Brokers have until the end of May to sign up to the peace deal offered by Independent Insurance's liquidators on the return of premiums or commission, or miss out on the deal altogether.
The British Insurance Brokers' Association (Biba) and liquidators PricewaterhouseCoopers (PWC) had been split over the return of premiums and commissions since the collapse of Independent in June last year.
They have now reached a compromise, but the majority of agency and non-agency brokers must agree to it for it to go ahead.
The brokers, believed to number just over 300, must sign contracts pledging to honour the agreement.
It is estimated that the brokers are holding £50m.
Under the deal, brokers must hand over time-on-risk premiums, which they must collect from their clients if they have not already done so.
PWC, on behalf of Independent, will forgo any right to time-off-risk premiums due for post-cancellation periods.
Brokers will settle with Independent the commissions due on return premiums.
Biba chief executive Mike Williams said he expected the majority of brokers to find the deal acceptable, although he said Biba would not advise them either way.
Alec Finch of Alec Finch & Co, Peter Brown of Bland Bankart,
Nic Hamblin of John Eke & Partners, David Wheatley of Beddis Hobbs and Andrew Sykes of RHG attended the meeting to hammer out final details of the compromise.
Andrew Paddick of the Institute of Insurance Brokers, Peter Staddon of Biba, members of the informal creditors' committee, representatives of Independent's run-off company Aurora Corporate Services and PWC liquidators also attended.