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Ohio National Selling Agreements

By pierre.shaun@gmail.com | In Uncategorized | on December 14, 2020

2) The company does not violate the language of the contract in accordance with the treaty. Ohio National stated that the language of the sales agreements made it clear that commissions would be paid while the sales contract was in effect and until the pension was abandoned or cancelled. In its summary valuation application filed by Veritas Independent Partners, a broker-trader, Ohio National`s lawyers cite the sale agreement: A lawyer for Ohio National says trail commissions are only paid when both clauses were in effect. Since the company terminated commissions only for those with whom it no longer had sales contracts, the appeals should be dismissed. “This case is one of 12 complaints filed by dealers such as NEXT and Ohio National and/or its affiliates that … Statements relating to Ohio National`s commitment, under identical or similar sales agreements, to pay trail commissions to its brokers,” the application states. But she left the assertions alive in Veritas and wrote that the two relevant sections of the agreement are “ambiguous and perhaps contradictory on whether [Ohio National] should pay trail commissions after terminating the sales contract for no reason.” “In general, the law requires the representative to sell, request or negotiate every product of that insurer so that a representative needs an appointment with an insurer,” he said. The case stems from Ohio National`s decision to stop paying trail commissions to brokers and agents who served their variable pensions from 2012 to 2018 and which it stopped selling last year. Dlott dismissed two of the cases in October and the plaintiffs – third-party agents who were not signatories to the sales agreements – were not referred to a complaint. A handful of brokers, including Cetera Financial Group and NEXT Financial Group, have rejected Ohio National Financial Services Inc. by refusing to sign new contracts with the insurer, the latest twist in an ongoing dispute over variable pension fees. A lawyer for a group of complainants disputes this representation of the contract.

He says that the sales contracts are all similar and that all essentially say that commissions are paid “beyond the duration of the contract”. Some agreements contain a provision that allows Ohio National to change the commission rate, but there was nothing in the agreements that gave it the right to stop payments completely and keep the commission`s money for its own use.

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