The nation's third-largest insurance broker will pay $50 million in restitution and adopt new business practices to settle an investigation into anticompetitive practices. New York Attorney General Eliot Spitzer and the state's insurance department found Willis North America steered insurance contracts to companies with which it had fee arrangements. Willis' chairman and CEO said the company is "pleased that the investigation found no evidence of the practice of bid-rigging or tying."
April 11, 2005 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Willis North America Inc., the nation’s third-largest insurance broker, will pay $50 million in restitution and adopt new business practices to settle an investigation into anticompetitive practices involving incentive fees in property and casualty insurance sales.
An investigation by New York Attorney General Eliot Spitzer and New York state’s insurance department found Willis steered insurance contracts to companies with which it had fee arrangements.
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