Risk & Insurance articles from October 2004

Risk & Insurance archives from October 2004

Editor's page.
October 1, 2004... Just when rates appeared to be softening, a couple of meteorological brutes named Charley and Frances ripped into insurers wallets to the tune of more than $7 billion. But think twice before shedding a tear. Since Hurricane Andrew smashed...

Aspen Specialty expands.(News & Notes)
October 1, 2004... Aspen Specialty Insurance Co., a wholly owned subsidiary of Aspen Insurance Holdings Ltd., will open offices in Atlanta and Scottsdale, Ariz., Aspen has announced. "Aspen Specialty plans to be a leader in the surplus arena and opening...

Protiviti signs deal.(News & Notes)
October 1, 2004... Protiviti Inc., an internal audit and risk consulting firm, has signed an agreement with Zequel Technologies, a software developer, for managing corporate policies and procedures in accordance with regulatory compliance and reporting...

Fiserv buys vendor.(News & Notes)
October 1, 2004... Fiserv Inc. has bought Results International Systems Inc., an outsourcing provider to the P/C insurance industry. The acquisition will contribute about $7 million in annualized revenues. The price and terms of the deal were not disclosed....

MarketScout honors Heroes.(News & Notes)
October 1, 2004... MarketScout's Heroes! celebration has received the support of leaders in the insurance and business community, according to the company. On Sept. 11, MarketScout honored soldiers who served in Iraq or Afghanistan. The soldiers were honored with...

P/C industry to pay $6.8b.(News & Notes)
October 1, 2004... U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated $6.8 billion for insured property losses from Hurricane Charley, according to estimates by ISO's Property Claim Services (PCS) unit. Hurricane...

Assurant lays off 140 workers.(News & Notes)
October 1, 2004... Assurant Employee Benefits is laying off 140 employees effective Nov. 1, the company has announced. The layoffs will come from the company's, offices in Kansas City, Dallas, Indianapolis, Minneapolis and Birmingham, Ala. The layoffs, which...

EU to overhaul rules.(News & Notes)
October 1, 2004... The European Commission plans to overhaul capital requirements for all European Union insurers and reinsurers by the end of 2005, commission documents show. The review, known as the Solvency II project, is a big change for the insurance...

PharmaCare rolls out program.(News & Notes)
October 1, 2004... PharmaCare, a pharmaceutical care management company, has launched a second component to its generic sampling program with Blue Cross & Blue Shield of Rhode Island, the state's largest insurer, PharmaCare has announced. The program gives...

Gaping holes cited in medical care: to close the gaps, health care managers say it's time for doctors to rein in some procedures.(Upfront: news, updates and other emerging strategies from around the world)
October 1, 2004... The gap between what doctors and nurses should do to treat patients and what they actually do to treat them is often very wide, according to health-care administrators. "Gaps between actual medical practice and what we know to be best practices...

MetLife launches "critical" shift in strategy: the life insurance giant will bundle critical care products in the first quarter of 2005.(Upfront: news, updates and other emerging strategies from around the world)
October 1, 2004... The AFLAC duck and other pioneers of critical-care insurance policy options in the United States will soon be looking over their shoulders at the long shadow of MetLife, which is on verge of launching a major foray into this still-emerging...

Worst insured property losses from terrorist acts.(Risk Stats)
October 1, 2004... $20.62 B * Hijacked airliners crash into World Trade Center in New York and Pentagon in Washington D.C., 2001 $0.92 B Bomb explodes near NatWest tower in London's financial district, 1993 $0.75 B Irish Republican Army...

Buyers dodge a regulatory bullet: AIRMIC hails regulators' concessions but "total clarity" still lacking as U.K. authorities leave door ajar for further action.(Upfront: news, updates and other emerging strategies from around the world)
October 1, 2004... Whew! Insurance buyers, hot under the collar about a proposal put forth by U.K. regulators to include them in the regulation of insurance intermediaries in accordance with European Union directives, don't have to worry after all. ...

Credit-based insurance scores creep into commercial lines: credit-based insurance scores, already a staple in the personal lines business, are creeping into commercial lines insurance, which is not as regulated, says one expert.(Upfront: news, updates and other emerging strategies from around the world)
October 1, 2004... As the debate continues over the use of insurance credit scores in personal lines, one expert says that the insurance scores are being used in commercial lines. "We believe it's happening," says Lamont Boyd, insurance market manager for...

