The Risk and Insurance Management Society Inc. said it finds nothing to object to in yesterday's announcement by Marsh & McLennan that it plans to seek enhanced compensation from insurers.
In a statement, the New York-based association said, “Transparency and client disclosure are the cornerstones of RIMS' position on broker compensation. Marsh's announcement that it will accept enhanced commissions on midsize and small commercial accounts in the United States describes a program that is in accord with RIMS position.
“We look forward to reviewing the full details of Marsh's enhanced commission program. In particular, we need further clarification on disclosure and assurance that full disclosure on all commissions takes place in advance of transactions, ensuring adequate time for the buyer to determine if the proposal is acceptable.”
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