Common use of Broker of Record Changes Clause in Contracts

Broker of Record Changes. Any change in “Broker of Record” designation must be in writing on the group subscriber’s letterhead and signed by an authorized representative of group subscriber. That letter must be dated and must clearly designate by name the Broker to receive commissions as well as specifically rescind by name the previous Broker designation. The change will take effect on the first of the month following Company’s receipt of the group subscriber’s letter. If Company receives a “Broker of Record” notification from group subscriber during a contract term and there is no Broker commission in place, commissions will not be paid to the Broker of Record until the group’s next renewal date.