Aon must disclose in plain, unambiguous written language all such commissions in either dollars or percentage amounts if dollar amounts are not available. Aon must obtain a clients consent in writing before accepting such commissions.

Aside from fees and commissions discussed above, Aon will not accept or request anything of material value from insurersincluding money, credits, loans, forgiveness of principal or interest, vacations, prizes, gifts or the payment of employee salaries or expenses.

Aon will not ask any insurer for compensation for its selection of insurers when soliciting bids for clients.

Aon will not knowingly accept or request from any insurer any false, fictitious, inflated or artificial “throw away” quote or indication.

In placing, renewing, consulting or servicing any policy, Aon will not accept or request from any insurer any promise or commitment to use any of Aons services, including reinsurance brokerage.

Aon will not knowingly place, renew, consult or service its clients insurance business through a wholesale broker unless the client agrees, after full disclosure of the compensation for Aon and any of Aon's interest in the wholesaler, and any alternatives to using a wholesaler.

Prior to binding insurance, Aon will disclose in writing to each client all quotes and indications sought and received by Aon for the client's coverage. The disclosure will include any Aon interest in prospective insurers, as well as all compensation for Aon for each quote, in dollars or as a percent of premium if the dollar amount is not known at the time.

Aon will also disclose to each client at the end of each year all compensation it received during the preceding year, or expects to receive from any insurer or third party for that client's policy.

Aon will implement companywide written standards of conduct regarding compensation from insurers, consistent with the terms of the settlement agreement.

Aon will establish a compliance committee of the board of directors to monitor the broker's compliance with the standards of conduct. The committee will report on a quarterly basis to the board for the next five years.

Reproduced from National Underwriter Edition, March 10, 2005. Copyright 2005 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.