A group for financial services professionals has suspended a scheduled increase in production qualification requirements.
The Million Dollar Round Table, Park Ridge, Ill., an association that has about 31,000 members in 80 nations, shelved an annual production standards increase that was slated to take effect for the 2010 membership year, MDRT President Walton Rogers writes in a letter sent to the organization’s members.
In 2010, MDRT will retain the standards applied in 2009.
The U.S. production requirements structure will be based on a minimum of $87,900, in U.S. currency, in eligible commissions, or $175,800 in eligible paid premium.
Requirements also will hold steady for the MDRT’s elite Court of the Table and Top of the Table producer groups.
The requirements will remain at $263,700 (commissions) and $527,400 (paid premium) for Court of the Table members; and at $527,400 (commissions) and $1,054,800 (paid premium) for Top of the Table members.
Rogers attributed the suspension to members’ direct input and to “the global economic reality.” An MDRT representative said the decision will enable producers to continue to qualify for membership in the association and to secure access to the association’s resources. The representative declined to elaborate on the reasons for the suspension.
Applicants outside the United States must convert local-currency commission and premium credit amounts into U.S. dollars using MDRT conversion/standardization factors. Production requirements for those applicants will be based on the equivalent of the MDRT’s 2009 standards.