersey state law (N.J.S.A. 17:22A-41.1), you, as a licensed insurance broker, must disclose to your clients any compensation you receive from the sales or renewals of health insurance policies in New Jersey. You also are required to report any General Agent overrides on these sales/renewals.

What to tell your Aetna Small Group customers
Before you discuss your new and renewing sales to customers, you should:

• View your commissions on Producer World^®, our secure producer website. Log in with your tax identification number (TIN), then select “Your Compensation Statements” under “Self-Service Center.”
• Discuss override information with your General Agents.

On all customers, if more than one producer is assisting the customer, there may be a split commission.

Also of note, you are required to disclose any bonus compensation programs for which you may be eligible, in addition to your base commission. 

For more information
Thank you for your prompt attention to this matter. Please contact the Department of Banking and Insurance website for more information.