RIMS Tackles Broker Fee Scandal
Following recent editorials in National Underwriter regarding broker misconduct, I would like to share with you the activities the Risk and Insurance Management Society has initiated with federal, state and regulatory officials to respond to the contingency fee issue on behalf of our members.
The months since the launch of New York Attorney General Eliot Spitzer's investigation into alleged bid-rigging and contingency fee abuse on the part of brokers and carriers have been full of activity for RIMS officials and governmental affairs staff. Leadership at RIMS is working to facilitate regulatory changes to contingency fee structures to benefit our members.
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