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Rest In Peace

Agents and brokers have moved on from what was once a lightning rod topic—the contingent commission controversy.

By Julie Knudson | Updated on June 30, 2011

The investigations launched by Eliot Spitzer beginning in 2004—and later followed by a slew of fact-finding missions undertaken by state insurance departments across the country—have been described as a “feeding frenzy.” Spitzer’s actions included charges of bid rigging and fraud, and resulted in a 2005 settlement with Willis, Marsh and Aon that included a prohibition on accepting “gifts of material value” from insurers, stringent disclosure and transparency requirements, and restitution exceeding $1 billion.

“Even though there was this criminal activity that was limited to these huge mega brokers, somehow that was used to infer that all agents were receiving these secret payments, and that all agents were somehow deceiving their clients,” said Wesley Bissett, senior counsel for government affairs at the Independent Insurance Agents and Brokers of America.

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