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The director of the Arizona Department of Insurance (ADOI), Christina Urias, is joining insurance regulators in other states to review allegations of bid-rigging and price-fixing between insurance brokers and insurance companies.
"We need to hear from Arizona businesses who have reason to believe they may have been the victim of bid-rigging or price fixing by an insurance broker," said Urias. "I encourage risk managers to review their insurance procurement documents and other quoting records to evaluate the possibility of fraudulent or improper practices..."
In light of the seriousness of these recent allegations, the ADOI is coordinating efforts with the Arizona Attorney General's office and with the National Association of Insurance Commissioners to obtain and uniformly centralize data from insurers and brokers on this issue to ensure a coordinated effort for the protection of insurance consumers in Arizona and across the country.
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