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Broker Fee Scandal Cost Risk Managers Credibility

Settlements of bid-rigging and contingency fee abuse charges by top brokers might have resulted in a loss of credibility for corporate insurance buyers who had the wool pulled over their eyes,

By Caroline McDonald | Updated on April 23, 2006

Settlements of bid-rigging and contingency fee abuse charges by top brokers might have resulted in a loss of credibility for corporate insurance buyers who had the wool pulled over their eyes, according to one risk manager who started the fight for greater transparency years ago.

“Let’s say I was entitled to $600,000 in a broker settlement,” explained Susan Meltzer, speaking in her capacity as president of the International Federation Of Risk & Insurance Management Associations. “In my view, that would be like telling the CFO that I’ve wasted that much money and that [New York Attorney General] Eliot Spitzer got it back for my company.”

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