After bid-rigging and contingency fee scandals were exposed 18 months ago, the industry took dramatic steps to clean up its act. Mega-brokers abolished the volume-based bonuses that corrupted the purchasing process, while vowing to be more open with insurance buyers.
However, the driving force for reform has been New York's crusading attorney general, Eliot Spitzer, who forced major concessions in settlements of civil suits after catching a number of major players with smoking gun e-mails.
The Risk and Insurance Management Society is trying to capitalize on the industry's openness to change by inviting representatives from top insurance companies, brokerages, associations and the regulatory community for an "interactive dialogue" to "discuss additional improvements in business practices."
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
