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Today’s sophisticated insurance market often requires insurance agents and brokers, particularly in the commercial lines area, to provide their clients with risk management and insurance consulting services, which are beyond the services typically associated with the placement and servicing of a policy contract. Agents and brokers offer these additional services, not compensated for by commissions, as part of their expanding role as insurance professionals responding to their clients’ risk needs. Taking this into consideration WFII adopted the following principles regarding remuneration of insurance intermediaries.
WFII principles: Remuneration of intermediaries (June 2003)
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