Using a large skillet, fill with an 1" or 1-1/2" of water.
Add to the water, and bring to a boil:

 1 tsp. salt
 2 large bay leaves (fresh if possible)
 1/2 onion sliced in half rounds
 8 - 10 peppercorns

Place:

 1 1/2 lbs. cod fillets

Let simmer for about 4 minutes or until the fish flakes easily.

Remove fish and place onto a warm serving platter. Discard broth.

Garnish with:

 lemon wedges
 sprinkles of paprika on the fillets

Melt in a microwavable serving :

 1/2 cup butter

and individually pour over each serving