The Million Dollar Round Table is increasing minimum U.S. production requirements by as much for 2019 as it increased production requirements for 2017 and 2018.
The Park Ridge, Illinois-based sales recognition group says U.S. life insurance agents will have to generate at least $96,000 in commissions and fees in 2018 to gain entry in 2019.
Agents will have to generate $95,000 in commissions and fees this year to join MDRT in 2018.
The commission and fee production minimum also increased by $1,000, from $94,000, for the 2016 production year.
(Related: MDRT Holds Goals Steady)
MDRT has posted links to the requirements for 2017, 2018 and 2019 here.
MDRT admits agents who meet its production requirements and also meet its ethical standards and other requirements.
Agents can get in by using methods other than adding up their commissions and fees. They can, for example, report the amount of eligible paid premiums that have resulted from products they have sold. They can also report the annual gross income they have earned from the sale of insurance and financial products.
MDRT translates its production requirements into local currency figures for would-be members outside the United States.
The group now has 62,000 members in 69 countries.
That’s up from 31,000 in 2009.
To join the group in 2009, an agent had to generate $87,900 in commission and fee income in 2008.
—Read MDRT Reveals Production Requirements on ThinkAdvisor.