Calling secret broker commissions a “serious problem that betrays the public’s trust,” California Insurance Commissioner John Garamendi announced new regulations on Oct. 20 to require agents and brokers to disclose any financial incentive they would receive for selling certain insurance …
Standard & Poor’s Ratings Services said on Friday that it is taking “no immediate rating actions” on the three companies – American International Group Inc. (AAA/Stable/A-1+), ACE Ltd. (BBB+/Stable/A-2) and Hartford Financial Services Group Inc. (A-/Stable/A-2) – named in New …
The complete text of New York Attorney General Eliot Spitzer’s complaint against Marsh & McLennan Companies Inc. and Marsh Inc. can be found online at http://access.adobe.com/perl/convertPDF.pl?url=http://www.oag.state.ny.us/press/2004/oct/oct14a_04_attach1.pdf?OpenElement. The complaint reveals explicit details of the investigation, including the names of those who …
After going after a number of big property/casualty and life insurers, New York Attorney General Eliot Spitzer appears to have UnumProvident Corporation on his radar screen too. UnumProvident Corporation (NYSE: UNM) today issued the following statement on broker compensation issues …
The U.K.’s Financial Services Authority (FSA), which oversees Britain’s banks, insurers and financial service providers, is reportedly watching the unfolding of New York Attorney General Eliot Spitzer’s probe of the insurance industry with interest. David Strachan, the FSA’s sector leader …
New York Attorney General Eliot Spitzer’s filing last Thursday 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 brokerage …
ACE Limited President and CEO Evan Greenberg has issued a statement to the Group’s employees concerning the “events of the last few days,” which he said, along with the news reports, had been “deeply concerning for all of us.” Evan …
AIG Chairman Maurice Greenberg today said he does not think the charges brought by New York Attorney General Eliot Spitzer against giant insurance broker Marsh McLennan will hurt his company’s business but that they could lead to more disclosure and …
Marsh & McLennan Companies, Inc. (MMC) announced today that Marsh Inc., its risk and insurance services subsidiary, will immediately suspend its practice of market services agreements (MSA) with insurance carriers. The agreements, also known as placement service agreements (PSA), set …
The Independent Insurance Agents & Brokers of America (the Big “I”), has condemned bid-rigging and steering, and called for disclosure by brokers of placement service agreements. In response to the news of a lawsuit filed Oct. 14 by New York …
