Document:

Agreement between the Attorney General and the Insurance Commissioner

 Exhibit 10.1 
  
 An Agreement Between the Attorney General of the State of Connecticut and 
 the Insurance Commissioner of the State of Connecticut and 
 Hilb Rogal & Hobbs Company and its subsidiaries and affiliates 
  
 WHEREAS, the Attorney General of the State of Connecticut (the “Attorney General”) has conducted an investigation into certain insurance
brokerage and insurance agency practices (the “Attorney General’s Investigation”) of Hilb Rogal & Hobbs Company and its subsidiaries and affiliates (“HRH”); 
  
 WHEREAS, the Attorney General has commenced an action against HRH in the Connecticut Superior Court alleging violations of
the Connecticut Unfair Trade Practices Act, Conn. Gen. Stat., §§ 42-110a et seq., and the Connecticut Unfair Insurance Practices Act, Conn. Gen. Stat. §§ 38a-815 et seq., dated August 31, 2005 (the
“Complaint”); 
  
 WHEREAS, the Insurance Commissioner of
the State of Connecticut (the “Commissioner”) has conducted an investigation into certain insurance brokerage and insurance agency practices (the “Commissioner’s Investigation”) of HRH; 
  
 WHEREAS, the Attorney General has alleged in the Complaint that, inter
alia, HRH unlawfully: a) steered clients to favored insurance carriers to qualify for larger bonuses and contingent commissions; b) moved blocks of clients to favored insurers to qualify for larger bonuses and contingent commissions; c)
implemented a “carrier consolidation” program expressly designed to steer clients to a select group of insurers in order to qualify for larger bonuses and override commissions; d) placed clients in “producer captive” insurance
carriers of which HRH owned all or part without disclosing that ownership interest to its clients; e) entered into undisclosed fee arrangements whereby insurers paid undisclosed compensation to HRH for the placement of insurance; f) paid improper
premium rebates to clients in return for that client retaining HRH as its broker; and g) provided preferred insurers with first looks on books of business that HRH wished to move to preferred carriers in order to increase HRH’s bonus and
contingent compensation; 

 WHEREAS, HRH is and has been cooperating with the Attorney General’s Investigation and the
Commissioner’s Investigation; 
  
 WHEREAS, HRH has adopted,
and under this Agreement (the “Agreement”), will continue to adopt, business reforms that will govern the conduct of HRH and its employees; 
  
 WHEREAS, the Attorney General, the Commissioner, and HRH are entering into this Agreement and HRH and the Commissioner are entering into a Stipulation and
Consent Order dated August 31, 2005 addressing issues relating to Women’s Health USA, Inc. and other entities (the “WHUSA Stipulation”) solely for the purpose of resolving all issues related to the Attorney General’s
Investigation, the Complaint, and the Commissioner’s Investigation, and such agreements are not intended to be used for any other purpose; 
  
 WHEREAS, the Attorney General and the Commissioner find the relief and agreements contained in this Agreement appropriate and in the public interest;

  
 WHEREAS, without admitting or denying any of the foregoing or
any of the allegations of the Complaint, HRH is entering into this Agreement prior to any court entering any findings of fact or conclusions of law relating to the Attorney General’s Investigation, the Complaint, or the Commissioner’s
Investigation; and 
  
 WHEREAS, neither this Agreement, nor any
acts performed nor documents executed in furtherance of this Agreement, may be used as an admission of liability or wrongdoing or of the claims or allegations of the Complaint; 
  

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 NOW THEREFORE, the Attorney General, the Commissioner, and HRH do hereby enter into this Agreement and
agree as follows: 
  
 MONETARY RELIEF 
  
 1. HRH shall pay thirty million dollars ($30,000,000.00) into a fund (the
“Fund”) over the next twenty four (24) months in two installments. The amount in the Fund shall be divided and distributed to certain of HRH’s U.S. clients (“Affected Policyholders”) as described below. HRH shall make an
initial payment of twenty million dollars ($20,000,000.00) into the Fund on or before February 1, 2006 and a second payment of ten million dollars ($10,000,000.00) into the Fund on or before August 1, 2007. The Fund shall be allocated nineteen
million five hundred thousand dollars ($19,500,000) between Broker Clients and National Override Clients as defined in Paragraph 2 below (the “Broker/Override Fund”) and ten million five hundred thousand ($10,500,000) to Agent Clients as
defined in Paragraph 2 below (the “Agency Fund”). All of the money paid into the Fund and any interest earned thereon shall be paid to Affected Policyholders pursuant to the provisions set forth in this Agreement, except as may be
specifically provided for in Paragraph 7. No portion of the Fund shall be considered a fine or a penalty. This sum is in full satisfaction of HRH’s obligations hereunder, and, except for the fine as provided for in the WHUSA Stipulation and as
required to carry out HRH’s obligations under this Agreement and the WHUSA Stipulation, neither the Attorney General nor the Commissioner shall seek to impose on HRH any other financial obligation or liability related to the Attorney
General’s Investigation, the Complaint, or the Commissioner’s Investigation. 
  
 2. For the purposes of this Agreement, “Affected Policyholders” shall mean: a) all HRH U.S. brokerage business clients, as defined for purposes of this Agreement 
  

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 according to a formula approved by the Attorney General and the Commissioner, on whose insurance placements, renewals,
consultations, or service HRH was eligible to receive Contingent Compensation (as defined in Paragraph 12 below) between January 1, 2001 and December 31, 2004 (“Broker Clients”); b) all HRH U.S. agency clients on whose insurance
placements, renewals, consultations, or service HRH was eligible to receive Contingent Compensation pursuant to a National Override Agreement between January 1, 2001 and December 31, 2004 (“National Override Clients”); and c) all HRH U.S.
agency clients, other than National Override Clients, on whose insurance placements, renewals, consultations, or service HRH was eligible to receive Contingent Compensation between January 1, 2001 and December 31, 2004 (“Agent Clients”).
For purposes of this Agreement, “National Override Agreement” shall mean a corporate-wide compensation agreement that resulted in HRH receiving Contingent Compensation and that was between HRH and the Hartford Insurance Company, the
Travelers Insurance Company, CNA Insurance Company, Allmerica Insurance Company, MetLife Insurance Company, and UnumProvident Insurance Company (collectively, the “National Override Carriers”). An Affected Policyholder arising from an
acquisition by HRH after December 31, 2000, shall be included only as of the date of acquisition by HRH. 
  
