The world's three major insurance brokers will once again be able to take contingent commission fees in their managing general agency businesses after renegotiating agreements with New York authorities.
On Friday, Willis Group Holdings announced it had come to an agreement with New York Attorney General Eliot Spitzer and the Insurance Department of New York to amend its settlement eliminating contingent commissions. The agreement, similar to what was announced last week with Marsh, would allow the broker to accept contingent commissions for its work as an MGA.
In a statement, Willis said the agreement recognizes that with MGA operations the broker is representing the insurer and compensation should be more flexible under that arrangement.
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