The Independent Insurance Agents & Brokers of America warned that the attack on a legal and effective compensation system is ongoing and mapped out its opposition to what it feels is an attempt to undermine contingent commission payments.
Responding to recent settlements between state attorneys general and two insurers–Zurich American and American International Group–executives with the Alexandria, Va.-based association said the agreements were backdoor attempts to undermine a sales incentive program that is important to the industry and agents.
“There is a critical need to preserve the right of insurance companies to determine how best to compensate the insurance agents and brokers who sell their products,” Robert A. Rusbuldt, chief executive officer of the Alexandria, Va.-based IIABA, said in a statement. “In this regard, the insurance industry is like virtually every other business distributing products through a sales force.”
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