Gallagher and other large brokers agreed to forego the contingent fees after investigations by New York State authorities turned up evidence that they served essentially as hidden kickbacks for steering business and rigging bids with insurers.

When the panel was asked about the issue of integrity, Brian M. Storms, chairman and CEO of Marsh, remarked that a recent survey taken by the brokerage, to be released this week, found that “our clients and most of the prospects have moved beyond this issue as it relates to Marsh, and as it relates to our business around the world.”

He continued that Marsh's clients “understand that [the issue of bid-rigging] was isolated to a small number of people. They understand that we dealt with it in a severe fashion, and they understand that we restored the confidence in our business.”

Mr. Storms said he believed he could speak for other members of the industry when he said “it's less of an issue today, the issue of this being a systemic problem within our business. It's not in any way a systemic problem.”

Greg Case, CEO of Aon, retorted that the issue of broker integrity is “a client issue.” He said that “what we're talking about is a world in which price is not understood.”

More important, he added, brokers need to do a better job bringing value to insurance buyers. “So to me, this is going to be with us for a long time. The idea that we can declare victory and put it behind us and say we're good–it's not going to be a survey, it's not going to be anything other than day to day, doing a better job.”

He said brokers need to focus on the value provided for the price that is charged. At this point, he added, “it would be a huge mistake to declare victory.”

Ms. Vinck then asked for a show of hands from those risk managers in the audience who agreed that “this is an issue that is done and gone and over with.” Out of a packed hall, only one or two hands were raised.

Mr. Storms quickly responded that “some panelists may have been confused with my comment,” which he said “had to do with the issue of integrity at one specific company, Marsh, not the integrity of the industry.” He said, however, that the issue is “largely behind us at Marsh.”

The panel discussed their view of industry regulations that have imposed two sets of rules for brokers–the larger brokers being required to relinquish contingency fees while the smaller brokers are free to choose whether to accept the fees or not.

Martin J. Sullivan, president and CEO of American International Group, agreed that the regulatory situation is “quite bizarre.” He said AIG made the decision not to pay contingent commissions on a global basis, but that having “two sets of strategies in the same marketplace does not make sense.”

Regarding the issue of terrorism and the renewal of the Terrorism Risk & Insurance Act, which provides insurers with government support for major terrorist events, Mr. Case stated that if the issue of “putting TRIA forward” for renewal is left to the underwriters, “we do not believe we're going to get what we need.”

He said all parties in the industry need to work together over the next year. “This has to get solved now on behalf of all of our clients,” he said.

Mr. Gallagher noted that “when you take a look at the number of policyholders across the entire United States, this room represents a very small fraction of the total policies purchased–although it represents a very large part of the risks that are exposed.”

He added, “When you're trying to get the ear of congressmen and senators, you're just not a big group. So if we're not together as an industry and as large buyers, you're not going to get this renewed.”

Ms. Vinck said RIMS and individual policyholders need to continue to let Congress know that “we need to be able to stay in business.” She said that “our voice in Congress comes from a different vantage point” than the rest of the industry.

RIMS, she added, is in agreement that some type of public-private mechanism is needed and that the voice of buyers is “critical. We have to see something on this and time is running out.”