AIG's Greenberg Expects More Transparency, Not Material Impact from Brokerage Charges
National News • October 15, 2004
AIG Chairman Maurice Greenberg today said he does not think the charges brought by New York Attorney General Eliot Spitzer against giant insurance broker Marsh McLennan will hurt his company's ...
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Subject: Contingent revenue sharing
Posted On: October 19, 2004, 8:56 am CDT
Posted By: Bob
Comment:
Its really simple. A Broker represents the client, an Agent represents the Insurer. That being so, what possible reason is there for a Broker to collect anything other than straight sales commission? As a representative of the client, even the appearance of a conflict of interest is unethical.
Conversely, Agents, representing the Insurer should be concerned with profitability (although I am unaware of any sincere effort on the part of any Agent I know to only produce profitable business).
Subject: Contingent revenue sharing
Conversely, Agents, representing the Insurer should be concerned with profitability (although I am unaware of any sincere effort on the part of any Agent I know to only produce profitable business).