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Oregon is joining insurance regulators in other states to look into allegations of bid-rigging, price-fixing, and payoffs involving insurance brokers and insurance companies.
Regulators are investigating the charges that insurance brokers steered business to favored insurance companies through use of false bids so that they could take advantage of contingent commissions paid by those companies. These types of practices may have resulted in increased insurance costs for individuals and businesses.
Administrator, Joel Ario, of Oregon's Department of Consumer and Business Services Insurance Division says "we've been concerned about issues with broker commissions for some time... in fact, the Insurance Division currently has draft rules in circulation that would increase disclosure requirements to make certain that businesses and consumers are fully informed of how their broker is compensated and any conflicts of interest that may exist."
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