Willis Group Holdings will pay 14 Florida public entities $2.6 million for collecting brokerage fees while failing to inform those customers that the firm was receiving commission payments from insurers, officials said.
Florida Chief Financial Officer Alex Sink, state Attorney General Bill McCollum and Insurance Commissioner Kevin McCarty announced the settlement today with London-headquartered Willis.
Nina Banister, a spokeswoman for the CFO's office, said Willis voluntarily reached the settlement resolving the state's fee investigation of the brokerage, but an ongoing investigation of undisclosed commissions with other brokers continues. She would provide no further details.
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