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Brokers welcome new credit card code     (Copyright Thompson’s World Insurance News     Not to be redistributed by individual recipients.)      The federal government is aiming to promote fair business practices in the debit and credit card industry with a new code of conduct.     And this is good news as far as p&c brokers are concerned.     “For brokers this is welcomed news and I am sure insurers are relieved as well,” Insurance Brokers Association of Ontario ceo Randy Carroll told Thompson’s.     “For the most part this is an insurer cost but more and more brokers are finding themselves having to offer payment terms using credit cards. “The difference in the cost between premium cards and standard cards has always been excessive and a mystery until the billing arrived.”     Mr. Carroll said the IBAO has been looking at ways to cut fee-related costs for its members.     It has been working with Moneris (a processor of debit, credit and gift card transactions).     Finance Minister Jim Flaherty released the new code amid concerns consumers and other groups had over choice and fairness.     “Businesses have voiced real concerns about the lack of choice they have had in accepting debit and credit card payments, and about the costs involved,” he said.      “These added business costs are borne by merchants and may be passed on to consumers, which makes this an issue of importance to all Canadians.”     The code of conduct encourages choice and competition.     Much more in our April 5, 2010 edition        Thompson’s World Insurance News P.O. Box 1027,  Waterloo, Ontario,  Canada  N2J 4S1 Tel: 519-579-2500 Fax: 519-745-7321 mpub@sympatico.ca THOMPSON’S WORLD INSURANCE NEWS , Canada’s only independent weekly for p&c insurance professionals, has been the industry’s most trusted news source since 1988.