Brokers in the Republic of Ireland may have to disclose commissions as a result of an inquiry by the Competition Authority (CA).
In its preliminary report into competition issues in the Irish gene ...
Brokers in the Republic of Ireland may have to disclose commissions as a result of an inquiry by the Competition Authority (CA).
In its preliminary report into competition issues in the Irish general insurance market, CA chairman John Fingleton recommended that consumers ask brokers for commission details.
A report in The Irish Times said he also advocated the introduction of a transparent fee-based system.
The inquiry into anti-competitive practices in the Irish general insurance market, in particular in relation to motor, employers' and public liability, began in 2002.
The report found that, on average, commissions have risen faster than insurance premiums in recent years. It found that between 2000 and 2002, motor premiums rose 21%, while the value of motor commissions rose 51% and liability premiums rose 94% and the value of commissions jumped 126%.
But as a percentage of premium, commissions in Ireland remain low compared to the UK.
One observer said that if the CA does force Irish brokers to disclose commission, it could have a "flow-on" effect to the UK.
