NU Online News Service, Oct. 20, 3:52 p.m. EDT
Although contingent commissions could represent a conflict in the relationship between producers and consumers, it is a conflict that can be managed and should not necessarily result in the prohibition of the practice, former New York Insurance Superintendent Eric Dinallo said.
Broker compensation that has received attention since a series of settlements in 2005, in which major brokers agreed to forego contingent commissions after investigations in New York turned up evidence that commercial insurance brokers were not disclosing compensation arrangements and steering clients to insurers involved in a bid rigging scheme.
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