Insurance Brokers Association of Ontario releases broker compensation document

TORONTO, Nov. 12, 2004 – Insurance Brokers Association of Ontario today released its point-of-sale protocol for disclosure of broker commission.

“As brokers, we have always been willing to reveal our compensation terms if asked by our client. With this document, we will be advising our clients at the point-of-sale how we are compensated, and any other financial terms that we have with insurers without the client needing to ask. We will continue to do what we have always done, that is work with our clients to provide the best value by matching coverage with service and price,” said Robert Carter, CEO, Insurance Brokers Association of Ontario.

“We have been working for some time with our regulator, the Registered Insurance Brokers of Ontario, to develop a disclosure protocol, and we are happy to be able to release it today. Independent brokers have performed admirably for their clients, especially assisting them when disaster strikes, such as the recent flood in Peterborough, forest fires in British Columbia, and the earlier ice storm here in Ontario and Quebec,” Carter added.

In conjunction with the Insurance Bureau of Canada, the industry is reminding consumers of their responsibilities under the insurance contract. Insurers, brokers and consumers have a responsibility to act in utmost good faith at all times in their dealings with each other.

The Insurance Brokers Association of Ontario will be conducting information sessions for brokers across the province to ensure brokers are fully aware of our continuing commitment to the insuring public.

The Insurance Brokers Association of Ontario is a volunteer association representing over 9,400 independent property and casualty insurance brokers throughout Ontario. The Association actively liaises with government and the insurance industry on behalf of its members and the insuring public. IBAO is the preeminent supplier of education to independent property/casualty insurance brokers throughout the Province of Ontario.