Business Services Industry
Aon settles fraud suits.(News)(Aon Corp.)
Business Insurance, March, 2005 by Martin, Sara
Byline: SALLY ROBERTS and JOANNE WOJCIK CHICAGO-Aon Corp. late last week agreed to settle charges by officials in three states that it fraudulently manipulated client insurance placements for its own benefit and linked insurance placements with reinsurance brokerage business. In a joint settlement with five agencies including attorneys general in New York, Connecticut and Illinois, the world's second-largest brokerage agreed to revamp its business practices and to pay $190 million as restitution to policyholders (see story page 34).
The settlement is the latest chapter in the broad investigation that began nearly a year ago with New York Attorney General Eliot Spitzer's probe into potentially deceptive insurance industry compensation practices and resulted...
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