Despite consumers' demand for transparency in charges and fees, the disclosure of broker commissions is still being debated within the industry. The Irish Brokers' Association (IBA) is against the Consumers' Association of Ireland's (CAI) suggestion that consumers' "cooling off" period be extended to 45 days from 15 days. This is the period during which consumers may change their mind and back out of a policy contract without penalty.

In the latest edition of Irish Broker magazine, IBA chief executive Mr Paul Carty says that the change will not make "one whit of difference" and he sees no point in prolonging the period.

He believes such a move "would merely prompt the average policyholder to further put its decision to inspect and read the policy documents on the long finger which would probably result in a high proportion of them never looking at it at all."

The organisation also disagrees with the CAI recommendation that simplified information, including surrender and transfer values, is given at point-of-sale and more complicated commission disclosure documents should be sent after the sale.

Both organisations agree that the disclosure of life charges, commission and remuneration for pure protection products, does not add much to the quality of information required by consumers. The debate will continue until the Insurance Bill is passed giving the Minister for Enterprise, Trade and Employment power to make a decision on commissions disclosure.