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N.Y. Insurance Department Questioned Contingent Fees Since 1998
While it did not begin appearing in news headlines until last October when charges were brought against Marsh, the controversy over brokerage contingent fees has actually been simmering for more than a half dozen years in New York insurance circles...
Marsh To Pay Out $850 Million Settlement
Marsh & McLennan is setting up an $850 million restitution fund as part of a settlement with New York Attorney General Eliot Spitzer over allegations the firm engaged in an illegal insurance industry kickback and bid-rigging scheme...
Spitzer to Pursue Brokers at Highest Level
New York Attorney General Eliot Spitzer, leading a broad probe into insurance industry fraud and price-fixing, said Friday he intends to pursue criminal charges against executives as high as possible up the corporate ladder...
New York Attorney General Sues Universal Life Resources
New York Attorney General Eliot Spitzer widened his investigation of the insurance business by suing Universal Life Resources (ULR) for allegedly taking kickbacks from big life insurers. The civil fraud suit against the California based ULR alleges that they took "undisclosed payments" from insurance firms selling life, accident and disability policies to corporations...
Two Hartford Employees Fired for Not Cooperating with Investigation
According to The Wall Street Journal, Hartford Financial Services Group Inc. dismissed two underwriters because they were not cooperating with New York Attorney General Eliot Spitzer's insurance industry investigation...
Three More Execs Plead Guilty in Insurance Probe
A former managing director of Marsh & McLennan and two officials of an American International Group (AIG) underwriting unit pleaded guilty on February 15 to criminal charges arising from New York Attorney General Eliot Spitzer's investigation of fraud and bid-rigging in the insurance industry...
A Marsh and McLennan insurance broker pleaded guilty to a felony related to fraud and bid rigging and agreed to cooperate in the broad investigation of industry practices, the New York state attorney general's office said...
Zurich Insurance Underwriters Plead Guilty
Two senior underwriters from Zurich America Insurance Company have pleaded guilty to criminal charges in connection with a bid rigging scheme, New York Attorney General Eliot Spitzer announced...
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