Worth repeating.(Upfront: news, updates and other emerging strategies from around the world)
October 1, 2004... "By reducing the size below 100 nanometers you are entering the laws of quantum physics which means the chemical and physical properties of that material change dramatically in a way that we have a hard time understanding." Annabelle Hett,...

Speaking of cells ...(Alternative Risk)
October 1, 2004... When you think of the tools of the trade of the insurance executive, you think of computer models, teamwork, experience and perhaps airplanes and fancy hotels. But the greatest tool by far in the modern practice of alternative risk, indeed any...

Mr. Zax at his Zenith.(Workers' Comp)
October 1, 2004... In 1977 Stanley Zax with some colleagues bought Zenith National Insurance Co. for $10 million. Wall Street's market value of the Woodland Hills, Calif.-based company today is about $1 billion. Premium revenue is approaching $1 billion, making...

"Foreign" policies' finer points.(Risk Primer)
October 1, 2004... U.S.-based manufacturers seeking to lower production costs frequently turn to some form of foreign operations. Some companies will establish facilities in foreign countries while others may contract with foreign companies to produce components...

The future beckons for a 'northern light': young, brash and astute, Craig Rowe finds ways to save the City of St. John's money despite its small tax base. In the process, he has come to the attention of the RIMS establishment as a potential leader who never, ever settles for being No. 2.(Cover Story)
October 1, 2004... It was one of the hardest decisions Wayne Hiekey ever had to make. For 10 years he'd worked as risk manager for the City of St. John's, Newfoundland. He loved his job. But now, suddenly, a chance to expand his career in risk management in the...

Actuaries eye risk roles.(Risk Management)
October 1, 2004... Actuaries are ready to shed their "green eyeshades" image for a shot at the brass ring--moving up the corporate ladder to become enterprise risk managers and chief risk officers, both inside the insurance industry and outside in the wider...

Infinite wealth faces a finite future.(Special report: Bermuda)
October 1, 2004... Bermuda, an oasis of great wealth, finds its riches unevenly distributed among its citizens. One top insurance executive even says the island may have reached its zenith in terms of expansion. For now, insurers and reinsurers are safe but in...

Barreling into primary carriers and reinsurers.(Special report: Bermuda)
October 1, 2004... Damage estimates from Hurricane Charley range from $4 billion to $10 billion. Hurricane Frances could double that. Whatever the final figure, the Florida State Hurricane Catastrophe Fund, established after Hurricane Andrew, will be tapped. It...

Capital flows into captive havens: Caribbean jurisdictions do not necessarily see themselves in competition with Bermuda but with the United States and Europe, where captive markets have been growing apace. U.S. jurisdictions now include 21 states and the District of Columbia.(Special report: Bermuda)
October 1, 2004... In the world of captive insurance, a number of jurisdictions use the Bermuda model. Now, as captive insurance again bubbles to the top of the corporate agenda, Bermuda should feel flattered as other players are actively growing their captive...

A hospital's integration evolution.(Health Care)
October 1, 2004... Allina Hospitals & Clinics targets cost controls and injury prevention through integrated disability management by eliminating silos--pockets of knowledge and experience--in its programs. The result is that Allina has been able to leverage...

Dangers lurking: with kidnappings on the rise, companies need to become more aggressive securing the safety of employees who travel or work overseas. Often, "a little prevention goes a long way," one expert says.(Kidnap & Ransom)
October 1, 2004... Nearly 15 years ago, senior executives from a U.S. chemical company flew to Malaysia on a business trip. After their plane landed, they were met at the airport by a security team, who was to drive them to their hotel. According to a...

Size matters: welcome to the wild and wooly world of nanotechnology, the dwelling place of nanotubes, nanoshells, fullerenes, "buckyballs," quantum dots and nanowhiskers. These objects are measured in the billionth-scale. As the size of these products shrink further, their risk in industrial use increases. Insurers remain wary.(Technology)
October 1, 2004... Call it the Nanoteehnology Revolution. The tiniest substances promise to transform industry and create a huge market. In chemicals, cosmetics, pharmaceuticals, technology and textiles, businesses are researching and manufacturing products based...

Prices ease a little.(Industry risk report: transportation)
October 1, 2004... Perhaps nowhere is the war on mitigating risk fought with such ferocity as in the transportation industry. From air transport to ocean shipping to land travel, risk management practices have been transformed since Sept. 11. Take U.S. domestic...

