Mailing date changed for notice to eligible policyholders under Three-State Agreement
With the approval of the regulators who are party to the "Three-State Agreement," the date for mailing notices to eligible policyholders has been moved from August 18 to September 8. 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., for policies with effective dates from January 1, 2000, through 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 also changes the dates by which eligible policyholders must respond to the notice (to January 17, 2007, from December 27, 2006) and when payments to participating eligible policyholders are expected to be made (to February 28, 2007, from February 7, 2007).