Summary
This 8-K/A filing by Aon plc (AON) on June 15, 2010, serves as an amendment to a previous filing detailing a significant regulatory settlement. The primary purpose of this amendment is to report that Aon has received final countersignatures from the insurance regulators of 18 additional states, the District of Columbia, and Guam, completing the Amended NAIC Settlement Agreement. This agreement supersedes a previous one from 2006 and now includes all states that were part of the original settlement. Additionally, the filing announces an addendum to Aon's settlement agreement with Florida regulators, effective June 9, 2010.
Key Highlights
- 1Aon plc has secured final countersignatures for its Amended NAIC Settlement Agreement from 18 additional states, the District of Columbia, and Guam.
- 2This completes the Amended NAIC Settlement Agreement with all participating insurance regulators that were part of the original 2006 agreement.
- 3The Amended NAIC Settlement Agreement supersedes a previous agreement dated May 3, 2006.
- 4An addendum to Aon's settlement agreement with Florida regulators was entered into effective June 9, 2010.
- 5The Florida Addendum modifies the existing Florida Settlement Agreement to align with provisions of a February 11, 2010, agreement, notably removing restrictions on accepting contingent compensation from insurers.
- 6The Florida Addendum also introduces requirements for additional compensation disclosure for managing general agents.
Frequently Asked Questions
The main purpose of this 8-K/A filing is to inform investors that Aon has received the final countersignatures from insurance regulators of 18 additional states, the District of Columbia, and Guam, thus finalizing its Amended NAIC Settlement Agreement. It also reports on an addendum to its settlement agreement with Florida regulators.
The Amended NAIC Settlement Agreement is significant because it replaces a previous settlement from 2006 and now includes all the insurance regulators from the original agreement, ensuring a broader regulatory resolution for Aon. The agreement's finalization provides clarity on Aon's regulatory standing.
The Florida Addendum modifies Aon's settlement with Florida regulators. Key changes include aligning with a prior agreement that removed prohibitions on Aon accepting contingent compensation from insurers and introducing new disclosure requirements for managing general agents regarding compensation.
This filing details the finalization of a specific regulatory settlement with state insurance regulators and an addendum with Florida. While a significant step, it may not encompass all potential regulatory matters Aon faces.