Agent and broker groups were roundly critical of the Risk and Insurance Management Society's latest stand on producer compensation, suggesting the corporate buyer group was going overboard in its zeal to wipe out contingency plans.
“To condemn an industrywide compensation system solely because of abuse by a few large brokers is to grasp at an easy solution at the expense of the many honest independent agents who offer choice to their customers,” according to Robert Hempkins, president of the Independent Insurance Agents of Texas.
He said the RIMS stance “implies that agents who are contracted with carriers cannot act on behalf of their clients. That is untrue and unfair.”
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