Lloyd’s calls for disclosure of all ‘off-slip’ broker arrangements
Lloyd's underwriting tsar Tom Bolt has ordered members to
report all "off-slip" payments made to intermediaries, as
contingent commission-style arrangements become increasingly common
in the London market.
In his 31 March "Dear CEO" letter to the market, the
director of performance management noted that Lloyd's was
pleased to report last summer that no managing agent had current
contingent commission arrangements in effect.
However, Bolt said he was aware that contingent commission and other payment arrangements may subsequently have been entered...
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