Ontario’s broker self-regulator has witnessed enough of an increase in inducements and sales incentives to issue a bulletin to brokerage principals throughout the province.
The Registered Insurance Brokers of Ontario (RIBO) sent the notice last month.
“We are seeing a resurgence in marketing programs from insurers offering an inducement to brokerage staff to direct or steer new business to a particular insurer,” it noted. “Sample incentives may be that for every piece of new business written, the insurer offers the broker, for example, the equivalent of a $5 gift card and a chance at a grand prize (for example, a trip somewhere).”
Canadian Underwriters.ca – March 26, 2012.