NU Online News Service, March 9, 2:12 p.m. EST
The Missouri Supreme Court says an insurance broker does not violate state law by accepting contingent commissions and not disclosing them, but may owe a fiduciary duty to reveal the commissions and the extent it influences buying decisions.
In an opinion issued on March 6, in an unanimous ruling the court says Marsh & McLennan Companies Inc.'s insurance brokerage subsidiary Marsh violated no laws when it accepted contingent commissions or kept the interest from the premium it collect and held for an insurance company before passing it along to the carrier.
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