A ruling by Illinois regulators could bring back the practice of major brokers' collecting contingent commissions from insurers.
By Dave Lindorff|September 01, 2009 at 08:00 PM
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In 2005, then-New York State Attorney General Eliot Spitzer won an $850 million settlement from insurance broker Marsh & McLennan and largely ended the practice of major brokers collecting contingent commissions from insurers on sales of commercial policies. Now the Illinois Department of Insurance’s decision to allow Arthur J. Gallagher & Co., the nation’s No. 4 broker, to resume collecting such commissions threatens to bring back a practice risk managers dislike and distrust.
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