Willis Group Holdings Chairman and Chief Executive Officer Joe Plumeri said his firm will not accept supplemental commissions from insurers if it judges the payments are in reality contingent commissions.
His comments were contained in the text of a speech his firm said he delivered today at the Financial Services Authority's annual industry conference in London.
Mr. Plumeri said the supplemental compensation several insurers are proposing will not be accepted by Willis brokerage “if we determine that these arrangements are simple contingent commissions under a different name.”
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