Princeton, Ill.-based Parr Insurance Agency has returned a final check for $10,000 to the city of Princeton for service fees the agency charged but not disclose, according to the Peoria Journal Star.
The city paid a service fee of 10 percent to the agency for its 2002-04 commercial insurance policies, but Harold E. Parr was fined $30,000 and ordered to pay back nearly $103,000 in undisclosed fees.
Parr was producing for the Illinois Municipal League, which does not pay agents a commission but does allow them to charge service fees to the their customers.
Was this article valuable?
Here are more articles you may enjoy.
Is the AI Boom a Bubble Waiting to Pop? Here’s What History Says 
Litigation Funding, Other New Laws in SE States Could Impact Liability Insurance 
Nearly Half of 100 Largest P/C Insurers Destroy Value: ACORD 
High-Net-Worth Risk Appetite Drops as Some Regions Show Stabilization 
