Other Insurance broker- commission on policy and % of business with different insurers

cmalone

Registered User
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Can anyone advise requirements for broker to state % of business he/ she has with different insurers ... also the commission structure for different policies transacted.
 
There is no obligation to state the percentage of business with different insurers. What would be the point in that?

Again don't have to show a commission structure, sufficient to state that various level of commission are paid. You can ask. They only have to state their fee.
 
Insurance

Was just checking regulation requirement...

No reason why they might tell a customer- except to indicate for example that perhaps 99% of business was transacted with one insurer, compared to a listing of various insurers listed on their website

Aware of one broker who lists all - included first year and subsequent commission on their brochure, etc

Therefore, was checking if this was simply being open and transparent or something extra
 
99% of business being transacted with one company means nothing. It can depend on the type of covers or business a particular broker specialises in.
 
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