Insurers Feel Pressure, Drop Commissions
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In the four days since New York Attorney General Eliot L. Spitzer alleged that brokers and corporate insurance carriers were engaged in bid-rigging and secret payoffs
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When Nonnie S. Burnes was appointed insurance commissioner in February, the industry group pushing for auto insurance competition in Massachusetts thought all was lost.
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Corporations are eye-balling their insurance policies and payments more closely these days, in light of alleged broker kick-backs and bid-rigging uncovered by New York&#39;s attorney general.
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The insurer said difficulties in valuing a credit derivatives portfolio had triggered auditor questions over its internal controls, sending its shares down more than 11 percent.
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Leading London shares ended under pressure, close to session lows, as caution ahead of a US rate decision added to weakness in heavyweight insurers.
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THE REGION State regulators heard testimony again on a new system for apportioning among automobile insurers those drivers that no company wants to cover voluntarily. The so-called assigned-risk plan was put in place at the end of the Romney administration, but Governor Deval Patrick put it on hold so a study group appointed by his administration could review it. The ...
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One or two insurance companies might not have the financial wherewithal to survive this year&#39;s hurricane season in Florida, said several top industry officials and state regulators.
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The Securities and Exchange Commission yesterday ordered mutual funds to stop paying higher commissions to brokers who promote the companies&#39; funds.
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America&#39;s largest insurer is in hot water again with regulators. American International Group (AIG ) said on Oct. 4 that officials at the Securities &amp; Exchange Commission and the Justice Dept.
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A day after coming under regulatory fire for taking incentive fees from insurers, the Marsh & McLennan Companies said that it would halt the practice.
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J&J gets dragged down by restructuring charges.
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The insurance broker accused by the New York attorney general of bid rigging and price fixing faces another threat: lawsuits filed by angry customers and the company&#39;s own shareholders, who are upset the company&#39;s stock has plummeted.
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The accessory line weighs down the company's overall margins.
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The fall can be an anxious time for employees, as companies hold their annual open enrollment periods and invite workers to choose benefits from a complex range of health insurance, disability coverage, and retirement savings alternatives.
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The state's automobile insurers say they are likely to ask for a rate decrease next year if the Patrick administration decides to continue regulating the prices they can charge.
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Two major insurance companies named in the New York attorney general&#39;s investigation into questionable sales practices have discontinued the use of incentive fees, which are at the center of the probe.
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California&#39;s insurance regulator has unveiled new rules to prevent brokers from taking secret commissions to steer customers to certain policies.