For the third year in a row, talk of contingency fees dominated the discussion at the Risk and Insurance Management Society's annual conference, proving that the insurance industry has yet to fully come to grips with the fallout from the probes that exposed bid-rigging and account steering among some of the biggest brokers in the country.
The issue was front and center here in New Orleans during a RIMS CEO panel that included the top officials from Aon, Marsh, Gallagher, ACE, AIG, FM Global and Zurich.
(Indeed, some buyers are so suspicious about broker compensation that the issue of "float"–in which brokers collect premiums but then hold onto them for 30-to-90 days before passing them along to carriers, generating investment income in the process–was challenged twice by audience members, but that is a blog for another day. Click here for our news story on the controversy.)
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