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Minister Peter Dunne has revealed details of the new structure of the fire service but says the details of how it will be funded are still to be resolved, leaving hope for this broker body.
Submissions made by insurance industry representatives on a funding model for the New Zealand Fire Service have been made public and reveal their reluctant choice.
It’s falling to the government to ensure insurance brokers and advisers come clean on the incentives they’re paid to sell products, say industry stakeholders.
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A new national fire service is looking more likely, but how it will be funded is still being nutted out – and industry representatives are giving their input.
The promise of reasonableness is a welcome addition to the new Fair Insurance Code, but industry commentators want to see it in practice to believe it.
IBANZ president fears a lack of consultation over changes to the new Fair Insurance Code means brokers aren’t ready, despite its introduction being only three months away.
A rapidly changing industry has prompted a shift in membership for this Kiwi broker body which is responding in several ways.
General insurance brokers are concerned that they will pay the penalty for commission abuses mainly associated with the life sector if a suggested outright ban comes into play.