Chicago-based insurance broker Aon said a sizable number ofclients have accepted its settlement offering of compensation overclaims the firm improperly steered them to insurers who madeundisclosed fee arrangements.
Al Orendorff, director of public relations for Aon, said that 74percent of the $190 million, or about $140 million, is expected tobe paid out to clients on the terms of the agreement reachedearlier this year with New York Attorney General Eliot Spitzer.
Mr. Orendorff said the firm is still calculating the actualnumber of clients who have accepted the agreement. No firm figureof the actual number of clients is available because some clientsreceived more than one settlement notice based on their insuranceplacements.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
