New York Attorney General Eliot Spitzer and Acting New York State Insurance Superintendent Howard Mills, together with Connecticut Attorney General Richard Blumenthal, Illinois Attorney General Lisa Madigan and Illinois Acting Director of Insurance Deirdre Manna, today announced an agreement with …
Aon Corporation acknowledged the settlement it reached with officials in three states over investigations that questioned the large brokerage firm’s receipt of contingent commissions from insurers by apologizing for but not admitting to any wrongdoing. Aon officials also noted that …
Giant insurance broker Marsh, battered by regulators, soft market prices and competitors in 2004, plans on dropping thousands of unprofitable U.S. middle and small market accounts as it implements its new business model and ends its reliance upon controversial contingent …
Assemblyman Ryan Scott Karben (D/I-Rockland), a majority member of the New York State Assembly’s Insurance Committee, has introduced a legislative package on agent and broker compensation that would require disclosure and impose a standard of “reasonable care” upon producers. Karben’s …
General Reinsurance, a subsidiary of Berkshire Hathaway Inc., has been subpoenaed in an investigation of Reciprocal of America, a former Virginia-based professional liability insurer whose collapse is considered one of the largest insurance fraud cases in that state’s history. The …
Marsh & McLennan Companies, Inc. (MMC) in New York reported financial results for the quarter and year ended Dec. 31, 2004, citing a big loss in the fourth quarter due to the settlement with New York Attorney General Eliot Spitzer, …
Legislators will examine options to address broker compensation and disclosure concerns during a National Conference of Insurance Legislators’ general session scheduled March 5 in Hilton Head, N.C.. The discussion, entitled “Broker Compensation: Impact on the Insurance Market” will be followed …
The American Federation of State, County and Municipal Employees Pension Plan has filed suit against American International Group (AIG) in U.S. District Court for the Southern District of New York seeking to alter the process for adding directors to AIG’s …
New York Attorney General Eliot Spitzer said today that a former senior executive of Marsh, Inc. has pleaded guilty to criminal charges in connection with an ongoing investigation of fraud and bid rigging in the insurance industry. The complaint identifies …
The decisions of two of the largest insurance brokers to sell off their wholesale divisions is a reaction to the Spitzer investigations and could be a sign of more to come, according to insurance merger specialists. “This is absolutely defensive,” …
