Massachusetts insurance customers of insurance broker Marsh & McLennan are being urged to hold off on agreeing to the broker’s proposed settlement by the state’s attorney general. Attorney General Tom Reilly has mailed a letter to an estimated 300 policyholders suggesting they get more information before signing any agreement to settle damages relating to improper commissions and account placements.
Marsh & McLennan in January agreed to an $850 million fine to settle charges brought by New York Attorney General Eliot Spitzer. Marsh has since informed former clients they have until Sept. 20, 2005 to be part of this monetary agreement.
But Reilly’s insurance unit told policyholders they might want to think twice about joining in without first getting Marsh to review their individual cases. He also hinted that a multi-state investigation into Marsh by attorneys general could reveal further allegations between now and September. He also advised them that “there is no advantage” to responding to the Marsh deal any sooner than the Sept. 20 deadline.
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