< Agent Blog
Oct
25
,
2022

Legal & General year-end closing dates for 2022

October 25, 2022
Banner Life

Year-end closing dates for 2022 

 As we approach the end of the year, Legal & General would like to share a snapshot of cut-off dates to remember: 

 

New Business Processing
December 30, 2022 will be the last day for 2022 business and the standard service times for processing documents received that day will apply. 

 

1099 Income Reporting
New business requirements need to be received and processed by Friday, December 30 to be included in 2022 Miscellaneous Income Tax Reporting (1099-MISC).  

The agent's individual cut-off date depends on when the partner has elected to be paid. For example, if the agent is paid monthly and the most recent scheduled date is December 7, all commissions applied by December 7 will be included in the 1099-MISC for the year. The next pay date will be January 7, 2023. Most agents choose the standard method which is the 10th, 20th and last day of the month. Generally, all commissions applied by December 20 will be included in the 1099-MISC for the year.

 

General Agent Bonus
The General Agent Bonus for 2022 is based upon all commissions processed through December 30, 2022. Please note: the payment date for each agent in the hierarchy may be different. Consider a situation where the agent is paid on the standard schedule and the broker is paid monthly with the most recent pay date of December 7:

  • The case is paid on December 30,
  • The general agent’s share of the commission will process on December 30 and will be included in the bonus for 2022,
  • The broker's share will process on January 7, 2023, and will be included in the bonus for 2023.

View Details >View Details >

Questions? Call us at 855-888-8326.

Don't have a MedCareValue page yet?

Get Your FREE Site >

Posts you may be interested in...

Read More

Attention: Molina 2025 & 2026 Agent Onboarding

July 7, 2025
Agent Blog Icon - Indicates this is a blog article.

If an agent does not complete a 2025 onboarding invite by July 7, the onboarding invitation will be canceled

Read More

New Wellabe incentives start this month

July 7, 2025
Agent Blog Icon - Indicates this is a blog article.

New sales incentives kicked off on July 1, and you have even more opportunities to bring home extra cash.

Read More

New UPMC CRM is launching soon!

July 7, 2025
Agent Blog Icon - Indicates this is a blog article.

Evolve will allow users to seamlessly transition their current business

Read More

Gerber Life Email Address Deactivation Notice

July 7, 2025
Agent Blog Icon - Indicates this is a blog article.

Email address will be deactivated as of August 31, 2025 and will no longer be monitored after that date.

Read More

Excellus BCBS Medicare Broker News Vol. 7 No. 7

July 2, 2025
Agent Blog Icon - Indicates this is a blog article.

Important D-SNP Plans Information | Preparing For AEP - Core And Retail Trainings

Read More

Excellus BCBS Broker News Vol. 20 No. 7 Special Issue

July 1, 2025
Agent Blog Icon - Indicates this is a blog article.

2026 Large Group Product Updates And Reminders

Who we are & what we do.

Choosing an FMO to work with is not just about having access to top insurance products and commissions, it’s about finding a one-on-one agent service that is prepared to meet your needs.  

Get to know us, and see how we can help you take your business to the next level.

Learn More

Helpful Links

New Here?

We love meeting new people! Fill out the form below, and one of our sales directors will get in touch with you shortly.

Thank you! Your form has been received!
Oops! Something went wrong while submitting the form