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Aon, Willis In Amended Pacts On Compensation Practices

DOW JONES NEWSWIRES Aon Corp. (AON) and Willis Group Holdings PLC (WSH) entered amended agreements with state regulators, lifting the ban on contingent commissions from insurance companies, but both companies indicated they won't resume the practice. In 2004, Aon and Willis, among others, agreed to stop taking the commissions after then-New York Attorney General Eliot Spitzer launched a probe into compensation practices. Willis, an insurance broker, said Tuesday that its agreement with New York recognizes it has sustantially met its obligations under the original pact. The new agreement no longer limits the types of compensation Willis can receive and lowers disclosure requirements. However, Willis reiterated that it plans to do "what is right" on issues of trust, transparency and disclosure. Separately, risk-management and consulting firm Aon said its new agreement requires it to provide disclosure to purchasers of insurance contracts that complies at a minimum with New York State Insurance Department regulations and also with the laws of Illinois, Connecticut and all remaining states. Aon spokesman David Prospieri confirmed his firm also has no current plans to begin taking the payments. The company also will continue to maintain appropriate compliance and training programs regarding business conduct, conflicts of interest and antitrust compliance. "Aon will continue to lead the industry in terms of delivering value to our clients, including helping our clients fully understand what we do, how we do it and how we get compensated," said Greg Case, president and chief executive of Aon. Aon remains bound by the settlement agreements it has with the state of Florida and the National Association of Insurance Commissioners. -By Jay Miller, Dow Jones Newswires; 212-416-2355; jay.miller@dowjones.com

Stock News for Willis (WSH)
DateTimeHeadline
03/23/201506:44:02Willis Appoints Marc Paasch Global Head of Alternative Risk Transfer
03/19/201510:00:00Willis Re Introduces New Suite of Flood Analytics for Canada...
03/09/201508:30:17Willis's Affinity Business Goes Global With Expansion into North...
03/02/201508:02:17Current Report Filing (8-k)
02/24/201512:14:18Willis Signs Joint Venture in the Indian Market
02/24/201509:30:00Willis Capital Markets & Advisory Extends Global Presence
02/23/201511:00:02Tracking Jeffrey Ubben's ValueAct Portfolio - Q4 2014 Update
02/19/201513:00:00Willis Names Christine LaSala Chair, Willis North America
02/18/201516:05:43Statement of Changes in Beneficial Ownership (4)
02/17/201516:18:52Statement of Changes in Beneficial Ownership (4)
02/17/201516:17:48Statement of Changes in Beneficial Ownership (4)
02/12/201506:01:36Statement of Ownership (sc 13g)
02/11/201517:11:09Schedule 13g<br /> (sc 13g/a)
02/10/201517:04:20Current Report Filing (8-k)
02/10/201516:18:14Willis Group Reports Fourth Quarter and Full Year 2014 Results
02/10/201514:18:15Statement of Ownership (sc 13g)
02/03/201512:16:16Willis Re Launches Industry-First Cyber Risk Modeling Tool, PRISM-Re(TM)
01/30/201516:12:19Statement of Changes in Beneficial Ownership (4)
01/29/201507:00:00Willis Group CEO Dominic Casserley to Present at the Bank of...
01/29/201505:37:00Clark Thomson Insurance Brokers Joins Willis Commercial Network...

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