Posted On: October 16, 2004, 6:41 pm CDT

Posted By: Ryan

Profit Sharing and Collusion are quite different. It would have been nice if Mr. Spitzer spelled this out for all of the non-insurance people in our world (especially our valued clients/insureds) instead of painting a picture that all insurance brokers are corrupt, etc. There is nothing wrong with producing profitable business for a carrier and (if you are lucky) share in some of the profits at the end of the year.

Some of my fellow Professional Insurance Brokers and I feel that this may be a setup by the carriers to END all profit sharing agreements with their hard working distribution channel (brokers/agents)....

I would not put it past them....investment income is way DOWN and losses are increasing. Tough call but one has to wonder.

Yes, I fully understand what Marsh, et al were doing/did was totally wrong (price fixing, collusion, anti-competitive practices...whatever you want to call it).

RBF