The global insurance broker, Willis Group Holdings plc' (NYSE: WSH) Chairman and CEO, Joe Plumeri, told a meeting of insurance executives this week that simply disclosing broker

and agent compensation is not "true transparency" because it doesn't eliminate the conflicts of interest inherent in accepting contingent commissions. He was speaking at a major industry event

held before a capacity crowd on Wednesday at The Willis Building in London.

Plumeri said,"I am convinced that the only way to resolve the conflicts inherent in contingent commissions is not to take them. We stopped taking them because we want to be paid for the

value we provide our clients, not the insurance companies."

In October 2004, Willis became the first and only insurance broker to refuse contingent commissions from insurance carriers when working for retail clients. Regulators later banned the major

brokers from taking such commissions.

Plumeri further added that a return of contingent commissions - payments from insurance companies to brokers based on the volume or profitability of business placed with clients - would

overshadow the integral role that insurance plays in rebuilding lives and business after disaster.

Plumeri welcomed the establishment of a New York Insurance Exchange which was another major topic of discussion. "If ideas such as the New York Insurance Exchange take off, I hope they

will be implemented in a way that allows us to place business with greater speed through smart technology."

The others main speakers at the event were James Wrynn, Superintendent of the New York State Insurance Department; Tom Bolt, Director of Performance Management at Lloyd's, and

Martin Albers, Swiss Re's Head of Client Markets for Europe.