Throwback Thursday: Commission structure agreed
Insurance Post’s Throwback Thursday steps back in time to August 1975 to remind you what was going on this week in insurance history, when a new commission structure was agreed for brokers.
7 August 1975: Commission structure agreed
A new commission structure was agreed for life assurance brokers.
The agreement between the Life Offices Association, Associated Scottish Life Offices, the Corporation of Insurance Brokers, and the Federation of Insurance Brokers agreed the rate of commission should be 2.5% of premium for each year of the contract, up to a maximum of 24 years or 60%.
The trade body’s chiefs claimed the previous way brokers got paid didn’t encourage the giving of impartial advice, adding the new rates would concentrate the efforts of all parties on long-term contracts.
Sun Life’s inflation fears
Sun Life Assurance Society issued a statement to say the provider supported any effective legislation seeking to control inflation.
In April 2023, Phoenix Group bought Sun Life Assurance Company of Canada (UK) Limited.
The company was renamed Phoenix Life CA Limited at the end of November.
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