Three of the industry's leading brokers were eager here to respond to lingering questions from risk managers about contingency fees, but getting answers wasn't as easy when it came to one common practice among intermediaries better known as “float.”
Talk about broker compensation dominated the discussion for the third consecutive annual conference of the Risk and Insurance Management Society. But for the first time, questions were also raised about why many brokers collect premiums from policyholders, only to hold onto them for 60 days or more before passing the money along to insurers, earning investment income in the interim.
The issue was raised twice in questions submitted by the audience during the CEO Leadership Panel Luncheon sponsored by RIMS.
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