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Mailing date changed for notice to eligible excess casualty policyholders under Three-State Agreement
Schaumburg, IL, July 24, 2006 – With the approval of the "Three-State Agreement" regulators, the date for mailing notices to eligible excess casualty policyholders has been moved from July 24 to August 18. The Three-State Agreement consists of settlements with the attorneys general of New York, Connecticut and Illinois, and with the New York Department of Insurance, relating to industrywide investigations into broker compensation, insurance placement practices and "non-traditional" products.
Policyholders that purchased or renewed excess casualty coverage (excluding excess workers' compensation policies) through Marsh Inc., or Marsh & McLennan Companies, Inc., including subsidiaries, where such coverage incepted or renewed during the period January 1, 2000, to September 30, 2004, will be sent a notice of the amount available to them in restitution as part of the Three-State Agreement. Each eligible policyholder is entitled to a pro-rata share of the $88 million in restitution called for under the terms of the Three-State Agreement based on the gross written premium paid on the policyholder's eligible policy(ies) divided by the total gross written premium for all eligible policies.
The revised schedule will not affect the dates when eligible policyholders must respond to the notice (December 27, 2006) or when payments to participating eligible policyholders are expected to be made (February 7, 2007).
Click HERE for more details about the Three-State Agreement.