Summary
This 8-K filing reports on Marsh & McLennan Companies, Inc. (MMC) entering into Amendment No. 3 to a previous Settlement Agreement dated January 30, 2005. This amendment, dated August 17, 2006, was made with the Attorney General of the State of New York and the Superintendent of Insurance of the State of New York. The primary purpose of Amendment No. 3 is to clarify the specific ways Marsh, a subsidiary of MMC, can operate and be compensated when acting as a managing general agent or underwriting manager. This clarification is crucial as it provides greater certainty around Marsh's business practices within its insurance brokerage operations following previous regulatory scrutiny.
Key Highlights
- 1Marsh & McLennan Companies (MMC) entered into an amendment to a material definitive agreement.
- 2The amendment, dated August 17, 2006, is the third amendment to a Settlement Agreement originally dated January 30, 2005.
- 3The amendment clarifies the permissible methods for Marsh Inc. to act and receive compensation as a managing general agent or underwriting manager.
- 4This action follows previous agreements with the Attorney General of New York and the Superintendent of Insurance of New York.
- 5The filing includes Amendment No. 3 as an exhibit, incorporated by reference.
- 6The clarification aims to provide greater regulatory certainty regarding Marsh's operational and compensation structures in specific agency roles.