Marsh Agrees to Reforms With Many States

More than 30 state insurance commissioners announced Wednesday a group settlement with Marsh & McLennan Cos. to reform its compensation and disclosure practices. The National Association of Insurance Commissioners (NAIC) announced that Marsh agreed to terms with more than 30 of its members. Marsh will extend terms of a January settlement it reached with New York Attorney General Eliot Spitzer and New York State Insurance Superintendent Howard Mills, NAIC said. In the New York case, Marsh agreed to pay its clients $850 million in restitution to resolve allegations of fraud and anti-competiti...