Last week, I suggested that rather than ban contingency fees, it might be time to lift compensation restrictions on mega-brokers under a probationary agreement including strict disclosure and outside auditing. Reader reaction on my blog was mixed.
J. Robert Hunter, director of insurance for the Consumer Federation of America, said that "all contingent fees create potential conflicts of interest and should be banned. That would level the playing field in a way that protects consumers."
Craig Dolan agreed. "The proposal you have made creates another Big Brother agency...It is better not to need the oversight by removing the contingent fees completely. Greed creeps back whenever possible because there will always be the few for whom most of us must pay the price."
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
