Willis Group will not accept new supplemental commission programs from insurers if the payments are in reality just old-fashioned contingency fees in another format, the brokerage's top executive contends.
Chairman and Chief Executive Officer Joe Plumeri said the supplemental compensation several insurers are proposing will not be accepted by Willis “if we determine that these arrangements are simply contingent commissions under a different name.”
Mr. Plumeri's comments were contained in the text of a speech he delivered last week at the Financial Services Authority's annual industry conference in London.
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