Aon, the company involved with three investigations in the US, said it would apologise for its involvement in receiving contingent commissions but refused to admit any wrongdoing.
Aon officials also noted that no Aon employees are facing criminal charges.
The $190m settlement with New York, Connecticut and Illinois officials will be used to pay back insureds that may have been affected by contingent commission practices started or renewed between 1 January 2001 and 31 December 2004.
Aon said it admitted no wrongdoing or liability and that the settlement includes no fines or penalties.
Aon chairman Patrick Ryan said: “While we do not agree with a number of allegations in the complaints, the settlement permits us to look to the future.
"I believe that the business reforms emerging from these investigations establish a model that can be - and should be—embraced by the whole industry.”
