The Risk and Insurance Management Society hailed the recent declaration by Marsh that it will not accept controversial contingent commissions in its U.S. core insurance broking segment, while the battle over producer compensation disclosure continued to rage in New York.
“RIMS is pleased that Marsh has joined other large brokers in agreeing not to accept contingent commissions. We call on all brokers to make the same commitment to their customers,” said RIMS President Terry Fleming.
“Further, we call on the insurance industry to develop alternative forms of compensation that do not place the broker in the position of a conflict of interest in the insurance purchase transaction,” added Mr. Fleming, who is also director of the division of risk management for Montgomery County, Md.
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