Sterling has a joint venture with Heritage Strategies to write insurance policies for our mutual clients. There are some changes to how Accounting would like the recording of these policies and billings to be done going forward from 2/2016.
P&C or Benefits Policies Produced by Heritage but Placed by Sterling
All Personal Lines, Commercial Lines, and Group Benefits policies produced under our joint venture with Heritage should have the following producer code on the policy line and in all billings done from those policy lines:
STEHER – Sterling Heritage Partners LLC
This producer code has 3 default commission structures set up under it. One each for Personal Lines (67%), Commercial Lines (66%), and Group Benefits (62%). Depending on the type of policy being billed, select the appropriate commission structure. Please ensure all billings for policies produced under our joint venture with Heritage must have this producer code with the applicable commission rate. These policies should continue to be billed under Agency 108 (Sterling Heritage agency) in EPIC and with the appropriate department (i.e. PER, CLL, BEN, etc.). There should not be any other producers on these policies (i.e. no internal Sterling producers).
Life Policies Produced by Sterling but Placed by Heritage
All LIFE and Individual LTC policies produced under our joint venture with Heritage should be coded as follows:
- As Direct Bill policies,
- On Agency 101 (SterlingRisk Agency),
- With PPE of “HERIT1” (Heritage Strategies LLC), and
- With the internal Sterling producer on the policy line at the internal Sterling producer’s Life/LTC commission rate, if applicable.
Please ensure you are following the above instructions as laid out. If you have any questions please feel free to contact Jeremy Kupferman or Carlo and we will be happy to assist or answer any questions you have.
