Revamp of compo plan urged by brokers

THE Professional Insurance Brokers Association (PIBA) has called for the revamp of the funding structure of the investor compensation company (ICCL).

The PIBA, the largest organisation representing small brokers, is calling for the funding structure of the ICCL, which compensates shareholders for certain losses, to be restructured to ensure that brokers pay according to the size of their company.

It said yesterday that it was unfair that small brokerage firms pay the same amounts as large companies.