Broker Arthur J Gallagher has agreed to pay $27m (£15m) in restitution to policyholders...
Broker Arthur J Gallagher has agreed to pay $27m (£15m) in restitution to policyholders and reform its business practices to settle investigations by the Illinois attorney general and the director of insurance of Illinois.
Under the terms of the settlement, the broker has agreed to cease collecting contingent commissions on retail business, to disclose compensation for services, to provide enhanced business ethics training for employees and to create a compliance committee of the board of directors.
Gallagher's agreement follows similar settlements made by Marsh, Aon and Willis.
Illinois attorney general Lisa Madigan said: "Gallagher sought and obtained huge payments from insurers in return for steering them enough business to meet secret threshold targets.
"Gallagher never should have accepted these payments without fully and clearly disclosing that these targets and payments created a potential conflict of interest between Gallagher and its clients."
It's the perfect way to acknowledge hard work, inspire your team, and network with industry leaders.
Crucially, as many of our attendees have done before, you can use your table booking as the perfect, hassle-free Team Christmas Party, combining prestige, celebration, and a memorable night they'll talk about all year!
