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.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: https://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Broker
Why insurers should be forced to signpost customers properly
Editor’s View: The Association of British Insurers and British Insurance Brokers’ Association’s signposting commitment is a step forward, but Emma Ann Hughes fears without rules and enforcement too many vulnerable consumers will still be left without access to cover.
How are insurers enabling greener choices in construction?
View from the Top: Gemma Tait, head of construction for Europe, the Middle East and Africa at Willis, looks at the changing practices and novel products insurers are rolling out to help build a more sustainable construction sector.
Throwback Thursday: Record fire loss; Sedgwick buys broker
Insurance Post’s Throwback Thursday steps back in time to January 1991 to remind you what was going on this week in insurance history when fire claims surged and Sedgwick was buying a broker.
Biba’s manifesto requests new Financial Services Bill in 2026
The British Insurance Brokers’ Association launched its manifesto for 2026 today (14 January), titled ‘Economic resilience’. Tom Luckham breaks down the main points, including a focus on cyber and a legislative wish list.
Inflexion acquires Ascend in regional broking push
Private equity firm Inflexion has bought Essex-based broker Ascend, with the two announcing the launch of a new broking platform focussed on the regional broking market.
Throwback Thursday: Thatcher’s honours; General Accident boycott
Insurance Post’s Throwback Thursday steps back in time to January 1991 to remind you what was going on this week in insurance history when former prime minister Margaret Thatcher honoured insurance men and brokers’ plans to teach General Accident a lesson were thwarted.
Ex-Esure CEO re-emerges as Jensten chair
Former Esure CEO David McMillan has been appointed non-executive chair of the Jensten Group board.
Big Interview: Robert Kennedy, Howden
Howden’s UK and Ireland CEO Robert Kennedy shares his growth plans for the business and explains why the broking giant won’t abandon the high street any time soon.