Concerns about broker compensation have not escaped the attention of public-sector risk managers, who fear being cheated out of taxpayer money. However, the question is whether buyers–in the public or private-sector–are up to the job of monitoring their intermediaries' conflicts. Our own Caroline McDonald got an earful on the controversy this week from the outgoing president of the Public Risk Management Association, Katherine M. Peeling.
To read NU's complete interview with Ms. Peeling, risk manager of the school system in Anne Arundel County, Md., click here.
Ms. Peeling told NU that because she was always suspicious about the potential for “kickbacks” when brokers place coverage, when she saw hidden fees and bid-rigging exposed by Eliot Spitzer, forcing the jumbo brokerages to radically alter their standard operating procedures, she felt “kind of elated to see it all come crashing down, because I thought that would force transparency, or at least to a much bigger degree.”
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