 3. HRH shall a) by April 30, 2006, calculate in accordance with a formula approved by the Attorney General and the Commissioner, the amount of money each
Broker Client and National Override Client is eligible to receive; b) within ten (10) days of completing these calculations file a report with the Attorney General and the Commissioner in a form approved by the Attorney General and the Commissioner,
certified under oath by an officer of HRH to the best of that officer’s knowledge and 
  

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 belief, setting forth: i) each Broker Client’s and National Override Client’s name and address; ii) each Broker
Client’s and National Override Client’s insurer(s), the product line(s) and/or type of policy(ies) purchased; iii) the policy premium and the amount each Broker Client and National Override Client paid for each such policy; iv) the amount
of the distribution that each Broker Client and National Override Client is eligible to receive from the Fund for each such policy and in the aggregate for all such policies pursuant to this Agreement; and c) by May 22, 2006, send a Notice of
Election in a form and format subject to the approval of the Attorney General and the Commissioner, to each Broker Client and National Override Client setting forth items 3b)ii) through 3b)iv) above and stating that the amount may increase if there
is less than full participation by eligible policyholders in the Fund. Broker Clients and National Override Clients electing to receive a cash distribution from the Fund (“Participating Policyholders”) shall make a final election to
receive a distribution from the Fund by returning the Notice of Election form to HRH, and tendering a release to HRH in a form which in all material respects shall conform to the form attached hereto as Exhibit A, no later than November 21, 2006.

  
 4. HRH shall a) on or before April 1, 2006, send each Agent
Client a Notice of Settlement and Claim Form in a form subject to the approval of the Attorney General and the Commissioner (the “Notice of Settlement and Claim Form”) informing each Agent Client that they are eligible to receive a cash
distribution from the Fund. Agent Clients electing to be eligible to receive a distribution from the Fund shall return the Notice of Settlement and Claim Form to HRH by June 1, 2006. The Notice of Settlement and Claim Form shall include a statement
from the Agent Client that the Agent Client believed HRH put that client’s interests first when HRH placed their insurance. Such 
  

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 statement may be unsworn, must contain the original signature of the client (if a natural person) or an authorized
representative (if a non-natural person), and is not otherwise subject to challenge by HRH. 
  
 5. HRH shall a) by August 1, 2006, calculate in accordance with a formula approved by the Attorney General and the Commissioner the amount of distribution from the Fund each Agent Client returning the Notice of
Settlement and Claim Form (“Eligible Agent Clients”) is eligible to receive from the Fund; b) within ten (10) days of completing these calculations file a report with the Attorney General and the Commissioner, certified under oath by an
officer of HRH to the best of that officer’s knowledge and belief, setting forth i) each Eligible Agent Client’s name and address; ii) the Eligible Agent Client’s insurer(s), the product line(s) and/or type of policy(ies) purchased;
iii) the policy premium and the amount the Eligible Agent Client paid for each such policy; iv) the amount of the distribution that each Eligible Agent Client is eligible to receive from the Fund for each such policy and in the aggregate for all
such policies pursuant to this Agreement; and c) by August 21, 2006, send a Notice of Election in a form and format subject to the approval of the Attorney General and the Commissioner, to each Eligible Agent Client setting forth items 5b)ii)
through 5b)iv) above. Each Eligible Agent Client shall make a final election to receive a distribution from the Fund by returning the Notice of Election form to HRH and tendering a release to HRH in a form which in all material respects shall
conform to the form attached hereto as Exhibit A, no later than November 21, 2006 (“Participating Agent Clients”). 
  
 6. The Attorney General and the Commissioner acknowledge the following: a) contingency income based on profitability of business (or other factors beyond

  

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 volume) may not be calculable on a per policy basis and that the calculations required by this Agreement are good faith
approximations; b) that for some eligible policyholders all required data may not be available, and that HRH shall use reasonable and good faith efforts in such instances to: i) obtain the information directly from the policyholders by sending an
information request form to the policyholder and/or ii) provide a good faith estimate for the amount of eligible compensation. 
  
 7. On January 15, 2007 (the “First Distribution”) and January 15, 2008 (the “Second Distribution”) HRH shall pay proportionally to
each Participating Policyholder and each Participating Agent Client as much of the Participating Policyholder’s and Participating Agent Client’s aggregate share of the Fund as possible with the monies then available in the Fund pursuant to
a calculation agreed to by the Attorney General and the Commissioner. HRH reserves the right to make the second required payment into the Fund, in whole or in part, as of January 15, 2007, if the total due to all Participating Policyholders and all
Participating Agent Clients as of the First Distribution exceeds the funds in the Fund at that time. In the event that any Affected Policyholder elects not to participate or otherwise does not respond (the “Non-Participating
Policyholders”), that Affected Policyholder’s allocated share may be used by HRH to satisfy any pending or other claims of policyholders relating to these matters and to reimburse HRH for any payments made by HRH between September 1, 2005
and April 15, 2008 to policyholders having claims related to this Agreement. In no event shall HRH be reimbursed pursuant to the preceding sentence or a distribution be made from the Fund to any Non-Participating Policyholder until all Participating
Policyholders and Participating Agent Clients have been paid the full aggregate amount due pursuant to Paragraphs 3b)iv) and 
  

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 5b)iv) above; nor shall the total payments from the Fund to any Non-Participating Policyholder exceed 80% of that
Non-Participating Policyholder’s original allocated share. In no event shall a Participating Agent Client’s relative percentage distribution from the Fund be greater than the percentage distribution of a Participating Policyholder. If any
funds remain in the Fund as of April 15, 2008, any such funds shall be distributed on a pro rata basis to the Participating Policyholders and Participating Agent Clients. In no event shall any monies in or from the Fund be used to pay attorney fees.

  
 8. By February 15, 2007, with respect to the First
Distribution and by February 15, 2008, with respect to the Second Distribution, HRH shall file a report with the Attorney General and the Commissioner, certified under oath by an officer of HRH to the best of that officer’s knowledge and
belief, listing all amounts paid from the Fund. 
  
