Willis, Aon Get Okay To Take MGA Fees

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

By Mark E. Ruquet | Updated on September 10, 2006

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.

Willis Group Holdings announced it had come to an agreement with New York Attorney General Eliot Spitzer and the New York Insurance Department to amend its settlement eliminating contingent commissions. The agreement, similar to what was announced the week before by Marsh, would allow the broker to accept contingent commissions for its work as a wholesale broker.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

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 Now

NOT FOR REPRINT

© 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.

Recommended Stories

Around the P&C insurance industry: April 17, 2024

PC360 Staff Writer | April 17, 2024

Insurance industry news from EMC Insurance, PoloWorks, King Insurance Partners and more featured in weekly update.

Court rules 'insured location' includes two addresses on single parcel of land

Kelly Helton, JD | April 17, 2024

The court found the potential for coverage because the policy applied to two structures on the same undivided parcel.

States where drivers have the most at-fault accidents

Ashley Hattle-Cleminshaw | April 17, 2024

Analysis of auto insurance customer inquiries combined with national arrest and population data uncovers highest-risk states for at-fault car accidents.

Resource Center

This guide empowers insurance carriers and risk managers to navigate complex regulations, safeguarding their brands from costly SMS and text messaging penalties.

Guide

Sponsored by gryphon.ai

The Ultimate Guide to SMS/Text Messaging Compliance

This guide empowers insurance carriers and risk managers to navigate complex regulations, safeguarding their brands from costly SMS and text messaging penalties.

Browse More Resources ›

Navigating the complexities of P&C core insurance digitization is no easy task. Explore the critical decisions between building or buying and how to achieve operational excellence in this white paper.

White Paper

Sponsored by Origami Risk

Build or Buy? Considering the Critical Decisions in P&C Core Insurance Cloud Digitization Projects

Navigating the complexities of P&C core insurance digitization is no easy task. Explore the critical decisions between building or buying and how to achieve operational excellence in this white paper.

Browse More Resources ›

As more customers “unbundle” their insurance products and spread their business among many carriers, agents must look for creative strategies to retain and grow business. Download this white paper to learn top strategies to ensure success in 2024.

White Paper

Sponsored by Melissa

Clean Your Data to Win the Customer Retention War

As more customers “unbundle” their insurance products and spread their business among many carriers, agents must look for creative strategies to retain and grow business. Download this white paper to learn top strategies to ensure success in 2024.

Browse More Resources ›

PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now

Copyright © 2024 ALM Global, LLC. All Rights Reserved.