Aon Urges New York State Insurance Department to Enact Comprehensive Transparency Standards for All Insurance Producers
25 Luglio 2008 - 4:00PM
PR Newswire (US)
World's Largest Brokerage Says Focus Should Be On What Is Right for
Clients NEW YORK, July 25 /PRNewswire-FirstCall/ -- At a public
hearing today in New York City convened by the New York State
Department of Insurance and New York Attorney General, Steve
McGill, chairman and chief executive officer of Aon Risk Services,
urged the Insurance Department to put in place comprehensive
transparency and consent standards that apply to all insurance
producers conducting business in the state. (Logo:
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO) "At Aon,
we believe in the fundamental principle that a client deserves to
know whether its producer is working for the client or as an agent
of an insurer, what insurers the producer approaches, how much the
client will pay, and how the producer will be compensated," said
McGill. "This is essential to enable the client to make informed
choices, to avoid an actual or potential conflict of interest by
the producer, and to produce the best and most competitive outcomes
for clients. "We strongly believe that it is in the best interests
of all clients that the Department uses its authority to require
mandatory, clear and consistent disclosure of producer compensation
and to apply the same rules to all producers. In such an
environment, producers that add value to their clients will
flourish, and producers that do not add value will not. And this
competitive environment will ultimately work to the benefit of
clients. "Aon therefore recommends reinforcing the spirit of
consumer advocacy and a free market by having every producer
compete on the same terms and in the same manner, with required
transparency in a simple and effective form. All producers should
disclose whom they work for, what they do, how they do it, and what
they are paid. This will enable clients to make more informed
choices, and will also reinforce the competitiveness of the
marketplace and the standards of excellence and professionalism in
the industry." About Aon Aon Corporation (NYSE:AOC) is the leading
global provider of risk management services, insurance and
reinsurance brokerage, human capital and management consulting.
Through its 36,000 colleagues worldwide, Aon readily delivers
distinctive client value via innovative and effective risk
management and workforce productivity solutions. Our
industry-leading global resources, technical expertise and industry
knowledge are delivered locally through more than 500 offices in
more than 120 countries. Aon was named the world's "best broker" by
Euromoney magazine's 2008 Insurance Survey. In 2008 Aon was ranked
as the world's largest insurance broker based on brokerage revenues
by Business Insurance. Aon also was ranked by A.M. Best as the
number one insurance broker based on brokerage revenues in 2007 and
2008, and was voted best insurance intermediary, best reinsurance
intermediary, and best employee benefits consulting firm in 2007 by
the readers of Business Insurance. For more information on Aon, log
onto http://www.aon.com/. Media Contact David Prosperi,
312.381.2485,
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO
http://photoarchive.ap.org/ DATASOURCE: Aon Corporation CONTACT:
David Prosperi of Aon Corporation, +1-312-381-2485, Web site:
http://www.aon.com/
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