 BUSINESS
REFORMS 
  
 9. Within sixty (60) days of the execution of
this Agreement HRH shall undertake the following business reforms. 
  
 A. Permissible Forms of Compensation 
  
 10. a) In connection with its insurance brokerage business, defined for the purposes of this Agreement to include insurance placements, renewal, servicing, consulting and other services related to insurance policies
placed by HRH acting as a representative of a client pursuant to a written agreement with the client and not as an agent of an insurer or as a wholesaler, HRH shall accept only: i) a specific fee to be paid by the client; ii) a specified commission
to be paid by the insurer; or iii) where allowed by law, a combination of both. 
  
 b) HRH shall accept no commission or other compensation of any kind from any insurer for the placement, renewal, consultation, or servicing of a brokerage client’s 
  

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 insurance business unless and until a written contract signed by such client so provides or, prior to binding HRH: i)
fully discloses to the client in plain, unambiguous written language such commission or other compensation in either dollars or percentage amounts; and ii) the client consents in writing, provided, however, that where the amount of such commission
or compensation or the method of calculation necessary to determine the amount of such commission or other compensation is not known less than 24 hours before renewal or inception of client’s policy, HRH shall: i) prior to binding, disclose in
writing the general methodology by which its commission is calculated; and ii) as soon after binding as practicable, provide the client with written disclosure of its commission in dollars or percentage amounts and obtain the client’s written
consent. HRH shall not accept compensation attributable to such placement until such disclosure is made and consent is received. If the client does not so consent, the client may timely cancel or terminate the contract. In this circumstance, HRH may
not directly impose a penalty on the client for such cancellation, although the client may be subject to a penalty imposed by the carrier. Nothing in this Paragraph relieves HRH of complying with additional requirements imposed by law, including the
requirements for written documentation relating to fees paid directly by clients. HRH may not retain interest earned on premiums collected on behalf of insurers without prior notification to the client, and only when such retention is consistent
with the requirements of, and is permitted by, applicable law. 
  
 11. Except as provided in Paragraph 10 above, in connection with its insurance brokerage business, HRH shall not accept or request, directly or indirectly, any thing of material value from an insurance company including, but not limited to,
money, credits, loans, stock, forgiveness of principal or interest, vacations, prizes, gifts or the payment of employee salaries or expenses (“Additional Compensation”). 
  

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 B. Contingent Compensation 
  
 12. In connection with its insurance brokerage business, HRH shall not directly or indirectly accept or request any
Contingent Compensation. For purposes of this Agreement, “Contingent Compensation” shall mean any compensation or other valuable consideration of any kind paid by an insurance carrier that is contingent upon HRH’s: a) placing a
particular number of policies or dollar value of premium with the insurer, excepting standard commissions, b) achieving a particular level of growth in the number of policies or dollar value of premium placed with an insurer, c) meeting a particular
rate of retention or renewal of policies in force with an insurer, d) placing or keeping sufficient insurance business with the insurer to achieve a particular loss ratio or any other measure of profitability, e) providing preferential treatment in
the placement process, including but not limited to the giving of last looks, first looks, rights of first refusal, or limiting the number of quotes sought from insurers for insurance placements, or f) obtaining anything else of material value for
an insurer. 
  
 13. In connection with its insurance agency
business, defined herein as all HRH business in which HRH is not acting either as an insurance broker as defined in Paragraph 10a) above or as a wholesaler for other licensed producers, HRH shall not directly or indirectly accept or request any
Contingent Compensation, except where HRH discloses to all HRH clients the substantive information contained in Exhibit B attached hereto in the following manner: a) no later than January 1, 2006 ,HRH shall transmit by U.S. mail to all HRH clients a
copy of Exhibit B; b) beginning 60 days after the date of the execution of this Agreement, for all new agency clients who engage HRH, HRH shall 
  

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 obtain a signed copy of Exhibit B from each such client prior to initial binding, provided, however, that where the
transaction is completed wholly over the telephone, an HRH agent shall read the substance of the notification in Exhibit B to the client, make a note in the client’s file that such notification was done and transmit by U.S. mail or email a copy
of Exhibit B to the client. Upon request by any HRH client, HRH shall fully disclose all commissions, in either dollars or percentage amounts, and the brief substance of all Additional Compensation and Contingent Compensation arrangements to the
client. When such request is made, HRH shall promptly respond to such request. Where such response to a client’s request occurs after binding, the client may timely cancel the contract with no penalty directly imposed by HRH, although the
client may be subject to a penalty imposed by the carrier. Notwithstanding any other provision of this Agreement, in no event shall HRH accept any compensation with respect to its agency business based, in whole or in part, on achieving a particular
loss ratio, or any other measure of profitability, with an insurer where HRH has any authority to settle any HRH client claims made against such insurer. Nothing in this Paragraph relieves HRH from complying with additional requirements imposed by
law, including any requirements for written documentation relating to fees paid directly by clients. 
  
 C. Prohibition of Reinsurance Brokerage “Leveraging” 
  
 14. In placing, renewing, consulting on, or servicing any insurance policy, HRH shall not directly or indirectly accept or
request any promise or commitment to use any of HRH’s brokerage, agency, producing, or consulting services, including reinsurance brokerage, agency or producing services, contingent upon any of the factors listed in Paragraph 12a) through f),
inclusive, above. 
  

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 D. Prohibition of Inappropriate Use of Wholesalers 
  
 15. a) In placing, renewing, consulting on, or servicing any insurance
policy, HRH shall not directly or indirectly knowingly place, renew, consult on, or service its clients’ insurance business through a wholesale broker in connection with HRH’s insurance brokerage business unless HRH discloses the following
information prior to initial binding, where such information is known, and in any event as soon as practicable after binding when the following information is not known prior to binding: i) the compensation received or to be received by HRH; ii) the
existence of any HRH interest in or contractual agreement with the wholesaler; and iii) upon request, the reasons for using such wholesaler. 
  
 b) In placing, renewing, consulting on, or servicing any insurance policy, HRH shall not directly or indirectly knowingly place, renew, consult on, or
service its clients’ insurance business through an affiliated wholesale broker in connection with HRH’s insurance agency business unless HRH discloses the following information prior to initial binding, where such information is known, and
in any event as soon as practicable after binding when the following information is not known prior to binding: i) the fact that HRH will receive compensation related to the wholesale transaction; and ii) upon request of the client, the compensation
received or to be received by HRH on the wholesale transaction, any HRH interest in or contractual agreement with the wholesaler, and the reasons for using such wholesaler. 
  
