Review Life and Annuity Expense Allowance Program
Understand how and when you get paid
Ledger payments are no longer automatically processed weekly
Limited number of physical checks and more exible EFT payments
Share Section 199A tax guide for agents
New York Life no longer withholds Federal or State taxes (FICA is still withheld).
Agents are responsible to properly manage tax withholdings.
Understand how commission payments may change
Commission are annualized for: COM, NYLAPlan and Annual modes
Commissions are paid as payments are made for: Monthly, Quarterly and
Advanced commission on family business is now annualized for COM and
Non-registered business can be brokered outside of NYL and Crump. An
“insurance brokering” OBA is required to sell outside business.
If not enrolled, sign-up for Errors and Omissions (E&O) coverage
If necessary, review DBA requirements