How does the insurance industry define controlled business?
Insurance business over which an insurance producer is able to exercise personal influence. Some states prohibit a producer from obtaining or continuing to hold a producer license if more than a certain percentage of the producer’s business is generated through controlled business.*
* https://www.naic.org/documents/prod_serv_marketreg_stl_hb.pdf
How does Mutual of Omaha define controlled business?
An application is considered controlled business when the producer is related to the proposed insured or owner. Additional controlled business indicators include same last name and bank account information.
Our controlled business FAQ can help explain what controlled business is, why it’s important and how Mutual of Omaha handles controlled business.
If you have additional questions, please reach out to a member of Mutual of Omaha’s Sales Support Team at (800) 693-6083.
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