23 July 2014

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Les Rock: contingent commissions were “very wrong”

24 May 2012

The charging of contingent commissions as part of placement service agreements (PSAs) between brokers and insurance carriers was "wrong, very wrong," according to D&F underwriting doyen Les Rock.

Rock argued that former New York attorney general Eliot Spitzer had "done a good job to expose bad practices in the insurance broking world" with his 2004-2005 crusade against bid-rigging, contingent commissions and other alleged conflicts of interests.

Speaking at the Inside FAC Forum in London today (24 May), the former Lloyd&#...


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