Chicago-based insurance broker Aon Corp. said that five government agencies have agreed to allow firms acquired by Aon to continue to accept contingent commissions for a limited time.
Aon announced today that the attorneys general of New York, Illinois and Connecticut, and the insurance departments of New York and Illinois have agreed to an amendment that will permit companies acquired by Aon to continue to accept contingent commissions for three years following their acquisition by Aon. The five were parties to the 2005 settlement that bars the acceptance of contingent commissions by the firm.
Under the amendment, a company acquired by Aon will be able to continue accepting contingent commissions on existing business for three years while it phases out contingents and comes into line with Aon's other business reforms.
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