Acordia Inc., an insurance brokerage owned by Wells Fargo & Co., said it will vigorously defend against allegations brought by the attorneys’ general of New York, Connecticut and Illinois.
“Contingent compensation agreements have been a long-standing and well-known practice in the insurance industry, and these commissions continue to be paid by insurers to hundreds of insurance agents and brokers throughout the country, including New York,” said Dave Zuercher, Acordia Inc. president and CEO. “These agreements have been held by courts to be legal and enforceable.”
Acordia discloses its contingent compensation agreements to its customers in a manner consistent with guidelines approved by the National Association of Insurance Commissioners, the company release said.
“Acordia is confident that contingent compensation agreements, properly administered, are consistent with the responsibility of its brokers to its customer,” said Zuercher.
Acordia Inc. is a bank-owned insurance brokerage in the U.S. with over 150 offices in 38 states. Wells Fargo & Co. is a diversified financial services company.
Source: Acordia, Inc.
RWH says: 
DLP says: 
Banks Still Face Legal Claims After $25 Billion Settlement
MF Global Judge to Examine Insurance Payments for Former Executives
Daredevil CEOs May Put Companies at Risk
California Independent Contractor Law May Be Liability for Agents, Brokers
North Carolina Continues Auto Regulation Debate As Rates Stay Same for 2012
Long-time California Lobbyist Looks to 2012 Legislation Affecting Insurance
Mine Safety Chief Seeks to End Complacency Over Safety
Virginia Court Grants Rehearing of Global Warming Claims Case
