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Aon Corp. agrees to pay $4 million settlement in insurance malpractice lawsuit.

New York, NY: (May-23-08) Federal regulators in FL brought charges against Aon Corp, one of the largest insurance brokerages, alleging that the company received undisclosed compensation in connection with the placement of insurance coverage on behalf of FL policyholders.

The suit, filed by the Florida Department of Financial Services, the Florida Department of Legal Affairs, the state's attorney general and Florida's insurance regulator, reached settlement with the insurance brokerage firm agreeing to pay $4 million to resolve allegations.

Under the terms of the deal, Aon will pay $2.6 million to FL to reimburse affected policyholders. Further, the Chicago-based company will reimburse several FL agencies $1.4 million in fees and costs, within 10 days. The suit alleged that Aon brokered multiple insurance contracts in FL from 1998 through 2004, stating that its clients included several public entities in the state of Florida, including city governments and school boards. Under the settlement agreement, Aon agreed to disclose to its clients all fees, compensation and commissions associated with each insurance transaction.

Aon Corp. in the News

[REUTERS: AON CORP.] Aon in $4 mln Florida settlement, state says

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Last updated on Jun-20-08

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