 E. Prohibition of Interest in Insurer 
  
 16. HRH shall not place business in any insurer or reinsurer in which Hilb Rogal & Hobbs Company has any direct
beneficial ownership interest or indirect beneficial interest through a controlled entity without disclosing to the HRH client prior 
  

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 to the time of binding the fact of such ownership interest or affiliation. As part of its SEC annual report for 2005
through 2010, Hilb Rogal & Hobbs Company shall disclose the fact of material ownership in any insurer or reinsurer by any officer or director of Hilb Rogal & Hobbs Company. For purposes of this Paragraph, “material ownership” shall
mean an ownership interest valued at greater than one million dollars ($1,000,000.00). 
  
 F. Mandated Disclosures to Clients 
  
 17. In placing, renewing, consulting on, or servicing any insurance policy, in connection with its brokerage business, HRH shall not accept compensation attributable to the client until it discloses to that client in
writing all quotes and indications sought and all quotes and indications received by HRH, in connection with the coverage of the client’s risk together with all terms relevant thereto. 
  
 18. In placing, renewing, consulting on, or servicing any insurance policy,
in connection with its agency business, HRH shall, upon request, disclose to each client in writing all quotes and indications sought and all quotes and indications received in connection with the coverage of the client’s risk together with all
terms relevant thereto. 
  
 G. Standards of Conduct
and Training 
  
 19. HRH shall implement company-wide
written standards of conduct regarding commissions, Additional Compensation and Contingent Compensation from insurers consistent with the terms of this Agreement and subject to the initial approval of the Attorney General and the Commissioner, which
shall not unreasonably be withheld. Such company-wide written standards of conduct shall provide, inter alia, that HRH shall periodically conduct appropriate training of all relevant employees, including, but not limited to, training in
business ethics, professional obligations, conflicts of interest, antitrust and fair trade practices compliance, and record keeping. Training of all current 
  

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 relevant HRH employees shall begin within six months of the execution of this Agreement. Training of all subsequently
hired relevant HRH employees shall be conducted at the time of the new employee’s hire. Such company-wide written standards shall require HRH personnel to notify an insurer of an insured’s claim or loss promptly, and in no event more than
two (2) business days, after notice to HRH of any such claim. 
  
 H. Prohibition Against Violating Connecticut Law 
  
 20. HRH shall not directly or indirectly engage or attempt to engage in violations of the Connecticut Antitrust Act (Conn. Gen. Stat. §§ 35-24 et seq.), the Connecticut Unfair Trade Practices Act
(Conn. Gen. Stat. §§ 42-110a et seq.), and the Connecticut Unfair Insurance Practices Act (Conn. Gen. Stat. §§ 38a-815 et seq.). 
  
 COMPLIANCE AND REPORTING 
  
 21. HRH shall establish a Business Practices Committee of the Board of Directors of HRH which shall review HRH’s
compliance with the standards of conduct regarding commissions, Additional Compensation, and Contingent Compensation and shall report on a semi-annual basis to the Board of Directors the results of its reviewing activities for a period of five (5)
years from the date of this Agreement. 
  
 22. HRH shall maintain
a record of all written complaints received from HRH clients concerning commissions, Additional Compensation, and Contingent Compensation, which shall be provided to the Business Practices Committee of the Board of Directors prior to its semi-annual
report, and to the Commissioner annually for a period of five (5) years commencing from the date of this Agreement. 
  
 23. The Business Practices Committee of the Board of Directors of HRH shall file annual written reports with the Commissioner on compliance with the
standards of conduct regarding compensation arrangements for five (5) years beginning with the 2006 
  

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 calendar year, which reports shall include the amount of each form of compensation and Contingent Compensation received
by HRH from each insurer with which it placed insurance during the preceding calendar year. 
  
 COOPERATION WITH THE COMMISSIONER 
  
 24. At the Commissioner’s discretion, HRH shall be subject to annual examination by the Commissioner for five (5) years at HRH’s expense beginning in 2005. HRH shall fully cooperate with the Commissioner in
such examinations. HRH shall additionally provide private, secure office space, photocopying equipment, and any other administrative or clerical resources reasonably necessary to assist in any examination, as well as all relevant data, provided upon
request by the Commissioner in electronic or computerized format. The Commissioner may coordinate such examinations with other states. 
  
 COOPERATION WITH THE ATTORNEY GENERAL AND THE COMMISSIONER 
  
 25. HRH shall fully and promptly cooperate with the Attorney General and the Commissioner with regard to their ongoing
investigations of compensation practices in the insurance and insurance brokerage and agency industries, any related proceedings and actions, and of any other person, corporation or entity related to such investigations, including, but not limited
to, HRH’s current and former employees. HRH shall use its best efforts to ensure that all its officers, directors, employees, and agents fully and promptly cooperate with the Attorney General’s and the Commissioner’s investigations of
insurance and insurance brokerage and agency compensation practices and related proceedings and actions. Cooperation shall include without limitation: a) acceptance of service of subpoena(s) and production pursuant thereto of any information and all

  

