NU Online News Service, Sept. 3, 12:00 p.m. EDT
Risk and Insurance Management Society (RIMS) President Terry Fleming said his group is helping guide risk managers on how to prohibit brokers from accepting contingent fees on their accounts and assure full disclosure about compensation from carriers.
"The rationale for our position is that complete transparency, in the absence of a ban on contingents, permits insurance buyers to make educated and informed decisions, and to discern whether they are getting the best possible policy terms at the best price," Mr. Fleming wrote in a "Final Say" column for the Sept. 6 edition of National Underwriter.
He noted that last year, the Risk and Insurance Management Society published "A Practical Guide to Insurance Broker Compensation and Potential Conflicts of Interest for the Risk Manager."
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