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European insurance buyers plan inquiries into brokers' pay.
(From Lloyds List)
Byline: The UK, Netherlands and Belgium show greatest concern, writes James Brewer
BIG European buyers of insurance plan to intervene in the international imbroglio over the way that brokers are paid.
As revelations from the inquiry into broker remuneration by New York attorney general Eliot Spitzer intensify demands for greater transparency, it has emerged that several national risk management associations have begun or are considering various forms of inquiry or action.
This has been revealed in an informal survey by the Federation of European Risk Management Associations. Greatest concern came from countries where brokers play the greatest role: the Netherlands, the UK and Belgium.
The association itself and the International Federation of Risk and Insurance Management Associations are developing proposals to put before their members in 2005.
Thierry van Santen, president of the association, said: 'In the absence of self-discipline, we think that the European Commission as regulator should ...
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