Willis North America to Settle Probe of Fees
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Willis North America Inc., the nation’s No. 3 insurance broker, agreed to pay $50 million in restitution to settle an investigation into anti-competitive practices involving incentive fees.
An investigation by New York Atty. Gen. Eliot Spitzer and New York state’s insurance department found that Willis steered insurance contracts to companies with which it had fee arrangements and fraudulently misrepresented its operating methods. The company is a subsidiary of London-based Willis Group Holdings Ltd.
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