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Spitzer3.jpgThe large majority of corporate insurance buyers dont believe their firms have benefited from the fact that major brokers stopped accepting contingency fees following probes into bid-rigging and account steering by then New York attorney general (now governor) Eliot Spitzer and others, a National Underwriter survey revealed. With the mega-brokers having sworn off the now disgraced volume-based bonus commissions, where did all those billions go?

Fifty-six percent of the 132 risk managers surveyed believe the money saved by eliminating contingency commissions is being retained by insurers, compared to only 7 percent who say the savings are being passed on to them in the form of lower premiums.

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