NU Online News Service, July 30, 3:57 p.m. EDT
The announcement yesterday that Arthur J. Gallagher will be allowed to collect contingent commissions again starting Oct. 1, was met with a measure of approval by two of the three major insurance brokers who are currently barred from taking them.
Two of the brokers appeared to endorse an eventual return to the contingent commission compensation scheme, which they agreed to give up after a New York State investigation by then Attorney General Eliot Spitzer turned up evidence the lucrative commissions were kickbacks for steering commercial clients to insurers.
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