- The new rules for financial advisers will also give consumers who use insurance brokers some extra protections.
- Commission paid to brokers by insurance companies can create conflicts of interest with brokers’ clients.
- The term “broker” should be used only where the person represents at least three or more insurers. Agents of one insurance company shouldn’t be able to call themselves brokers.
More information
- Insurance Brokers Association: www.ibanz.co.nz
- Insurance Council: www.icnz.org.nz
- Insurance and Savings Ombudsman Scheme: www.iombudsman.org.nz
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