Compensation issues that have been raised in the wake of the recent actions by New York Attorney General Eliot Spitzer were discussed recently by Georgia Insurance Commissioner John Oxendine, Len Brevik, executive vice president and CEO of the National Association …
Marsh & McLennan Companies Inc. (MMC) today revealed it would lay off about 3,000 employees to reduce annual expenses by $400 million. About three-quarters of the layoffs will occur in the insurance and risk management sectors, the company said in …
In an effort to obtain a better look at insurance contracts with state agencies and any impact on public dollars, Tom Gallagher, Florida Chief Financial Officer, has subpoenaed Marsh & McLennan for documents related to the purchase of property insurance …
The National Association of Professional Insurance Agents is lauding the National Association of Insurance Commissioners (NAIC) for moving quickly to address public policy issues in the wake of actions by New York Attorney General Eliot Spitzer. The NAIC has convened …
Chicago-based brokerage giant Aon Corp. announced that it is eliminating its practice of accepting contingent commissions from underwriters. The move most likely is a response to New York Attorney General Eliot Spitzer’s suit against New York-based Marsh for the practice. …
Hurricanes, tornadoes, floods caused a tumultuous summer and shaky fall for the insurance industry, but no one could have predicted the results of Eliot Spitzer’s investigations in New York, which now threaten to spill over into other states. During a …
State insurance commissioners in the southeast and across the United States consulted in a conference call the week after New York Attorney Gen-eral Eliot Spitzer made allegations of rigged bids and price-fixing among commercial brokers and insurance companies. During the …
New York Attorney General Eliot Spitzer’s filing on Oct. 14 of charges against giant insurance broker Marsh for alleged commercial account steering and bid rigging has already had significant impact on Marsh and is expected to reach into the insurance …
By now, you probably are aware that insurance broker Marsh & McLennan Companies Inc. and Marsh Inc. (collectively Marsh) were sued in New York on Oct. 14 based on allegations of engaging in certain illegal business practices, specifically “bid rigging,” …
New York Attorney General Eliot Spitzer’s style of attacking an industry and then settling for money doesn’t sit well with at least one of the country’s insurance commissioners. Lawrence Mirel, insurance commissioner for the District of Columbia, is critical of …
