CIAB Unveils Disclosure Tool
The Council of Insurance Agents & Brokers has unveiled a new section on its Web site dedicated to broker disclosure.
The Washington-based producer association said its members-only tool gives practical suggestions for those who "wish to achieve greater transparency in their dealings with customers."
Included is a "Message Bible" offering "talking points" to help producers respond to inquiries about incentive compensation abuse alleged by New York Attorney General Eliot Spitzer and other regulatory agents. Among the talking points offered:
"There is nothing more important to our industry than maintaining the trust of our clients."
"I suspect that some ambitious politicians will attempt to continue making hay out of this issue. There's never been a shortage of politicians who will chase newspaper headlines and cheap applause lines.
"But if the Council and our member companies continue to do our job of listening to our clients and responding to their wishes, politicians will have a very hard time generating support for unreasonable reforms that go beyond anything that is practical in the real world of commercial insurance."
"I wouldn't be honest if I didn't say that the last few months have been difficult for our industry. But adversity builds strength in individuals and industry."
The CIAB, which condemned bid-rigging and fraud, commissioned a poll of buyers which found that 73 percent felt their agent is honest and trustworthy, while 75 percent felt that allegations of industry misconduct raised by Mr. Spitzer reflect the wrongdoing of a few.
Reproduced from National Underwriter Edition, April 1, 2005. Copyright 2005 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.
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