New York insurance officials and the attorney general’s office have agreed to let big insurance broker Marsh accept some fees from insurance companies for work on processing and servicing of accounts.
The approval comes in an amendment is to a 2005 settlement with then-Attorney General Eliot Spitzer and the insurance department that restricted the fees and commissions Marsh could accept.
The amendemnt was posted to the New York Insurance Department web site on Aug. 7.
The fees could help Marsh regain revenue lost as a result of giving up market service agreements and contingent commissions, which were prohibited by the original 2005 agreement with Spitzer.
Source: New York State Insurance Department