Industry risk report: transportation.
October 1, 2004... Prices may have eased in some parts of the transportation sector, but management isn't about to turn the corner onto "Easy Street." Transportation by air, land and sea pose unique and far-reaching challenges to risk executives. Add to that, the...

Directory: technology directory.
October 1, 2004... DIRECTORY TECHNOLOGY DIRECTORY Below is a guide to specialty software packages for insurance companies. This guide is not intended to be a complete directory but is an overview of some of the packages available. The software...

Willis Group Holdings.(Executive Moves)
October 1, 2004... DAVID CAHEN has joined Willis Group Holdings' San Francisco office as a managing director, the firm has announced. Cahen, who brings two decades of insurance industry experience to the position, will be responsible for overseeing claims and...

Vertis.(Executive Moves)
October 1, 2004... MIKE LAWSON has been appointed national sales director, Vertis insurance has announced. The move is part of Vertis' desire to offer targeted marketing solutions to the insurance industry. In addition to his most recent post as vice president of...

Vista Insurance Partners.(Executive Moves)
October 1, 2004... Vista Insurance Partners, a wholesale insurance broker, has announced the appointment of MARGIE BISHOP as Margie Bishop senior broker/ underwriter. Bishop will work with Vista agents to develop new business and retain existing accounts. She...

ACE Overseas General.(Executive Moves)
October 1, 2004... ACE Overseas General, the non-U.S. insurance operations of The ACE Group of Companies, has announced the appointment of HElL C. SMITH as president of ACE Far East. Smith, vice president of ACE European Group, will be based in Japan. He will be...

Schifrin, Gagnon & Dickey.(Executive Moves)
October 1, 2004... STEVE TILGHMAN has joined the senior management team at Schifrin, Gagnon & Dickey, the company has announced. Steve brings more than 33 years of adjusting, claims consulting and management experience in the property claims field. He previously...

Willis Re.(Executive Moves)
October 1, 2004... Willis Re, the reinsurance unit of insurance broker Willis Group Holdings has appointed STEPHEN H. DARWIN to its Northeast treaty team, the company has announced. As a senior vice president, he will be responsible for producing and placing...

Assurant Employee Benefits.(Executive Moves)
October 1, 2004... Assurant Employee Benefits, formerly Fortis Benefits, has named KARLA J. SCHACHT as senior vice president and chief information officer, the company said. She will be responsible for all areas of information technology and report to Mike...

Upcoming events.(Calendar)
October 1, 2004... OCTOBER 4-5 IBC'2 10th Executive Forum on Captives The Captives Forum promises yet another top-notch learning and networking experience, Program highlights include case study examples, a regulators roundtable on current trends and...

Behavior-based safety: a solution to injury prevention: behavior-based safety "empowers" employees and addresses the dynamics of injury prevention.(Point)
October 1, 2004... Imagine a workplace where everyone feels empowered to eliminate the environmental hazards within their domain of influence and report those hazards they cannot control themselves. Imagine workers who regularly coach each other regarding the...

Behavior-based safety: a model poisoned by the past; based on obsolete thinking, behavior-based safety isolates safety instead of integrating it.(Counterpoint)
October 1, 2004... Behavior-based safety's future is in its past. Over the past year, reference to behavior-based safety is conspicuously missing from advertisements by its purveyors. Even they recognize that the bloom is off the rose. Rather than finding...

Editor's page.
October 15, 2004... There's risk and then there's risk. About a month ago, as I wrote this column, former president Bill Clinton had chest pains, checked himself into a New York hospital and eventually left after a quadruple bypass operation. His experience...

Editor's column.(Letters to the Editor)(Letter to the Editor)
October 15, 2004... Dear Editor: Regarding your editorial comments, (Risk & Insurance, Sept. 1, 2004, page 9), you have hit the nail on the head. Hackenburg's approach is typical of many private and public leaders who do not understand the role of risk or the...

The law column.(Letters to the Editor)(Letter to the Editor)
October 15, 2004... Dear Editor: Regarding your article "Who Pays for Your Broker?" (Risk & Insurance, The Law column, July 2004, page 12.) This argument has been around far too long. Payment of a broker in either case will be borne by the insured. How do you...

Workers' comp column.(Letters to the Editor)(Letter to the Editor)
October 15, 2004... Dear Editor, I always enjoy reading Peter Rousmaniere's articles in Risk & Insurance. He wrote about the correlation between safety committees and injury rates in "Safety Enrolls in Business School." (Risk & Insurance, Workers'...

