The National Conference of Insurance Legislators has put off a vote on an explosive resolution accusing state attorneys general of evading the legislative process by negotiating settlements banning broker contingent commissions nationwide.
The resolution considered here at NCOIL's recent spring meeting was aimed primarily at the agreements negotiated between three state attorneys general with Marsh, Willis, Aon and other brokerages following the 2004 scandal over volume-based bonus compensation.
At that time, New York's attorney general, Eliot Spitzer (now the state's governor), charged that hidden contingency fees collected from insurers were part of a scheme to rig bids and steer clients to the benefit of the broker, rather than the buyer.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
