The Independent Insurance Agents & Brokers of America warnedthat the attack on a legal and effective compensation system isongoing and mapped out its opposition to what it feels is anattempt to undermine contingent commission payments.
Responding to recent settlements between state attorneys generaland two insurers–Zurich American and American InternationalGroup–executives with the Alexandria, Va.-based association saidthe agreements were backdoor attempts to undermine a salesincentive program that is important to the industry and agents.
“There is a critical need to preserve the right of insurancecompanies to determine how best to compensate the insurance agentsand brokers who sell their products,” Robert A. Rusbuldt, chiefexecutive officer of the Alexandria, Va.-based IIABA, said in astatement. “In this regard, the insurance industry is likevirtually every other business distributing products through asales force.”
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