Common use of Broker of Record Clause in Contracts

Broker of Record. Some Plans mandate that the Producer uses WMC’s EIN number as the writing number. In that case, with the Plan, WMC will show as the Broker of Record for payment of commissions. WMC acknowledges the Producer is the Broker of Record and if the Producer wishes direct payment from the Plan then WMC will facilitate Producer’s request for a Broker of Record transfer of their block business to the Producer’s tax id.