Aon: end of contingent fees is a 'wonderful catalyst'.The settlements that resolved New York state Attorney General The New York State Attorney General is the chief legal officer of the State of New York. The office has been in existence in some form since 1626, under the Dutch colonial government of New York. Eliot Spitzer's investigation into alleged wrongdoing wrong·do·er n. One who does wrong, especially morally or ethically. wrong  do by brokers brought
a positive result for Aon Corp., its president and chief executive
officer said.
"It's been frustrating for us--how everything has been lumped together" Greg Case said, encouraging people to read the settlement agreement between Spitzer and Aon and compare it with the agreements with Marsh & McLennan Cos. and Willis Group Holdings Ltd. Marsh faced not only bid-rigging allegations but claims of market timing and other improper practices in its Putnam Funds unit. Aon didn't rely heavily on contingent commissions Contingent commissions is a term used in the American insurance industry for any kind of broker's commission which is contingent upon some event occurring (instead of a commission paid on the sale itself). In the UK this form of payment is known as Overriders. for revenue, Case told Best's Review in an interview before the official kick-off reception of the Risk and Insurance Management Society Risk and Insurance Management Society, Inc. (RIMS), founded in 1950, is a membership-based industry trade group, representing nearly 4,000 industrial, service, nonprofit, charitable, and governmental entities and serves more than 10,000 risk management professionals around the Inc.'s annual conference in Honolulu on April 23. Sipping on a diet Mountain Dew mountain dew n. Illegally distilled corn liquor. , Case said he took the helm at Aon, the second-largest broker, about a year ago, "when it wasn't fashionable to come to brokers." Eliminating contingent commissions "was a wonderful catalyst for us," Case said. "What transparency gives you is a way to trade off price and value." |
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