Willis Group Holdings said it will not accept insurers' new bonus compensation plans because they present the same conflicts of interest as the traditional contingency fees given up by the major brokerages two years ago.
The broker first announced its decision to reject the plans, termed supplemental compensation plans, in a written press statement released last Monday. A day later, Willis' chairman and chief executive officer, Joseph Plumeri, reiterated his position in an exclusive interview with National Underwriter.
“As currently designed, the proposals do not afford a conflict-free environment for the client, and we are not going to take them,” Mr. Plumeri in the press statement. He added that the decision was not based on the plans' legality.
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