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Payment based on commission For The Caribbean Netherlands

With effect from 1 January 2015 the commissions paid by insurers to intermediaries and advisers must reasonably reflect the work necessary to provide a decent service, or contributes to the quality of the service. The payment received by an intermediary or broker from the provider must also not be such that the interests of the consumer are harmed. The intermediary must also inform customers prior to concluding an agreement regarding the amount of the handling fee and the ongoing commission per instalment.

An intermediary receives commission for intermediation and renewal of policies and for the collection of premiums. For the legislation, see: Financial Markets (BES Islands) Decree (Besluit financiële markten BES - Bfm BES) sections 7:22 and 7:10. Financial Markets (BES Islands) Act (Wet financiële markten BES - Wfm BES) section 5:10.

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