A chief executive for a mega-brokerage firm has called on New York state regulators to end all producer contingent commission agreements by 2010 to level the playing field for all insurance intermediaries.
Don Bailey, chief executive officer of Willis North America, speaking at a hearing last week in Buffalo, challenged the New York State Insurance Department to "end the practice of accepting contingent payments" to make competition fair for all.
"There should be a level playing field in our industry. That doesn't exist on the brokerage industry landscape today," he said in prepared remarks.
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