Global broker Marsh has announced it will not accept contingent commissions within its core US broking business, despite a ruling that allows it to do so.

In February the attorneys-general and insurance departments of New York, Illinois and Connecticut agreed to reinstate the payments as legal transactions.

But Marsh says it will maintain a policy of “detailed transactional disclosure to clients in its core brokerage operations, including all quotes received and compensation information”.

While the global broker has ruled out volume-based payments in its core US broking business, it says it will accept contingent commissions on Marsh & McLennan agency and Marsh consumer’s affinity business, as well as sponsored program and personal lines.

The top three global brokers Marsh, Aon and Willis agreed in 2005 to stop accepting contingent commissions as a result of an inquiry into insurance business practices led by then- New York Attorney-General Eliot Spitzer.

Marsh subsequently received a fine of $US850 million ($934 million) for market collusion.

Willis has since declared an ongoing ban on contingent commissions while Aon has yet to resume the practice.