Membership to MDRT is based on agent productivity and includes criteria to meet certain level of premium, commissions or income during the year. For Court of Table (COT) and Top of Table (TOT), the criteria are even tougher with significantly higher commissions and premiums being required to qualify.
The minimum production requirements for Membership for MDRT membership are based on any one of the below Qualifying Methods:
1. Commission Method
2. Premium Method
3. Income Method
The minimum MDRT Qualifying requirements are set independently for each country by MDRT. Also note that conversion factors have no relationship to currency exchange rates and are used only to standardise MDRT processing.
Qualifications for 2017 membership based on 2016 production is $94,000 (Rs 8.74 lakh) of eligible commission, $188,000 (Rs 34.96 lakh) of eligible premium or $162,000 (Rs 15.03 lakh approximately) income. Please also note that 50 percent of the above commission ($47,000) or Premium ($94,000) requirement must come from products listed in the Unlimited Credit category.
For COT, it is $282,000 (Rs 26.22 lakh) commission, $564,000 (Rs 1.04 crore approximately) premium or $486,000 (Rs 45.09 lakh approximately) income. For TOT, eligibility is $564,000 (Rs 52.44 lakh) commission, $1,128,000 (Rs 2.09 crore approximately) premium or $972,000 (Rs 90.19 lakh approximately) income. COT and TOT serve as additional incentives for members to increase their levels of production, leading to additional recognition and access to exclusive benefits.
The minimum Commission, Premium & Income Production Requirements for Membership in the 2017 MDRT are listed below:
All the above production credit must be reported in U.S. dollars on Insurance Company Certifying Letters (Local currency divided by the conversion/standardization factor = MDRT requirement in U.S. dollars)