NAIC Reports Multi-State Regulatory Settlement with Marsh & McLennan Cos.

More than 30 state insurance regulators working collaboratively through the National Association of Insurance Commissioners (NAIC) on Wednesday announced a multi-state regulatory settlement with the nation's largest insurance broker, Marsh & McLennan Cos. Inc. (Marsh).

The settlement agreement is designed to see that the extensive compensation and disclosure reforms are implemented by Marsh. The agreement adopts Marsh's agreement made in January 2005 to pay its clients $850 million in restitution to resolve allegations of fraud and anti-competitive practices leveled by New York Attorney General Eliot Spitzer and New York State Insurance Superintendent Howard Mills.

NAIC
Reports Multi-State Regulatory Settlement with Marsh & McLennan Cos.
Source: Insurance Journal