Hurricane Ivan to test Louisiana's new pool.(News & Notes)
October 15, 2004... While Louisiana's new insurance high-risk pool hasn't had enough time to build up a financial cushion to absorb the potential effects of Hurricane Ivan, other reforms in place should enable insurers to pay ensuing claims. "There is a concern...

Aspen to develop London-based aviation account.(News & Notes)
October 15, 2004... Aspen Insurance UK Limited intends to further expand its London market insurance portfolio by recruiting a new team to develop an aviation insurance account from 2005. Under the leadership of Nick Bonnar, who is responsible for Aspen's London...

EU insurers say they are prepared for next cycle.(News & Notes)
October 15, 2004... The majority of European insurers--85 percent--feel well prepared for the next market cycle, according to the findings of a survey commissioned by The Insurance Leadership Institute of GE Insurance Solutions and independently conducted by...

Medical premiums continue double-digit rise.(News & Notes)
October 15, 2004... Medical premiums rose an average 10.5 percent in 2004 after plan reductions, according to the 2004 Hay Benefits Report, a cross-industry survey of over 1000 US companies. Although down from an average increase of 14 percent for 2003, the 2004...

Questionable FMLA leave may result in recertifications: a new U.S. Department of Labor opinion letter relating to the Family Medical and Leave Act may make it a little easier for companies to deal with some questionable time-off requests by workers.(Upfront: news, updates and other emerging strategies from around the world)
October 15, 2004... The May 25 letter from the DOL to the U.S. Equal Employment Advisory Council clarifies when companies may seek recertification of the medical condition of an employee who suffers from a chronic health condition such as migraine headaches,...

Customers pay workers' comp fee.(Upfront: news, updates and other emerging strategies from around the world)
October 15, 2004... The owner of a Stockton, Calif.-based car dealership has found a creative way to help defray the cost of workers' compensation insurance. He began to charge his customers a $2.50 surcharge this spring to help pay for an increase of $240,000....

Top 10 most costly U.S. earthquakes.(Upfront: news, updates and other emerging strategies from around the world)
October 15, 2004... Estimated property damage for insured and uninsured losses. Est. Property Rank Year Location Magnitude Damage # 1 1994 Northridge, Calif. 6.7 ...

Reasons disputed for Mexican fatality declines: during the economic boom of the 1990s, Mexican-born workers in the United States were about 30 percent more likely to die than U.S.-born workers, and the number of deaths was rising every year.(Upfront: news, updates and other emerging strategies from around the world)
October 15, 2004... The U.S. Department of Labor's Occupational Safety and Health Administration responded with a series of outreach efforts including partnerships with local groups, a Spanish-language Web site and increased inspections--especially in occupations...

EEOC letter cites civil rights violations, blames Lockheed Martin in shootings: manufacturer denies wrongdoing. Dispute could wind up in court.(Upfront: news, updates and other emerging strategies from around the world)
October 15, 2004... On July 8, 2003, at a Meridian, Miss. aircraft parts plant owned by Bethesda, Md.-based defense contracting giant Lockheed Martin Corp., worker Doug Williams, who was white, shot 14 fellow employees--12 of them black, before taking his own...

Time to supersize exercise: employers encouraged to help fight obesity.(Upfront: news, updates and other emerging strategies from around the world)
October 15, 2004... Obesity is a deadly condition that puts people at a higher risk for many health problems, including diabetes, high blood pressure and heart disease. It can exacerbate the health issues faced by injured or ill employees and delay the...

Worth repeating.(Upfront: news, updates and other emerging strategies from around the world)
October 15, 2004... "Every CEO does risk management. They just may not call it that."--Paul Karvois, CEO, Jevic Transportation Co. "Going after brokers or insurance underwriters is like going home and kicking the dog for a bad day." Larry Consolver, Director...

Shall we rendezvous? Non merci. (No thanks!).(Alternative Risk)
October 15, 2004... Here's an alternative opinion: Monte Carlo is the worst place on earth. Whoever wrote "there is no wealth but life" had not visited Monaco, where there is wealth, but no life. Anticipating a vast brigade of suckers oil expense accounts for...

Sniffing out insidious habits.(Risk Primer)
October 15, 2004... The P/C industry is a minefield for policyholders looking to transfer their risks of loss. Policyholders are often not forewarned of policy exclusions and limitations, or worse, inexperienced producers unintentionally mislead them about their...

