Broker Activity In The Spanish Insurance Market: The Impact Of Fees For Turnover, La Actividad Del Broker En El Mercado De Seguros Espanol: La Incidencia De Los Honorarios Por Volumen De Negocio

This research studies the remuneration system of insurance brokers, regulated by the Law 26/2006 of July 17, regulating mediation of private insurance and reinsurance. The regulation states that insurance brokers' fees must come from an advisory service given to the client. However, as it is demonstrated in this paper, the perception of fees could suggest compensation for loss of business experienced by the intermediary to the evolving environment in which he is immersed. To this end, evolution experienced by the total volume of business, portfolio and new production contracted by branches of insurance is studied. On the one hand, for the insurance broker individuals and, second, by the companies of insurance brokers. The time period analyzed is 2008 to 2014. The results presented here suggest an inverse relationship between intermediated premiums and fees received. Thus, the intermediary, in billing his advisory, tries to offset the costs borne by his high autonomy in the development of his activity