Heath Lambert has launched a 1% flat rate system of payment for work carried out on behalf of insurance companies.
The broker claims to be leading the broking sector by introducing the broker insurer services commission (BISC) system.
The commission is a flat rate payment for work undertaken on behalf of insurers and is levied at 1% of total premium throughput, it said.
The commisssion is said to be “totally transparent” to the insurance market, clients, regulators and industry bodies. It is also “fair and reasonable” and can be “consistently applied” across the insurance markets, Heath Lambert said.