3 States End Ban On Brokers' Contingent Fees

Law360, New York (February 17, 2010, 5:16 PM EST) -- The attorneys general of New York, Illinois and Connecticut have freed three insurance brokers from a 2005 ban that prohibited them from charging “contingent commissions,” which then-New York Attorney General Eliot Spitzer attacked as anti-competitive.

The New York State Insurance Department said on Tuesday that it had amended the settlement terms with Marsh & McLennan Cos. Inc., Willis Group Holdings PLC and Aon Corp., touting the measure as necessary to create a “level playing field for insurance intermediaries.”

The state of Illinois released a fourth broker,...
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