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 documents or other tangible evidence reasonably requested by the Attorney General or the Commissioner, and any
compilations or summaries of information or data that the Attorney General or the Commissioner reasonably requests be prepared, subject only to the receipt of reasonable assurances of confidential treatment of such information produced without
service of subpoena; b) without the necessity of a subpoena, having HRH’s officers, directors, employees and agents attend any proceedings at which the presence of any such persons is requested by the Attorney General or the Commissioner, and
having such persons answer any and all inquiries that may be put by the Attorney General (or any of the Attorney General’s deputies, assistants or agents) or the Commissioner to any of them at any proceedings or otherwise
(“proceedings” shall include, but are not limited to, any meetings, interviews, depositions, hearings, grand jury hearing, trial or other proceedings); c) fully, fairly and truthfully disclosing all information and producing all records
and other evidence in its possession relevant to all inquiries reasonably made by the Attorney General or the Commissioner concerning any fraudulent conduct whatsoever about which it has any knowledge or information; d) in the event any document is
withheld or redacted on grounds of privilege, work-product, or other legal doctrine, a statement shall be submitted in writing by HRH indicating: i) the type of document; ii) the date of the document; iii) the author and recipient of the document;
iv) the general subject matter of the document; v) the reason for withholding the document; and vi) the Bates number or range of the withheld document. The Attorney General or the Commissioner may challenge such claim in any forum of its choice and
may, without limitation, rely on all documents or communications theretofore produced or the contents of which have been described by HRH, its officers, directors, 
  

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 employees, or agents; and e) HRH shall not knowingly jeopardize the confidentiality of any aspect of the Attorney
General’s Investigation or the Commissioner’s Investigation, including sharing or disclosing evidence, documents, or other information with others during the course of the investigation, without the consent of the Attorney General and the
Commissioner. Nothing herein shall prevent HRH from providing such evidence to other regulators or as otherwise required by law, or from defending itself in connection with any other judicial or regulatory proceeding or investigation. 
  
 OTHER PROVISIONS 
  
 26. The Commissioner may take regulatory action to enforce this Agreement.
The Commissioner may investigate or take regulatory action against any current or former HRH employee who is licensed by the Commissioner. 
  
 27. HRH shall not seek or accept, directly or indirectly, indemnification pursuant to any insurance policy, with regard to any or all of the amounts
payable pursuant to this Agreement and the WHUSA Stipulation.  
  
 28. Upon execution of this Agreement by all parties, the Attorney General will immediately file a Withdrawal with prejudice, in the form attached as Exhibit C, in the Connecticut Superior Court voluntarily withdrawing the Complaint with
prejudice. 
  
 29. This Agreement is not intended to disqualify
HRH, or any current employees of HRH, from engaging in any business in Connecticut, or in any other jurisdiction. Nothing in this Agreement shall relieve HRH’s obligations imposed by any applicable state insurance law or regulations or other
applicable law. 
  
 30. This Agreement shall not confer any rights
upon any persons or entities besides the Attorney General, the Commissioner, and HRH. 
  

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 31. HRH shall maintain custody of, or make arrangements to have maintained, all documents and records of
HRH related to this matter for a period of not less than six (6) years. 
  
 32. The Attorney General and/or the Commissioner may make such application as appropriate to enforce or interpret the provisions of this Agreement, or in the alternative, maintain any action within their legal authority for such other and
further relief as either the Attorney General and/or Commissioner may determine in their sole discretion is proper and necessary for the enforcement of this Agreement. The exclusive forum for resolving any disputes under this Agreement shall be the
Superior Court of the State of Connecticut, or the Connecticut Insurance Department as required by law. If compliance with any aspect of this Agreement proves impracticable, HRH reserves the right to request that the parties modify the Agreement
accordingly. 
  
 33. The parties to this Agreement will use good
faith and best efforts in implementing the terms of this Agreement and resolving any unanticipated issues. 
  
 34. In any application, legal action or proceeding, facsimile transmission of any papers to current counsel for HRH shall be good and sufficient service
on HRH unless HRH designates, in a writing to the Attorney General, another person to receive service by facsimile transmission. 
  
 35. This Agreement shall be governed by the laws of the State of Connecticut without regard to conflict of laws principles. 
  
 36. This Agreement may be executed in counterparts. 
  
 WHEREFORE, the following signatures are affixed hereto on this 31st
day of August, 2005. 
  

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	RICHARD BLUMENTHAL	 	SUSAN F. COGSWELL
		
	 /s/ Richard Blumenthal

	 	 /s/ Susan F. Cogswell

	Attorney General	 	Insurance Commissioner
	State of Connecticut	 	State of Connecticut
	55 Elm Street	 	P.O. Box 816
	Hartford, Connecticut 06141	 	Hartford, Connecticut 06142-0816

  

			
	HILB ROGAL & HOBBS COMPANY
		
	By:	 	 /s/ Martin L. Vanghan III

	 	 	Martin L. Vanghan III
	 	 	Chairman & CEO of HRH
		
	By:	 	 /s/ David Craig Landin

	 	 	David Craig Landin
	 	 	John W. Woods, Jr.
	 	 	Hunton & Williams LLP
	 	 	Riverfront Plaza, East Tower
	 	 	951 East Byrd Street
	 	 	Richmond, Virginia 23219-4074
	 	 	(804) 788-8200
	 	 	Attorneys for Hilb Rogal & Hobbs Company
		
	By:	 	 /s/ Ross H. Garber

	 	 	Ross H. Garber
	 	 	Shipman & Goodwin LLP
	 	 	One Constitution Plaza
	 	 	Hartford, CT 06103-1919
	 	 	(860) 251-5218
	 	 	Attorneys for Hilb Rogal & Hobbs Company

  

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 EXHIBIT A 
  
 GENERAL RELEASE 
  
 This RELEASE (the “RELEASE”) is executed this      day of
                    , 200   by RELEASOR (defined below) in favor of RELEASEE (defined below). 
  
 DEFINITIONS 
  
 “RELEASOR” refers to [fill in name
                    ] and any of its affiliates, subsidiaries, associates, general or limited partners or partnerships, predecessors,
successors, or assigns, including, without limitation, any of their respective present or former officers, directors, trustees, employees, agents, attorneys, representatives and shareholders, affiliates, associates, general or limited partners or
partnerships, heirs, executors, administrators, predecessors, successors, assigns or insurers acting on behalf of RELEASOR. 
  
 “RELEASEE” refers to Hilb Rogal & Hobbs Company and any of its subsidiaries, affiliates, associates, general or limited partners or
partnerships, predecessors, successors, or assigns, including, without limitation, any of their respective present or former officers, directors, trustees, employees, agents, attorneys, representatives and shareholders, affiliates, associates,
general or limited partners or partnerships, heirs, executors, administrators, predecessors, successors, assigns or insurers. 
  
