Willis has become the latest of the major global brokers to reach agreement with the New York attorney general’s department over contingent payments.

The broker has signed a deal with the New York attorney general and the Insurance Department of New York amending the previous agreement banning receipt of all contingent payments.

It will now allow Willis to accept contingency payments from insurers but only in its role as a managing general agent (MGA).

Marsh signed a similar agreement last month and both change the agreement last year that banned all contingent commissions or profit sharing deals involving payments based on the volume of business Marsh and Willis placed with various insurers.

Willis chief executive officer and group chairman Joe Plumeri said: "We've always received even treatment from the attorney general's office; we expected this determination and are pleased with this amendment to our AOD."