Brokers Marsh and Willis are complying with settlement terms reached with the New York State Insurance Department and Attorney-General, according to a review commissioned by the state agencies.

Last week the department released a consultant’s report which was commissioned to monitor the brokers’ compliance with the 2005 settlement. The global brokers are among several to settle charges with state regulators in recent years for guiding business to insurers paying top rates of commission.

Marsh was ordered to pay $US850 million ($922.4 million) in restitution to policyholders, while Willis was charged $50 million ($54.2 million). The brokers were also required to reform anti-competitive business practices that led to the charges.

The consultant’s report found the brokers now routinely practise disclosure of information to avoid conflicts of interest.

The department says clients can now be confident that brokers “engage in transparent business transactions”.