Risk Managers Call for Insurance Broker Compensation Disclosure

October 14, 2009

  • October 15, 2009 at 7:27 am
    Darwin says:
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    Still “smarting” over being taken by the “big boys” of the Wall Street brokers all those years ago? Still haven’t learned your lesson.
    I’t’s time to step up to the plate and earn your fat paychecks, instead of hiding behind some Society. Do your own work – ask. Brokers, Agents and carriers have voluntary programs – they’ve been in place for years – and you’d be surprised – it still doesn’t change what your employers pay.
    You have the fancy paychecks, the cushie jobs, the fancy titles – now it’s time to smarten up. Just don’t expect others to accept your call.

  • October 15, 2009 at 8:17 am
    Ron Walenta says:
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    Having served as the risk manager for a governmental agency and three large corporations, I cannot understand this confusion on broker compensation by risk managers.

    I never had any trouble with a brokers compensation. I always negotiated a fee for services and the broker secured the insurance products on a net basis.

    No, that does not constitute “rebating”. A broker can be compensated on either basis but not both.

    The fee negotiated was usually at least half of what the commission would have been. That was my job. To save money for my employer.

    Ron Walenta

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