Informed Consent for Insurance Commissions
As you are aware, South Coast Insurance Brokers will usually receive a monetary benefit (commission) from insurers for arranging insurance policies on your behalf. Effective from 09/07/2025 we are required by law (under the Corporations Act 2001) to obtain your informed consent for us to receive commissions on certain types of insurance, prior to you making payment, as part of services going forward.
Please read the information below, and then confirm your agreement by submitting the form.
By submitting this form you agree to provide your informed and irrevocable consent for South Coast Insurance Brokers to receive commissions as disclosed below.
You also acknowledge and agree that South Coast Insurance Brokers will be required to seek my new or varied consent should any changes occur to the information provided.
You should consider the following information when determining whether to provide your consent for our future insurance broking services:
Name of Product Issuer (Insurer): To be advised at the time of providing our quote or renewal offer
Rate of commission that we will receive, as a percentage of the insurer’s base premium: refer to the table below
Frequency that we will receive commissions: We will generally receive commissions once at the commencement of each policy period when you pay the premium to us (new policy placement and renewals). This will usually occur once per year, unless you have requested that we shorten the policy term to operate for less than the standard 12 months.
We will also receive the same percentage of commission when any variations (endorsements) are made to the policy throughout the policy period as may be requested by you, if an additional premium payment results from the endorsement.
When a policy is paid in monthly instalments directly to the insurer, we are typically paid a portion of the commission following each instalment.
The specific amount of the commission payable for the types of insurance listed above will be set out on our advice to you.
Nature of our services provided: Please refer to this Explanation of Our Services and to our Terms of Engagement.
Duration for which the consent applies: Once provided, your consent is irrevocable.
Your consent will extend to all future variations and renewals of the listed insurance products, unless the rate or frequency of commission we will receive is increased in the future. In this circumstance, we will contact you to seek your updated consent.
We will seek your consent again if in the future you ask us to quote or arrange a relevant type of insurance product which you do not currently hold.
Should you have any questions regarding this new requirement, please contact our office on 08 9841 4155.
Insurance Product
Home & Contents
Residential Strata
Valuables
Landlords
Caravan
Motorcycle
Pleasure Craft
Travel - Personal
Travel - Business
Personal Accident and Sickness
Farm
Farm Motor
Commercial Motor (including Fleet)
Private Motor (including standard, classic or imported vehicles)
Motor Trades Business Package (including Commercial Motor)
Range of Commissions
10% - 20%
14% - 20%
15%
10% - 20%
10% - 15%
10% - 15%
7.5% - 20%
20%
20% - 23%
20% - 22.5%
10% - 20%
10% - 15%
10% - 15%
10%- 15%
10% - 23.5%