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Marsh reaches fee pact with New York - CEO
NEW YORK, Aug 7 (Reuters) - Michael Cherkasky, chief executive of Marsh & McLennan Cos. (MMC.N), said his company reached a pact with New York's attorney general and insurance commissioner that will allow the world's largest insurance broker to take some fees from insurance companies.
Cherkasky said in an interview that the revenue from the agreement "could be material to earnings." Previously some of these fees were not allowed.
The amendment will modify a 2005 legal settlement negotiated with then New York Attorney General Eliot Spitzer that banned the broker from taking "contingent commissions" from insurance companies, once a major source of revenue.
The new agreement does not allow these commissions but does let Marsh & McLennan take revenue for electronic processing, preparing reports and other services which were previously not allowed, Cherkasky said.
(Reporting by Ed Leefeldt)
((Editing by Gerald E. McCormick; edward.leefeldt@reuters.com; Reuters Messaging: edward.leefeldt.reuters.com@reuters.net; +1 646 223 6315)) Keywords: MARSH&MCLENNAN ATTORNEYGENERAL/
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