“There is a lot of discussion in the market right now about the approach being taken toward trail or renewal commissions.
"As far as Assurant Intermediary is concerned, renewal commission is paid to brokers for their valuable role and work in the process, not merely as goodwill, and Assurant Intermediary has written our commitment to renewal commissions into our contracts with brokers and we stand by our obligations.”
Assurant Intermediary pays commissions due under contract terms as long as the broker concerned is registered with and regulated by the Financial Services Authority.
If the broker deregisters, Assurant Intermediary either offers to buy the book of business or allows the intermediary to transfer the book in-house and move to an introducer status, ensuring they continue to receive renewal commissions.
Paterson adds:
“We are committed to working with our intermediaries and making it easy for them to grow their general insurance business. We’re confident that we provide our partners with some of the best products available in the market backed by service that is second to none for our customers.”
