Producer Compensation
Last Modified: November 3, 2020
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Asteya Inc. (“Asteya”, “we”, or “us”) is licensed as insurance producer in the following jurisdictions:
- Connecticut – producer license # 2694619
- Connecticut – surplus lines broker license # 2694190
- Florida – agency license # L110235
Asteya is a wholly owned subsidiary of Asteya Holding. Asteya sells the insurance products of various insurance companies. Please note that the insurance company which issues the products which we sell is responsible for its own financial condition and contractual obligations.
When you purchase insurance through us, we receive compensation from the insurance company that issues the policy. As described in more detail below, this compensation may include regular and/or contingent commissions when a policy is purchased or renewed, and fees for marketing and administrative services provided by us. The compensation may vary by insurer and the specific product and features purchased.
- Base Commissions: We receive a base commission in the form of a fixed percentage of the policy premium or a fixed amount per policy. The percentage or amount may vary depending on certain factors, such as the type of product, the risk classification, and whether the policy is new or a renewal.
- Contingent Commissions: In addition to base commissions we may earn a contingentcommission based on our collective volume of business with an insurer, and also upon the loss experience (profitability) the insurance carrier had on the business placed by us.Given the manner in which contingent commissions are earned, there is no exact method to determine, with certainty, the impact any one particular insurance policy placement will have on our contingent commission arrangements.
- Policy Fees: We may also receive fee-based compensation from insurers for the placement of admitted and or surplus lines insurance policies, and for services we provide to insurers other than policy placement, including, forunderwriting and administrative services relating to the policies we produce.
Our recommendation(s) of insurance coverage may not necessarily be the lowest rate available or the best alternative(s) for your individual needs. In identifying and recommending insurance products to you, we consider a variety of factors in addition to the premium rates and your personal information; including the insurer's credit rating, the insurer's reputation for service and claims settlement, the features of the policy, and agent commissions and fees received by us.
If you have any questions, please contact us at:
Asteya, Inc.
1111 Brickell Avenue, STE 2600
Miami, Florida, 33131+ 1 954-246-3509