Specifics of the agreement include:
* Creating a $27 million fund for certain retail clients. No portion of the fund represents a fine or a penalty.
* Eliminating contingent commissions for retail clients (in October 2004, Gallagher voluntarily announced it would not enter into retail contingent commission agreements beginning Jan. 1, 2005).
* Disclosing compensation for services to retail clients.
* Providing enhanced training for employees in business ethics and compliance matters.
* Creating a Compliance Committee of the Board of Directors.
J. Patrick Gallagher, Jr., president and CEO, said, "We are pleased to have concluded this matter with both the Illinois Attorney General and the Illinois Director of Insurance and we appreciate their professionalism. Gallagher has been serving our clients for over 77 years, and in 1984 we institutionalized our 25 point "Gallagher Way." The first tenet states that we are dedicated to providing excellence in risk management services to our clients. These new measures will benefit our clients and we believe all insurance organizations should adopt similar measures."