Brokers rallied fellow brokers to accept PricewaterhouseCoopers' (PWC) compromise deal on Independent Insurance premiums and commissions after it looked set to collapse last week.
Independent's liquidator is expected to announce by the end of this week that the deal has been successfully completed.
A PWC insider said the logistics of the deal had been arduous, with 1,600 contracts requiring liquidator Dan Schwarzmann's signature.
Meanwhile, The Broker Network managing director Grant Ellis said the deal had come perilously close to collapsing last week.
Ellis said a small percentage of brokers who had agreed to the deal had failed to return their signed contracts to PWC to ratify their acceptance.
He said PWC had asked brokers to lobby their recalcitrant peers in a bid to get the deal completed.
"One or two had changed their minds, but the vast majority had just not got round to it," Ellis said.
"But it meant for the rest of us, there was potential for the whole thing to fall apart, so we're delighted it's over."
Under the terms of the deal, PWC agreed to accept the return of 50% of the commission on those portion of Independent policies that had yet to expire.
The other 50% of the commission is to be paid to clients when PWC returns their premiums for non-expired policies.
Brokers had to pay PWC time-on-risk premiums held, net of time-on-risk-commission, within two weeks of the final contracts being signed.
The terms were agreed between PWC and a representative group of brokers on behalf of about 800 Independent agency brokers.
This week PWC is also expected to issue a strong message on upcoming legal action against brokers who did not accept the compromise deal.
"It's not fair on the brokers who did sign up if swift action isn't taken against those who refused," a PWC source said.
"A robust statement is likely to be made on that this week."