 “AGREEMENT” refers to a certain agreement among RELEASEE, the Attorney General of the State of Connecticut (the “Attorney General”),
and the Insurance Commissioner of the State of Connecticut (the “Commissioner”) dated August 31, 2005, relating to an action commenced against RELEASEE by the Attorney General dated August 31, 2005 captioned The State of Connecticut
against Hilb Rogal & Hobbs Company (the “Complaint”), and an investigation by the Commissioner relating to same (the “Investigation”). 
  

RELEASE 
  
 1. In consideration for the total payment of $             in accordance with the terms
of the Agreement, RELEASOR does hereby fully release, waive and forever discharge RELEASEE from any and all claims, demands, debts, rights, causes of action or liabilities whatsoever, including known and unknown claims, in law, equity or otherwise,
whether under state, federal or foreign statutory or common law, and whether possessed or asserted directly, indirectly, derivatively, representatively or in any other capacity (collectively, “claims”), only to the extent any such claims
are based upon or arise out of, in whole or in part, any of the allegations, acts, omissions, transactions, or events that are the subject of the Complaint and the Investigation and occurring up to the date of the Agreement, except for claims which
are based upon, arise out of or relate to the purchase or sale of RELEASEE securities, and claims based upon or arising out of conduct by RELEASEE after the date of the Agreement. 

 2. In the event that the total payment referred to in paragraph 1 is not made for any reason, then this
RELEASE shall be null and void, provided that any payments received by RELEASOR shall be credited to RELEASEE in connection with any claims that RELEASOR may assert against RELEASEE, or that are asserted on behalf of RELEASOR or by a class of which
RELEASOR is a member, against RELEASEE. 
  
 3. This RELEASE may
not be changed orally and shall be governed by and interpreted in accordance with the laws of the State of Connecticut, without giving effect to choice of law principles, except to the extent that federal law requires that federal law governs.

  
 4. RELEASOR represents and warrants that the claims have not
been sold, assigned or hypothecated in whole or in part. 
  

			
	Dated:	 	  

	RELEASOR:	 	  

	By:	 	  

	Print Name:	 	  

	Title:	 	  

  

 2 

 EXHIBIT B 
  
 HRH AGENCY CUSTOMER BILL OF RIGHTS 
  
 As an HRH agency customer, you have the right to know: 
  

	 	•	 	That HRH, like other insurance agents, represents insurance companies and is paid by insurance companies for selling insurance to clients like you. 

  

	 	•	 	All fees and commissions that HRH will earn on the sale of your insurance. Simply ask your HRH representative. 

  

	 	•	 	That HRH earns a commission based on a percentage of the premium you pay to the insurance company. HRH, like other insurance agents, may also be paid additional amounts by insurance
companies based on other factors, such as the number of policies placed or renewed with an insurer, the amount of premiums paid, or the loss histories of clients placed or renewed with an insurer. 

  

	 	•	 	HRH’s commissions are built into the cost of your insurance. 

  

	 	•	 	That HRH, like other insurance agents, may receive compensation for placing your insurance from other intermediaries, such as wholesalers and premium finance companies, which may or
may not be affiliated with HRH. That compensation may be in the form of commissions, administrative fees, placement fees, interest, or other compensation. 

  

	 	•	 	That insurance companies with which you may be placed may offer incentives and rewards to HRH, such as trips and entertainment. 

  

	 	•	 	That HRH may earn interest on your premiums before paying your premium to the applicable insurance companies. 

  

	 	•	 	Which insurers competed for your business and see in writing what prices they offered or whether they declined to make an offer. Simply ask your HRH representative.

  

			
	Received by:	 	 
		
	  

	 	  

	DATE	 	CLIENT
		
	  

	 	  

	DATE	 	HRH EMPLOYEE

					
	EXHIBIT C
	 WITHDRAWAL
 JD-CV-41 Rev 10-01
  
 COMPLETE ALL SECTIONS
BELOW
	 	 STATE OF CONNECTICUT
 SUPERIOR COURT
 www.jud.state.ct.us
	 	 DOCKET NO
   #

	 	 	 RETURN DATE
   9/20/05

  

																
	 NAME OF CASE (FIRST-NAMED PLAINTIFF VS. FIRST-NAMED DEFENDANT)
     State of Connecticut vs. Hilb Rogal & Hobbs Company
  

	 x
	  	 Judicial
 District
	  	 ̈	  	 Housing
 Session
	  	 ̈	 	  	G.A. No.             	    	 ADDRESS OF COURT (No., street, town and zip code)
 95
Washington Street, Hartford, CT 06106

  

															
	SECTION I (check only one box) THIS WITHDRAWAL IS BEING FILED BECAUSE THE DISPUTE HAS BEEN RESOLVED BY:

  

																
	          I. COURT-ANNEXED ADR	  	II. COURT INTERVENTION
	                411088	  	 ̈	  	Early Intervention	  	      411098	  	 ̈	 	  	Pretrial Conference
	411089	  	 ̈	  	Early Neutral Evaluation	  	411099	  	 ̈	 	  	Trial Management Conference
	411090	  	 ̈	  	Attorney Trial Referee	  	411100	  	 ̈	 	  	Commencement of Trial         (court trial - first witness sworn;
	411091	  	 ̈	  	Fact-Finding	  	 	  	 	  	 	 	  	                                       
         jury trial - trial jurors sworn)
	411093	  	 ̈	  	Arbitration	  	 	  	III. PRIVATE ADR
	411094	  	 ̈	  	Mediation	  	 	  	411102	  	 ̈	 	  	Provider Name:	 	 
	411095	  	 ̈	  	Special Masters	  	 	  	 	 	  	_______________________________________
	411096	  	 ̈	  	Summary Jury Trial	  	IV. OTHER
	 	  	 	  	 	  	 	  	411103	  	x	 	  	Discussion of Parties on Their Own
	 	  	 	  	 	  	 	  	415602	  	 ̈	 	  	Unilateral Action of Party(ies)

  

			
	 SECTION II
                                        
                              WITHDRAWAL

  

															
	(Do not check the following two boxes if any intervening complaints, cross complaints, counterclaims, or third party complaints remain pending in this case. See below for partial
withdrawal of action)

  

