Conflicts of interest, Commissions and other Remuneration
Conflicts of interest:
Continental has relationship(s) with relevant organizations which may give rise to a conflict of interest. A conflict of interest means any interest of Continental or any other person connected with the advice in which a reasonable client may find reasonably likely to materially influence our advice: we operate a conflicts of interest policy which is designed to identify potential conflicts that may exist and then ensure any actual or perceived conflict is managed in an appropriate manner (this is typically done by disclosing that conflict). The policy is constructed to ensure at all times we place the interests of our clients above our own or any other organization’s interests.
Our Compensation Remuneration and commissions
Continental is compensated in a variety of ways, including commissions and fees paid by insurance companies/partners and fees paid by clients. Continental may receive compensation through one or a combination of the methods listed below:
- Retail Commissions
A retail commission is paid to Continental by the insurer/partner as a percentage of the premium charged to the insured for the policy. The amount of commission may vary depending on a number of factors, including the type of insurance product sold and the insurer/partner selected by the client. Retail commission rates can vary from transaction to transaction but will always be subject to the rules, limits and in line with the applicable laws and regulations.
- Contingent Commissions
Some insurers/partners agree to pay Continental contingent commissions when we meet set goals for insurance policies placed with them during a given year or other time period. The set goals may include volume, profitability, retention, persistency and/or growth thresholds. The amount of contingent commission earned may vary depending on factors relating to an entire book of business over the course of the year or period. As a result, the amount of contingent commission attributable to any given insurance policy typically will not be known at the time of placement.
For more information on Continental’s our compensation or contractual arrangements with insurers/partners, please contact us.