State and federal regulators on Feb. 9 announced agreements that resolve litigation and investigations of securities fraud, account steering, bid-rigging, improper accounting and under-reporting of workers’ compensation premiums by giant insurer American International Group. Under the agreements, AIG will pay …
The Jack Abramoff lobbying scandal in Washington, D.C., has prompted many to question the appropriateness of legislative lobbying that has become so much a part of American politics. California leads the nation in money spent for lobbying, according to a …
Record $1.6 billion deal ends litigation, creates ‘new path’ for giant AIG State and federal regulators on Feb. 9 announced agreements that resolve litigation and investigations of securities fraud, account steering, bid-rigging, improper accounting and under-reporting of workers’ compensation premiums …
As a federal probe into the insurance industry widens, four former top executives of giants General Re and American International Group are pleading not guilty to fraud and conspiracy charges. The Justice Department has accused the four of orchestrating an …
Marsh & McLennan Companies reported a profit for its fourth quarter 2005, compared to a loss in 2004 when it paid $850 million to settle a lawsuit by New York Attorney General Eliot Spitzer over bid-rigging and account steering. Net …
Those new to property and casualty insurance are reportedly first struck by the cyclical nature of the industry. Generally, extended periods of soft pricing are followed by much shorter periods of hard pricing. After three solid years of price firming, …
State and federal regulators today announced agreements that resolve pending litigation and investigations of fraud, bid-rigging and improper accounting by the nation’s largest insurance company. Under the agreements, American International Group (AIG) has acknowledged misconduct, adopted a series of groundbreaking …
An investigation of Washington insurance brokers and brokerages spawned by a national scandal in the insurance industry has not uncovered criminal or unethical behavior in the state, according to a report released by Insurance Commissioner Mike Kreidler. “I’m pleased to …
New York-Chicago-based Fitch Ratings is predicting stability and growth for the broker industry in 2006, while admitting that earnings will be down in 2005 because of litigation connected to New York Attorney General Eliot Spitzer’s investigation. Fitch’s special report, “Insurance …
That the investigation of New York Attorney General Eliot Spitzer into compensation practices of the nation’s insurance brokers and carriers brought to light the unethical behavior of some bad industry apples was a good thing, according to a panel of …
