The door is open to once again allow the nation's three biggest insurance brokerages to accept contingent commissions after an agreement was reached by the trio with New York, Illinois and Connecticut officials.
However, one of the big-three–Willis–emphasized in two public announcements that despite the agreement with the states, the firm believes contingency fees are bad for the business and was not looking to reestablish such bonus compensation deals.
In addition, the Risk and Insurance Management Society expressed its "dismay" at the turn of events, and urged brokers to go beyond the disclosure requirements set down in the deal to reassure buyers about their integrity.
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