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Home / MA: AG Files Complaint Against Insurance CompanyMA: AG Files Complaint Against Insurance Company
Last Updated on Monday, 3 March 2008 11:27 Written by rslcpol Monday, 3 March 2008 11:27
Massachusetts’ attorney general has filed a $4 million complaint and a consent judgment against Boston-based insurance broker William Gallagher Associates Insurance Brokers Inc. for billing customers for unauthorized and undisclosed compensation and misleading customers about the brokerage firm’s contingent commission practices and involvement in reinsurance.
Contingent commissions, also known as profit sharing commissions, are controversial incentive-based compensation programs offered to brokers by insurance companies, according to a statement from Attorney General Martha Coakley’s Office on Thursday.