Risk managers aren't happy about last month's news that state regulators in New York, Illinois and Connecticut have agreed to allow the three biggest insurance brokers–Marsh, Aon and Willis–to once again collect contingent commissions from insurance companies.
The Risk and Insurance Management Society (RIMS) cited its "dismay," arguing that disclosure rules recently put out by the New York State Insurance Department do not do enough to protect buyers of commercial insurance from the problems that could arise from such commissions.
The agreement to let Aon, Marsh and Willis collect contingent commissions reverses a 2005 settlement arranged by then-New York State Attorney General Eliot Spitzer in the wake of investigations of bid-rigging in the commercial insurance industry.
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Despite the agreement allowing brokers to collect contingent commissions, Willis and Aon indicated that they are not planning to do so.
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