I expected more grumbling about broker compensation when Willis CEO Joe Plumeri rejected the latest contingency bonus arrangements proposed by selected carriers, but the last controversy I expected was over “float”–the long-time practice of intermediaries collecting premiums from policyholders, only to hold onto them for 30, 60 or even 90 days before turning them over to insurers, earning investment income or putting them to some other use in the interim.


The issue was raised twice in questions submitted by the audience during the CEO Leadership Panel Luncheon last week in New Orleans, at the Risk and Insurance Management Society's annual conference.

Panel moderator Roger L. Andrews, a former RIMS president and director of risk management for E.D. Bullard Company, put the audience member's question to the panel, which included the top officials of Aon, Gallagher and Marsh, as well as ACE Ltd., AIG, FM Global and Zurich.

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