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