27 Million Round Table Membership Note
mdrt membership information
--------------------------. At least 5% (US$ 37,85 in commission or US$ 75,7 in premium) of the performance meeting the standards in 27 should come from the performance of unrestricted category specified in the regulations. Other commissions or premiums can come from the specified limited performance. (Please refer to Article 4)
For applicants outside the United States, the performance in 27 shall be calculated in local currency. All commission and premium performance for applying for membership must be converted into US dollars by MDRT conversion factor. The performance and conversion coefficient of each country are listed at the end of this paper.
please note: the applicant must only choose the commission/remuneration standard, or only choose the premium standard, and cannot mix them. The Million Round Table will only accept one of them.
Effective commission, service fee
The achievement (by commission) will be calculated according to the effective commission accepted in 27. This can include the commission payable, the commission paid in advance (annually), or both. The achievement of the Million Round Table must be the commission paid in advance or payable in 26. Please pay attention to the following points:
The commission paid by installments can be declared by using the present value of the first five years calculated at an average annual discount rate of 1%, with a maximum of 55% of the initial annual premium.
the annual commission can be included if it has been received; However, if there is any refund in the subsequent production year, it must be deducted from the annual performance.
if the commission is received at maturity, an insurance policy that came into effect in 25 may be counted as the performance in 26. The policy must still be valid on December 31st, 25, but it need not be valid on December 31st, 26.
the standard of pension commission is based on the fund attribute of the pension: one-time payment (lump sum premium) or long-term divided payment (annual payment)
As a part of the deferred income pension plan, the commission can be included in the million round table performance in advance, but it cannot be included repeatedly in the future.
the part of the life insurance policy that exceeds the annual premium paid or the target premium can be included in the achievement of reaching the standard. The initial annual commission performance can be included in the unrestricted performance according to the commission received, and the maximum amount can reach the annual payment/target premium. If it exceeds the annual payment/target premium, the commission performance can be included in the unrestricted performance according to the part of the commission received that exceeds the annual payment/target premium.
Reinsurance fees, training allowances, bonuses and other sales or expenditure allowances shall not be included.
commodity allocation fee and new investment asset management fee can be included in commission performance. To achieve the standard performance, a company must pay this fee (see item 11). Maintenance fees, service fees and other expenses shall not be included. Configuring the product category determines the performance category that can be included in the product (unlimited or limited).
financial planning fee/financial consulting fee can be regarded as limited performance. Fees must be filed with a letter of certification signed by company officials, brokerage company officials or certified public accountants (or corresponding persons).
group health insurance commission can only be included in the first year of the policy. In the following years, the increase of the group insurance policy shall not be included in the performance.
lump sum premium and/or short-term term policy commission can only be included in the first year of the policy. The maximum term of a term policy is 15 years.
Effective policies
The performance (calculated by premium) will be based on the effective premium received or the new investment in 26. Please pay attention to the following points:
If the commission is received at maturity, the premium performance can only be counted according to the premiums accepted in the current year.
if the premium is paid in annual installments, the premium performance should also be included in the annual payment. Any refund or annual commission shall also be deducted from the annual premium performance.
insurance policies that come into effect in 25 may become the annual performance in 26, and the amount is equivalent to the total premium or the newly-increased investment.
the part of the life insurance policy that exceeds the annual premium paid or the target premium can be included in the achievement of reaching the standard. Premium performance can be included in unrestricted performance, up to the annual payment/target premium. If the annual premium/target premium is exceeded, the performance can be included in the unrestricted performance by 6% of the annual premium/target premium.
group health insurance premiums can only be included as performance in the first year of the policy. In the following years, the increase of the group insurance policy shall not be included in the performance.
lump sum premium and/or term policy premium can only be included in the first year of the policy. The maximum term of a term policy is 15 years. Short-term life insurance approval (up to 15 years) is included in the performance according to 6% of the initial annual premium
The performance of pension premium is based on the fund attribute of the pension: one-time payment (lump sum premium payment) or long-term divided payment (annual payment).
performance standard
unrestricted performance standard
commodity of life insurance company
commission/remuneration standard
premium standard
accidental death and limb disability (individual insurance)
1% initial annual commission
1% initial annual premium
major illness (individual insurance)
1% initial annual commission
1% initial annual premium
life insurance (individual insurance)
upper limit to annual payment or target premium
1% initial annual commission
1% initial annual premium
part that exceeds the annual target premium
1% initial annual commission < p
1% initial annual commission
6% initial annual premium
short-term approval (up to 15 years)
1% initial annual commission
6% initial annual premium
long-term care (individual insurance)
1% initial annual commission
1% initial annual commission.
1% initial annual commission
1% initial annual premium
major illness (group insurance)
1% initial annual commission
1% initial annual premium
disability income contract (group insurance)
1% initial annual commission
1% initial annual premium.
1% initial annual commission
1% initial annual premium
annuity (individual insurance and group insurance)
1% full commission
6% new investment
pension (lump sum premium)
1% initial annual commission
6% initial annual premium <
1% initial annual commission
6% initial annual premium
limited performance standard
product
commission/remuneration standard
premium standard
health insurance (individual insurance)
1% initial annual commission
1% initial annual premium
pension.
