Business Services Industry
AIRMIC HOPES OTHER BROKERS FOLLOW AON ADOPTS U.K. CONDUCT CODE.
Business Insurance, March, 1999 by GODDARD, SARAH
LONDON-U.K. risk managers praise a new code of conduct adopted by the U.K. unit of a megabroker, and buyers hope it will bring greater transparency in U.K. insurance transactions and serve as a model for other brokers. Aon Risk Services U.K. Ltd. last week unveiled a new code of business conduct, developed with the Assn.
of Insurance & Risk Managers, and will implement it starting next month. The code calls for full disclosure in all its dealings with clients, including its remuneration. Aon Risk Services U.K. aims to eliminate incentive-based compensation from insurers, such as volume overriders and profit commissions. Instead, it will charge specific fees for any services it provides to insurers, fully detailing them to buyers. The code also sets out terms...
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