Aon has entered into an amended and restated agreement on the issue of compensation business practices with the Attorney General of the State of New York, the Superintendent of Insurance of the State of New York, the Attorney General of the State of Connecticut, the Illinois Attorney General and the Director of the Illinois Department of Insurance.
Under the agreement, Aon is required to provide compensation disclosure, in New York and other 49 states, to purchasers of insurance contracts which complies at a minimum with New York State Insurance Department regulations and also with the laws of Illinois, Connecticut and the remaining states.
The company said that it will continue to maintain appropriate compliance and training programs to relevant employees in business conduct, conflicts of interest and antitrust compliance.
Greg Case, president and CEO of Aon, said: “Aon very much appreciates the moves made toward consistent business practices for all brokers. However, our overriding consideration is to act in the best interests of our clients at all times.
“We strongly believe that it is in the best interests of clients that state regulators use their authority to require clear and consistent disclosure of the compensation of brokers and agents, and Aon will continue to take the lead on this important issue.”