On the heels of Marsh’s recent amendment to its broker fees settlement agreement with New York (which we reported about here), Willis has also reached an agreement with New York to amend its 2005 broker fees settlement agreement. Under the amended agreement, Willis is now allowed to charge and accept broker fees for services rendered to insurers provided it discloses the nature of the service to its client.
Willis entered the 2005 settlement agreement to settle charges that it fixed bids in order to steer business to favored insurers through the use of contingent commissions. The amended agreement does not reinstate the use of such commissions.