When the Feds march in ...(Workers' Comp)
October 15, 2004... I'm writing to think aloud with you, unseen friend and reader, how in the next few years Congress might decide there is a national crisis in workers' comp which it will then try to fix. How forced sounds the phrase "national crisis in workers'...

Clarifying new overtime rules.(The Law)
October 15, 2004... One of the biggest misconceptions in employment law is that salaried employees are automatically exempt from overtime under the Fair Labor Standards Act. Nothing could be farther from the truth. To qualify as an exempt executive, administrative...

Breaking away: talk about shattering the glass ceiling. It's a rare move from risk management to the chief executive's suite, but risk management skills combined with marketing savvy can make claims reduction a corporate asset. That helped Paul Karvois move up to the top spot at the fast-growing motor freight carrier Jevic Transportation Co.(Cover Story)
October 15, 2004... It's a rare risk executive who can break out and take the driver's seat as CEO at a major company. But that's just what Paul Karvois did at Jevic Transportation. Karvois joined Jevic, a motor carrier, in 1992 as director of insurance....

How to win at the reclaim game: mining old reinsurance policies for unrecovered claims can yield millions of dollars for insurance companies who bother to look.(Special report: claims)
October 15, 2004... By mining old reinsurance policies for unrecovered claims, insurance companies can collect millions of dollars, additional revenue that goes directly to the bottom line. Unearthing those hidden claims, however, requires doggedness, dedicated...

Platforms settle into a 'House of Commons': common-platform claim reporting, like other emerging technologies, including telematics and voice stress analysis, is an option that lets carriers harness modern technology to efficiently apply best practices across all their claims.(Special report: claims)
October 15, 2004... Property/casualty insurance claim-reporting processes have changed dramatically over the last decade. No longer an afterthought, modern claim-reporting procedures are the result of finely tuned operations that streamline claim settlements and...

Instant upside, instant downside: the advantages of instant-messaging software programs are their immediacy. The drawbacks, of course, are often just as immediate as well. As a result, the use of instant messaging among workers is creating a new wave of business, legal and regulatory challenges.(Technology)
October 15, 2004... The Celina Insurance Group, a multiline property and casualty insurer in Celina, Ohio, that provides farm, auto, home and commercial insurance, considers itself forward-thinking on the technology front. Through its extranet, Celina provides...

Relief for the 'bottom line': obesity is exerting a devastating impact on its sufferers and on corporate America's bottom line. It's costing employers tens of billions of dollars through insurance programs and lost productivity. Some employers are taking steps to encourage a healthier lifestyle for their employees.(Liability)
October 15, 2004... The word "epidemic" usually conjures up thoughts of a contagious and often fatal virus working its way through a community, leaving behind a path of human destruction. Yet this same disturbing term has been applied to obesity--a condition that...

Peering into pricing's crystal ball: frequency of claims continues to decline but their severity has increased steadily since the mid-1990s, Fitch Ratings reports. Health care costs have steadily increased as well. The Fitch report said that litigation cost increases related to workers' comp have also affected loss-cost trends.(Workers' Compensation)
October 15, 2004... The workers' compensation insurance market has improved for insurers and will likely continue to do so throughout the year, according to Fitch Ratings, in a recent report. But the New York-based insurance rating agency warns profitability may...

Experts tune up for workers' comp bully pulpit: "heavy-hitters" on deck at annual workers' compensation conference in Chicago next month. Discussion topics include claims management, cost reduction and loss prevention, integrated disability management, key injuries and conditions, legal issues and even bullying.(Workers' Comp)
October 15, 2004... Technological changes could soon turn the workers' compensation world on its ear. Bigger doesn't always mean better--or cheaper, says industry veteran Tom Rosencrants. Smaller businesses have the potential to achieve major competitive...

Securing weak links in the food chain: protecting the health and welfare of employees and customers is of utmost importance to risk managers in the food service supply industry. Everything from production to packaging to delivery procedures must be taken into consideration to ensure that the workplace and the end product are both as safe as possible.(Industry risk report: food services)
October 15, 2004... Horror stories like the outbreak of E. coli at Jack in the Box fast food restaurants in 1993 strike fear in the minds of consumers and food service suppliers everywhere. The outbreak, which was traced to tainted, undercooked hamburgers, sent...