	
	DISPOSITIVE

													
							
	     (WDACT)
	 	x	 	The Plaintiff’s action is WITHDRAWN AS TO ALL DEFENDANTS without costs to any party.	  	 	  	 	  	 	  	 
	     (WOARD)
	 	 ̈	 	A judgment has been rendered against Defendant(s):	  	 	  	 	  	 	  	 
							
	 	 	 	 	____________________________________________________________________________________________	  	 	  	 	  	 	  	 
	 	 	 	 	and the Plaintiff’s action is WITHDRAWN AS TO ALL REMAINING DEFENDANTS without costs	  	 	  	 	  	 	  	 

  

					
	PARTIAL
	 	 	The	 	 
	 (WDCOMP)
	 	 ̈	 	Complaint
	 (WDCOUNT)
	 	 ̈	 	Counts of the
complaint:                                      
                                        
                                        
                       
	 (WDINTCO)
	 	 ̈	 	Intervening Complaint
	 (WDTHPC)
	 	 ̈	 	Third Party Complaint
	 (WAPPCOM)
	 	 ̈	 	Apportionment Complaint
	 (WDCC)
	 	 ̈	 	Cross Complaint (cross claim)
	 (WOC)
	 	 ̈	 	Counterclaim
	 (WOAAP)
	 	 ̈	 	Plaintiff(s):                                    
                                        
                                        
                                     
	 (WOAAD)
	 	 ̈	 	Complaint against defendant(s):
                                        
                                        
        Only w/o costs
			
	 	 	 ̈	 	Other:
                                        
                                        
                                        
                                
	 	 	in the above entitled action is withdrawn.

  
 ________________________________________________________________________________________________________________________________________________________________ 

															
	 SIGNATURE REQUIRED
	  	 	  	 	  	 	  	 	  	 

  

															
	 Plaintiff
	  	State of Connecticut	  	;	  	 	  	 	  	By	  	/s/ Matthew J. Budzik	  	Attorney
	  
 Plaintiff
	  	 	  	;	  	 	  	 	  	By	  	 Matthew J. Budzik, Asst. Atty. General
  
	  	Attorney
								
	 Defendant
	  	 	  	;	  	 	  	 	  	By	  	 	  	Attorney
								
	 Defendant
	  	 	  	;	  	 	  	 	  	By	  	 	  	Attorney
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 

  

					
	 NAME & ADDRESS
 OF SIGNER:
	 	Matthew J. Budzik, Asst. Atty. General, Attorney General’s Office, 55 Elm Street, Hartford, CT 06106

  

			
	 SECTION III
                                        
                              CERTIFICATION

  

							
	I hereby certify that a copy was mailed/delivered to all counsel and pro se parties of record on:	  	DATE
8/31/05	  	 SIGNED (Individual attorney or pro se party)
 /s/ Matthew
J. Budzik
	  	PHONE NO. (Area code first)
860/808-5040

  

			
	 NAME OF EACH PARTY SERVED*
 Ross H. Garber, Esq., Shipman
& Goodwin LLP
	  	 ADDRESS AT WHICH SERVICE WAS MADE*
 One Constitution
Plaza, Hartford, CT 06103-1919

  

	*	if necessary, attach additional sheet with names of each party served and the address at which service was made.Stipulation and Consent Order

 Exhibit 10.2 
  

					
	

	  	 STATE OF CONNECTICUT
  
 INSURANCE DEPARTMENT
	  	 

  

					
	IN THE MATTER OF:	  	)	  	 
	 	  	)	  	 
	 HILB ROGAL & HOBBS
	  	)	  	 
	 Company
	  	)	  	 Docket No.: MC05-90

	 and
	  	)	  	 
	 HILB ROGAL & HOBBS of
	  	)	  	 
	 Connecticut, LLC
	  	)	  	 

  
 STIPULATION AND CONSENT
ORDER 
  
 It is hereby stipulated and agreed between the Insurance
Commissioner of the State of Connecticut (the “Commissioner”), Hilb Rogal & Hobbs Company and Hilb Rogal & Hobbs of Connecticut, LLC (collectively referred to as the “Respondents”) to wit: 
  
 ARTICLE I 
  
 WHEREAS, the Commissioner in cooperation with the Attorney General has conducted an investigation into the market conduct
and insurance practices of the Respondents; 
  
 WHEREAS, pursuant
to such investigation, the Commissioner is contemplating commencing an administrative action against the Respondents and, in that respect, she is prepared to allege the following: 
  
 1. 
  
 Hilb Rogal & Hobbs Company is the parent company of Hilb Rogal & Hobbs of Connecticut, LLC (referred to as “HRH-CT”), an entity
currently licensed as an insurance producer, license number 001061083, by the State of Connecticut Insurance Department, hereinafter referred to as “Department.” HRH-CT conducts business in Connecticut and operates as the Connecticut
subsidiary of Hilb Rogal & Hobbs Company through an office located at 10 State House Square, Hartford, Connecticut. 
  
 2. 
  
 HRH-CT shared compensation, commissions or other valuable consideration with Women’s Health USA, Inc. (“WHUSA”) in connection with, and as
an inducement for, the sale of professional liability insurance policies notwithstanding that HRH-CT knew or should have known that it was illegal for licensed producers to (a) share compensation relating to the sale, solicitation or negotiation of
insurance in this state with unlicensed persons prior to September 1, 2002; and (b) pay or allow, or offer to pay or allow, as inducement to insurance, any rebate of premium payable on insurance policies or any other valuable consideration not
specified in the policy itself. 
  
 www.ct.gov/cid 

 P.O. Box 816 Hartford, CT 06142-0816 
 An Equal Opportunity Employer 

 3. 
  
 HRH-CT breached its duty of good faith and fair dealing by failing to timely disclose to WHUSA, an entity acting as a third party administrator for a
physicians’ group residing in Connecticut, the nature and extent of the compensation that the Respondents were receiving from insurers in connection with the placement of professional liability insurance for such group. 
  
 4. 
  
