As a retail agent I don’t see the benefit of disclosing my commissions as Oregon has an anti-rebating policy so basically my commission is non-negotiable. By putting the commissions on the table the insured will no doubt ask that it be reduced. Broker fees are negotiable and we always list what is paid back to the wholesale broker.
Is the PCI nuts? Why is it that they feel the insurance industry needs to disclose other fee sources for potential confilct of interest. Why aren’t we talking about car dealer disclosures of alternative income sources (Extended Vehicle Warranties, Service Agreements, Financing, etc). What about physician and medical provider disclosures? Stand up to the right to conduct business privately! This is a competative industry. If one agent or broker is charging too much, or is involved in conflicts of interest, there are others who do not. There’s always the legal system continually breathing down our necks to put in check illegal or unlawful actions. Why more regulation? Come on people, stand up for free enterprise! Stand up for a profession that can stand on it’s own, who is subject to tremendous regulation anyway, an industry targeted by the legal system to keep things in check.
As a retail agent I don’t see the benefit of disclosing my commissions as Oregon has an anti-rebating policy so basically my commission is non-negotiable. By putting the commissions on the table the insured will no doubt ask that it be reduced. Broker fees are negotiable and we always list what is paid back to the wholesale broker.
Is the PCI nuts? Why is it that they feel the insurance industry needs to disclose other fee sources for potential confilct of interest. Why aren’t we talking about car dealer disclosures of alternative income sources (Extended Vehicle Warranties, Service Agreements, Financing, etc). What about physician and medical provider disclosures? Stand up to the right to conduct business privately! This is a competative industry. If one agent or broker is charging too much, or is involved in conflicts of interest, there are others who do not. There’s always the legal system continually breathing down our necks to put in check illegal or unlawful actions. Why more regulation? Come on people, stand up for free enterprise! Stand up for a profession that can stand on it’s own, who is subject to tremendous regulation anyway, an industry targeted by the legal system to keep things in check.
very well stated, we don’t need to stir the pot by revealing basic commission dollars…. unless your Marsh