The Million Dollar Round Table has announced minimum commission and paid premium levels for financial services producers who want to join the group in 2007.
Here are the new minimum commission production levels:
- Basic MDRT membership: $75,700 (up from $69,600 this year).
- Court of the Table membership: $227,100.
- Top of the Table membership: $454,200.
The minimum production levels for applicants who use paid premiums to qualify are twice the minimum commission levels. For basic MDRT membership, for example, the 2007 minimum for eligible paid premiums will be $151,400, or 2 times $75,700, according to MDRT, Park Ridge, Ill.
At least 50% of the 2007 production requirement must come from individual and group life, accidental death and dismemberment, annuities, disability income, long term care and critical illness insurance, or from pensions written by life insurance companies, MDRT says.
The remainder may come from mutual funds, securities, wrap accounts, health insurance, and pensions backed by property-casualty insurers, MDRT says.
Each MDRT member must belong to an established, nonprofit professional association that has a code of ethics and a means of dealing with breaches of its code, MDRT says.