The Risk & Insurance Management Society (RIMS) has turned up the heat on insurance brokers, calling for complete transparency and full disclosure of all broking revenue.

The influential group has released a report intended to build risk manager awareness around broker compensation and potential conflicts of interest.

It hopes the guide will assist members to “press for greater transparency in their negotiations with brokers as well as for regulatory reform in their own states”.

Its report comes as the New York State Insurance Department prepares new disclosure regulations that in some cases will require brokers to disclose commission to their clients.

Under concessions agreed earlier this year, the onus will be on insurance buyers to raise the issue with brokers before they can access the information.

Disclosure requirements will only apply to new business, meaning renewals will be excluded.

RIMS has previously criticised those concessions.

“Any compensation to the broker from insurers with whom the broker places client business must be transparent or eliminated altogether, thus ensuring brokers are acting solely in the interest of their client,” RIMS said last week.