A meeting convened by the Risk and Insurance Management Society as an “open forum” on transparency in insurance placements was conducted behind closed doors, with the press barred, according to an account of the session in the National Underwriter. Participants were a group of 28 risk managers and senior executives from major brokers, insurers, trade associations and regulatory authorities.  The meeting was held Wednesday March 22 in New York.

Among those attending were Ken Crerar, president of the Council of Insurance Agents and Brokers; Mike Koziol, assistant vice president and counsel at the Property Casualty Insurers Association of America; Patrick G. Ryan, executive chairman at Aon Corp; Mario Vitale, CEO of Willis North America; Teresa Scott, executive vice president of strategic relationship management at Zurich North America; and Audrey Samers, general counsel of the New York State Department of Insurance. A full list of attendees was published by RIMS.

According to a RIMS account of the session, it was convened to further RIMS' "commitment to integrity, transparence and client-centricity" as well as to improve quality in insurance placement practices.

On April 19, 2005, RIMS banned the press from covering sessions on the broker contingency fee scandal that had led the group to call for full disclosure and complete transparency in business relationships with brokers and insurers. In addition to banning the press, brokers and insurers were not permitted to observe the 2005 session, at which attendance was restricted to risk managers only. That action prompted National Underwriter Editor-In-Chief Sam Friedman to send a written response to RIMS President Nancy Chambers saying in part, “at a time when RIMS is preaching the need for complete transparency and full disclosure, it seems to defeat the purpose to hold a session on such issues behind closed doors.”

RIMS Holds Closed Meeting on Broker Placements (National Underwriter 3/27/06) 

RIMS Talks Disclosure Behind Closed Doors (National Underwriter 4/19/06) 

RIMS Press Release (RIMS 3/23/06)

March 28, 2006