Risk managers from both the private and public sectors issued renewed calls for complete transparency and full disclosure of all broker revenue from insurance placements and services to make sure every transaction is in the buyer's interest.
The latest push for broker compensation disclosure came in separate statements and independent initiatives from the Risk and Insurance Management Society and the Public Risk Management Association.
The RIMS report–”A Practical Guide to Insurance Broker Compensation and Potential Conflicts of Interest for the Risk Manager”–was released to assist corporate insurance buyers in understanding broker compensation and potential conflicts of interest, the New York-based group said.
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