Marsh's insurance brokerage unit will be allowed to accept contingent commissions for its managing general agency business under an agreement reached with New York's attorney general and superintendent of insurance.
In a Securities and Exchange Commission filing yesterday, Marsh & McLennan, Marsh's New York-based parent company, said it reached an agreement with Attorney General Eliot Spitzer and Superintendent of Insurance Howard Mills to amend its agreement barring the broker from accepting all contingent commissions.
Marsh agreed to forgo brokerage commissions after New York authorities charged that the contingent payments served as kickbacks by insurers to reward the firm for steering customers and rigging bids.
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