The National Association of Insurance Commissioners said it has reached a multistate settlement agreement with Marsh & McLennan Companies Inc. endorsing the settlement worked out by New York's attorney general and insurance superintendent.
The NAIC said the agreement endorses the plan reached with New York Attorney General Eliot Spitzer and Insurance Superintendent Howard Mills in January, requiring MMC to pay $850 million into a restitution fund to be dispersed to clients.
Executives in MMC's brokerage firm, Marsh, were accused of taking kick-backs and steering insurance contracts to carriers in return for lucrative volume-based contingent commissions.
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