note: part 6 of NIBA code require insurers to reveal incentives and commisions – and specify the “dollar amount”. that came into force late 2023. It applies to ‘retail’ products. B2B dealings dont need to reveal it. How, or if, this conflicts with State lcirminal laws on “secret commissions” is beyond me… (not a lawyer)
[REDACTED] now part of the mega broker [REDACTED], has in their FSG they promimently state they are not indendant or inbiased, and are gonna be a bit you know, because, hey, relationships, and their “commission” is 0-30%
They charge brokerage too. Around 10% or flat fee. They call this a “fee”.
They do not mention “profit share” or “kick backs”, or “pimping” or “referral fees” or “overriders” . But they mention “gifts”. which is a nice blanket term for mutual reciprocity.
So you should see the exact $ commission in invoices soon.
Like a pheasant plucker, they appear to make it clear , while not making it clear, and to give you choice, but you dont get choice. to pay commisison. or fee. or both. But you “choose”. [Note: no commission on invoice, only the “fee”. how do you have the “CHOICE”? ]
NB: elements of this post, including an attachment, have been redacted because they breach our anonymity policy.