AIG Australia Limited (AIG) makes the following disclosures in relation to its remuneration practices in support of the provision by it of financial services to Australian policyholders and third-party beneficiaries.
Broker and Agent Remuneration
AIG values the role of insurance brokers and agents in advising and consulting with insurance buyers, and generally compensates them in recognition of their participation in the purchasing process.
Please contact your insurance broker or agent to obtain information about the specific remuneration they may receive in connection with the issuance of your policy.
AIG may compensate insurance brokers and agents through commissions of either a specific dollar amount or a percentage of premium set at the time of each purchase, renewal, placement or servicing of a particular insurance policy. From time to time, AIG may enter into agreements with brokers to provide additional commission not contingent in nature. All such payments are subject to legal, compliance and business management controls administered by AIG.
From time to time, AIG may provide compensation contingent on factors such as the overall profitability of the policies placed by an agent of AIG. All such payments are subject to legal, compliance and business management controls administered by AIG.
AIG may also enter into agreements for business facilitation and other strategic services in exchange for a fee including services outside of specific insurance transactions. AIG may also provide remuneration for the advertising, distribution, marketing or purchase of insurance products or services through third-party channels. These arrangements may include compensation contingent on factors such as the overall profitability of the policies.