 HRH-CT failed to have in place practices and procedures to prevent a certain HRH-CT employee from engaging in a pattern of
conduct designed and calculated to deceive and mislead a certain insurance client by deliberately misrepresenting the true amount of compensation that the Respondents would receive from insurers for the placement of the client’s professional
liability policy and, in that respect, misrepresented that: (a) certain of the premiums quoted to such customer were net of commissions when in fact the premium amounts included substantial commissions; and (b) in order to gain the client’s
accounts HRH-CT was willing to forego any compensation from the client and possibly receive no compensation at all for the work performed on the client’s behalf when in fact that employee knew that the premium quoted included adequate
compensation for the efforts to be expended by HRH-CT on the account. 
  
 5. 
  
 Certain HRH-CT employees engaged in a pattern of
conduct designed to conceal certain rebate payments to WHUSA by generating one or more written contracts with WHUSA for fictitious services rendered or to be rendered to the Respondents by WHUSA. 
  
 6. 
  
 The conduct as described above is in violation of former Section 38a-706 of the Connecticut General Statutes and of Sections
38a-815, 38a-816 and 38a-825 of the Connecticut General Statutes, and 38a-819-1 et seq. of the Regulations of Connecticut State Agencies, and constitutes cause, pursuant to Sections 38a-702k, 38a-774, 38a-817 and 38a-818 of the General
Statutes, for the suspension or revocation of insurance licenses issued by the Department and/or for the imposition of fines. 
  
 ARTICLE II 
  
 WHEREAS, the Respondents voluntarily brought to the attention of the Commissioner and of the Attorney General the facts that form the basis of the
allegations contained in Article I of this Stipulation and Consent Order (“Stipulation”); 
  
 WHEREAS, the employment of the individuals responsible for the actions forming the basis of the Commissioner’s allegations has been terminated;

  
 WHEREAS, the Respondents neither admit nor deny the
allegations contained in Paragraphs one through six, inclusive, of Article I of this Stipulation, and enter into this Stipulation prior to the Commissioner commencing any administrative proceedings, or entering any findings of fact or conclusions of
law relating to the Commissioner’s and the Attorney General’s investigation; 
  
 WHEREAS, the Respondents have been cooperating, and will continue to cooperate, with the Commissioner’s and the Attorney General’s investigation; 
  
 WHEREAS, in an effort to avoid the expenses and uncertainty of litigation and/or an administrative proceeding, the
Respondents, without admitting or denying the allegations contemplated by the Commissioner, agree to voluntarily waive: 
  
 a. any right to a hearing; 

 b. any requirement that the Commissioner’s decision contain a statement of findings of fact and
conclusions of law; and 
  
 c. any and all rights to object to or
challenge before the Commissioner or in any judicial proceedings any aspect, provision or requirement of this Stipulation. 
  
 WHEREAS, in an effort to avoid the expense and uncertainty of litigation and/or an administrative proceeding, the Respondents, without admitting or
denying the allegations contemplated by the Commissioner, agree to the following: 
  
 a. To pay to the Department an administrative fine in the amount of two hundred and fifty thousand dollars ($250,000.00) upon execution of this Stipulation; 
  
 b. For a period of three years from the date of execution of this
Stipulation, to provide the Commissioner with quarterly reports detailing HRH-CT’s insurance activities in Connecticut, including information about insurance business written, consumer complaints received and any improper personnel conduct
relating to the issues outlined herein; 
  
 c. To undertake
certain reform measures, as outlined by the terms of an agreement between Hilb Rogal & Hobbs Company, the Commissioner and the Attorney General dated this day, which are designed to identify and prevent the kind of activity that constitutes the
basis of the allegations contained in Article I of this Stipulation; 
  
 d. That the Respondents shall not directly or indirectly engage or attempt to engage in violations of the Connecticut Unfair Insurance Practices Act, General Statutes §§ 38a-815 et seq. or of the conditions of this
Stipulation; 
  
 e. That nothing in this Stipulation shall relieve
the Respondents’ obligations imposed by any applicable state insurance law or regulation; 
  
 f. That should the Respondents violate the Connecticut Unfair Insurance Practices Act or any condition of this Stipulation, the Commissioner shall commence immediate administrative proceedings to impose administrative
sanctions, up to and including revoking their insurance licenses in Connecticut, and in that respect the Commissioner may take into account the allegations contemplated in this Stipulation; 
  
 WHEREAS, the Commissioner will cease any and all proceedings or other
administrative action related to the matters stated herein contemplated against the Respondents as of the date of execution of this Stipulation. 
  
 WHEREAS, it is understood and agreed that this Stipulation represents a compromise of disputed claims and is not to be construed as an admission of
liability on the part of Respondents, nor is it intended to be used for any other purpose; 
  
 WHEREAS, this Stipulation shall not be construed as limiting, curtailing, preempting, restricting or otherwise modifying any rights of third parties in connection with the Respondents’ activities alleged herein.

 NOW THEREFORE, upon consent of the parties, it is hereby agreed and ordered: 
  
 1. That the Commissioner has jurisdiction over the Respondents and over the
subject matter of this administrative proceeding; 
  
 2. That the
Respondents shall pay to the Department an administrative fine in the amount of $250,000.00 upon execution of this Stipulation; 
  
 3. That the Respondents shall provide the Commissioner with quarterly reports outlining HRH-CT’s insurance activities in Connecticut for a period of
three years from the date of execution of this Stipulation; 
  
 4. That, should the Respondents violate the Connecticut Unfair Insurance Practices Act or any condition of this Stipulation, the Commissioner may take immediate regulatory action to impose administrative sanctions, up to and including
revocation of the Respondents’ Connecticut insurance licenses if warranted, and in that respect the Commissioner may take into account the allegations contemplated in this Stipulation. 
  
 Consented and agreed to this 31st day of August, 2005. 
  
 HILB ROGAL & HOBBS COMPANY and 
 HILB ROGAL AND HOBBS OF CONNECTICUT, LLC 
  

			
	 By:
	 	 /s/ Martin L. Vanghan III

	 	 	 Martin L. Vanghan III

	 	 	 Chairman & CEO, HRH

	 	 	 Vice President, HRH-CT

 SO ORDERED on this 31st day of August, 2005 at Hartford, CT 
  
 SUSAN F. COGSWELL 
 /s/ Susan F. Cogswell

 Insurance Commissioner 
 State of Connecticut

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