Insurance broker accused of not sharing kickbacks
Chicago-based Aon Corporation and six subsidiaries were named in a Illinois Consumer Fraud Act complaint filed March 18 in St. Clair County Circuit Court by Slay Industries.
Slay, a Missouri trucking and barge operation, accuses Aon of not sharing "kickbacks" with its insureds, even though the kickbacks represent a portion of the premiums paid to Aon.
According to the complaint, Aon devised, arranged, initiated, monitored, directed, and imposed the practices whereby Aon received undisclosed kickbacks for placing insurance with insurers.
Slay claims the kickbacks are based upon the aggregate amount of insurance business referred to the insurer paying the kickbacks and the "loss ratio" performance of business referred.
"The kickbacks represent the wrongful retention and misappropriation of money paid as premiums by plaintiffs," the complaint states.
Slay claims Aon did not disclose these kickbacks, nor did they disclose the underlying placement service agreement or other agreements with insurance companies that are the basis for the kickbacks.
Slay is represented by Jeffery Lowe of St. Louis and David Nester of Belleville.
Slay is asking the court to order an accounting of all kickbacks, including interest earned, the payment back and remittance of all interest including interest, a permanent injunction enjoining Aon from taking future kickbacks, an award of actual and punitive damages, and all court costs and attorney fees.