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According to The Wall Street Journal, The Connecticut Attorney General issued 42 subpoenas to the largest insurance companies and insurance brokers in the United States. None of the companies have been named by the attorney general.
Aegon announced publicly on November 11, 2004 that it was one of the insurers that had been subpoenaed by the Connecticut Attorney General. According to Financial Times, that request was in addition to requests from several other unnamed states. The inquires appeared to be reaching into the group life insurance market, as this is the area that Aegon has a presence. Previously, the investigations have focused on the property and casualty markets, where Aegon does not have a presence.
According to the Journal, the subpoenas request that the companies identify instances of bid-rigging or bid information being shared between companies. This possibly indicates that the Attorney General's investigation into bid-rigging and price fixing has not directed at any specific targets yet.
The Attorney General has "reason to believe" that firms or agents engaged in "restraint of trade" by "(a) fixing, controlling or maintaining prices, rates, quotations, or fees for insurance or (b) allocating or dividing customers or territories for insurance, or (c) bid rigging." There is also a request included for any documents pertaining to contingent commissions or "placement service agreements."
If you purchased insurance through or were a stockholder in any insurance broker, even if not listed above, please use the form below to contact our law firm for a free consultation to determine if you have a claim as a result of purchasing overpriced insurance.
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