1% initial annual commission
1% initial annual premium
* * Commission with fund
1% new investment fund
6% new investment fund
non-life insurance company's pension (lump sum premium)
1% initial annual commission
6% initial year. Asset management account
commission for 1% of new investment
6% of new investment
1% of financial planning fee/financial consulting fee
Cabinet member
The performance standard of cabinet members in the United States in p>27 is an effective commission of $227,1 or an effective premium of $454,2. At least 5% (effective commission of $113,55 or effective premium of $227,1) must come from unrestricted performance (see item 4). All the rules and regulations about the million round table members apply to cabinet members. Cabinet members' achievement of reaching the standard is based on the achievement of three times that of one million round tables. The performance and conversion coefficient of each country are listed at the end of this paper.
top members
in p>27, the performance standard of members in the United States was an effective commission of $454,2 or an effective premium of $98,4. At least 5% (effective commission of $227,1 or effective premium of $454,2) must come from unrestricted performance (see item 4). All rules and regulations concerning the membership of the Million Round Table are applicable to svip. The performance and conversion coefficient of each country are listed at the end of this paper.
Performance of the applicant, spouse and children
Up to 5% of the annual output can come from the applicant, spouse and dependents. In the United States, the amount of this performance shall not exceed the effective commission of $3,785 or the effective premium of $7,57.
replacement contract
individual life insurance policies can only be included in the performance if the initial annual commission and premium of the new policy exceed the initial annual commission and premium of the replaced policy. If the exact amount is unknown, the amount of the replaced commission shall be multiplied by the existing commission and the corresponding premium of the replaced policy. The premium performance can be calculated by subtracting the replaced premium from the new premium.
the conversion from one permanent product to another is treated as substitution for a million round tables. This only applies to the replacement of individual life insurance policies.
Requirements for membership of professional associations
When applying for membership of Million Round Table, applicants from the following countries must be full members of the association that meet the following conditions:
a) Members of the association must be individuals, regardless of the company to which they belong, and one of the centers of the association must be insurance or financial services.
b) The association must be established for more than 2 years and its members must exceed 1.
c) the association must be a non-profit organization
d) the association must have an ethical program. And there are effective means to deal with acts that violate its program
Australia
Greece
Israel
Malaysia
Singapore
Trinidad and Tobago
Bahamas
Hong Kong
Jamaica
New Zealand
South Africa
Britain
Taiwan Province
Canada < Others can get the application form by phone, fax or through the official website of MDRT, www.mdrt.org.
letter of proof
unless the membership application form is accompanied by a letter of proof of the achievement of one million round tables, and signed by the relevant officials of the company that provided this achievement, the application for qualified membership or life-long membership will be regarded as incomplete and will be rejected. These companies include life insurance companies, agency companies, brokerage companies, brokers/dealers, banks or mutual fund companies.
a certified public accountant or a qualified person can sign a letter of certification to prove the financial planning fee/financial consulting fee paid directly to the agent.
A brokerage company is defined as a third-party wholesaler of insurance and investment products provided to agents on behalf of insurance companies and investment companies. If the applicant is an official of a brokerage company, the product provider who pays the commission must sign the certificate letter.
for applicants outside the United States, the commission/premium of the letter of confirmation must be converted into US dollars by using the million round table conversion factor on the next page.
annual membership fee: the membership fee payable in USD
is to be determined. The completed application form and other necessary forms must be sent no later than March 1, 27, subject to the postmark. If the postmark is later than March 1, 27, it will not be processed unless a late fee of $2 is paid.
membership fee for cabinet members: USD to be determined
In addition to the membership fee for ordinary members, applicants for cabinet members must also pay this fee.
top membership fee: USD to be determined
In addition to the ordinary membership fee, top membership applicants must also pay this fee. The membership fee of top members has included the membership fee of cabinet members.
preferential membership fee for lifetime members: USD to be determined
Lifetime members who meet all the following three conditions are eligible for preferential membership fee. Members who enjoy this qualification do not need to be members of a professional association.
1. The applicant was 65 years old before December 31st, 26.
2. The applicant does not need to submit the output.
3. The applicant has at least 15 years of seniority, and submitted the output or has a total of 2 years of seniority.
Lifetime members eligible for membership fee waiver can choose to pay the membership fee in one lump sum (the fee is to be determined). This fee guarantees long-term membership and exempts members from the requirement of submitting applications and paying membership fees every year. Future standards only apply to life members.
Exemption from disability
Life members who have been declared completely disabled for six consecutive months in 26 can be exempted from the round table membership fee in 27. The disability application form and doctor's medical certificate must be submitted together with the membership application form before March 1, 27. Each application form will be handled separately according to the situation. Individuals who are approved to meet the disability exemption will no longer be required to be members of professional associations.
for more information, please write to:
million dollar round table
membership department
325 west touhy avenue
park ridge. IL 668-4265 USA
Tel:+1.847.692.6378
Fax: +1.847.518.8921
Website: www.mdrt.org.cn
E-mail: membership@mdrt.org.