Just exactly who says independent insurance agents are not getting their fair share?

A representative of the IIABA (Independent Insurance Agents & Brokers of America), that’s who!

Wesley Bissett claims that insurance companies are requiring independent agents to do more, and should receive contingent commissions for their additional work.

Bissett spoke to New York regulators during hearings about contingent commissions. His and other viewpoints — both pro and con — can be seen in this story on IFAwebnews.com.

Some consumer advocates claim that contingent commissions, even when disclosed to the client, create a conflict of interest. Good point, since some clients might not know if their agent is working in the client’s best interest, or the best interest of the company, which ultimately benefits the agent to a greater degree. And there has been abuse of the system, so their argument holds further merit.

This issue has to be sorted out. One hears over and over and over that agents are doing more — and expected to do more — but find themselves making the same or even less. How can we best balance consumer and agent concerns? Add your comments below.