NEW YORK - Chicago insurance broker Aon Corp. (AOC) is hammering out final details of an agreement to settle investigations by three states into whether its business practices cheated customers, and a deal could come as soon as today, Friday's Wall Street Journal reported.

After significant progress in recent days, Aon is expected to sign a settlement costing it nearly $200 million with the state attorneys general and insurance departments in New York, Illinois and Connecticut, according to a person familiar with the situation.

As it stands, all settlement payments would go to a restitution fund for Aon clients. The firm wouldn't pay a fine or admit wrongdoing. The terms hew closely to the structure of the $850 million deal that rival Marsh & McLennan Cos . (MMC) signed at the end of January to settle bid-rigging charges brought against it by New York. It wasn't clear whether Aon, like Marsh, would agree to apologize to its clients. Marsh is the world's largest insurance broker; Aon ranks second.

Aon has said it is cooperating with the inquiries. Thursday, spokespeople for Aon and the regulators' offices declined comment on the status of the negotiations. In reporting its fourth-quarter earnings earlier this year, Aon took a $50 million charge toward settlement costs, cautioning that the figure could prove too low.

Wall Street Journal Staff Reporters Ian McDonald and Theo Francis contributed to this report. Dow Jones Newswires 03-04-05 0018ET Copyright (C) 2005 Dow Jones & Company, Inc. All Rights Reserved.