Industry risk report: food services.
October 15, 2004... You can survive without sex, and perhaps you can even survive without shelter, but you can't survive without food. So, when you give thanks on Turkey Day next month, remember the managers in the food services industry and what they went through...

Health Insurance Brokers.(Executive Moves)
October 15, 2004... MIKE CHRISTIAN has joined the Atlanta office of Health Insurance Brokers as an assistant vice president and property broker, the company has announced. He will be responsible for the sales and marketing. Christian has more than 10 years...

Fiserv Bank Systems & eProducts Group.(Executive Moves)
October 15, 2004... MICHAEL D. GANTT has been named president of the Fiserv Bank Systems & eProducts Group, replacing Rodney D. Poskochil, who is retiring to manage his personal business investments, Fiserv Inc. has announced. Gantt, 52, joined Fiserv in December...

Upcoming events.(Executive Moves)(Calendar)
October 15, 2004... OCTOBER 22-24 California Workers' Comp Forum This California-specific forum provides a meeting place for networking and exchanging ideas. The forum will be held in Huntington Beach, Calif., at the Hyatt Regency Huntington Beach...

Venture Programs Inc.(Executive Moves)
October 15, 2004... Venture Programs Inc., an underwriter of sector-based insurance services, has named GEORGE TSUI as executive vice president of underwriting, the company has announced. Tsui will work with the technical underwriting team and business development...

BISYS.(Executive Moves)
October 15, 2004... BISYS, a provider of outsourcing solutions for the financial services sector, has elected ROBERT J. CASALE as chairman of its board of directors, the company has announced. Casale, who has served on the board since 1997, is the former president...

Willis Group.(Executive Moves)
October 15, 2004... GREG MARTIN has joined Willis Group, the big insurance broker, as global practice leader for client advocacy, Willis Group Holdings has announced. Martin brings more than 20 years of insurance industry experience to the firm, most recently...

GreenWood International Insurance Services.(Executive Moves)
October 15, 2004... GreenWood International Insurance Services, a provider of medical stop loss, group personal accident and occupational accident insurance coverage to employers, has promoted JOSEPH SULLIVAN to executive vice president from senior vice president,...

Property/casualty.(Reference & Training)
October 15, 2004... Auto insurers are now able to receive accurate, comprehensive vehicle registration reports on their policyholders from Insurance Services Office Inc.'s A-PLUS unit, making it easy to assess auto risks before underwriting them, ISO has...

Policy forms.(Reference & Training)
October 15, 2004... The American Association of Insurance Services (AAIS) has begun filing forms provided in its Inland Marine Guide on behalf of insurers that use the guide. As a result, insurers will no longer be on their own to file inland marine policy forms...

Agents & brokers.(Insurance Coverages)
October 15, 2004... Banknorth Insurance Group has opened a new agency location in Burlington, Vt. The Banknorth Insurance Agency, located at 1049 North Avenue, will serve customers throughout the state. The new agency will offer a variety of personal insurance...

Loss prevention.(Insurance Coverages)
October 15, 2004... AIG Private Client Group, a division of the property/casualty insurance subsidiaries of American International Group Inc., has launched a new loss-prevention initiative that will provide policyholders employing domestic staff with access to...

D&O.(Insurance Coverages)
October 15, 2004... National Union Fire Insurance Co. of Pittsburgh, Pa., has launched a new insurance product designed to meet the emerging liability exposures faced by independent board members of mutual funds, the company has announced. John Keogh,...

E&O.(Insurance Coverages)
October 15, 2004... Rockwood Programs has launched a campaign a raise awareness regarding its E&O program, the company has announced. The campaign will be aimed at insurance companies and managing general agencies. Annual premiums start as low as $675 for $500,000...

Contingency fees 1999: disclose at client's request: clients are invited to take the lead in asking brokers to divulge their deals with insurers.(Point: Risk and Insurance Management Society Inc.)
October 15, 2004... Editor's note: In 1999, RIMS issued a joint statement (below) with J&H Marsh & McLennan advising brokers to disclose their fee arrangements with insurers at the request of clients. The statement appeared one year after RIMS issued a policy...

Contingency fees 2004: disclose regardless: broker compensation and placement agreements should be disclosed without client request.(Counterpoint: Risk and Insurance Management Society Inc.)
October 15, 2004... Editor's Note: Earlier this year, RIMS issued its official policy statement with regard to the contingency fees paid to insurance brokers for steering business to carriers. After lying dormant, the issue reappeared in the media spotlight last...