Willis refuses contingent fees

Willis will continue to refuse to accept contingent commissions despite a settlement between leading US brokers, the Attorney General and the Superintendent of Insurance of the State of New York.

“We voluntarily began disclosing compensation to our retail clients and refusing to take contingent compensation in our retail brokerage business before we signed the AOD in 2005. Neither of those commitments will change today, whether or not our competitors follow our lead.

“Willis will continue to disclose to our retail clients the compensation we receive from insurance carriers. Willis also will continue to refuse to accept contingent commissions from carriers in our retail brokerage business.

“Willis is proud of the position we have taken with regard to contingent commissions that we believe is squarely in the best interests of our retail clients."

Aon comments

Greg Case, president and chief executive officer of Aon said: “We strongly believe that it is in the best interests of clients that state regulators use their authority to require clear and consistent disclosure of the compensation of brokers and agents, and Aon will continue to take the lead on this important issue.”

Marsh had not issued a statement and was not available this morning but said it “is committed to integrity and transparency and serving our clients’ best interests,” Bloomberg reports.

Under the agreement, brokers must provide, in New York and the other 49 states, compensation disclosure to purchasers of insurance contracts that complies at a minimum with New York State Insurance Department regulations and also with the laws of Illinois, Connecticut and the remaining states.