California Regulator Is Suing Four Insurers and a Broker It Says Received Kickbacks
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The California insurance commissioner said on Wednesday night that the broker had agreed to cooperate in developing a case against the insurers.
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Description: Probes of the nation&#39;s insurance industry widen, as California joins New York in investigating insurance sales practices.
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Insurance brokers required to provide competing bids to customers seeking the best deal have been taking payoffs from insurance companies to rig the system in widespread corruption in the industry, New York Attorney General Eliot Spitzer charged Thursday.
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Preliminary investigations in New York, Connecticut and California suggest that insurance companies frequently pay insurance brokers and agents undisclosed compensation -- including cash, loans, stock and exotic trips -- for steering health, automobile and other retail insurance business to them, state officials told Congress yesterday.
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New York Attorney General Eliot Spitzer on Friday widened his investigation of the insurance business, this time suing a broker that allegedly took kickbacks from big life insurers.
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Eliot Spitzer, the New York state attorney general, yesterday accused the world&#39;s largest insurance broker of cheating customers by rigging prices and steering business to insurers in exchange for millions of dollars in kickbacks.
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New York Attorney General Eliot Spitzer is launching a suit against insurance broker Marsh &amp; McLennan Cos., charging it engaged in market manipulation at the cost of insurance buyers, according to a source familiar with the situation.
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Brokers required to provide competing bids have been taking payoffs from insurance companies, New York's attorney general charged today.
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California Insurance Commissioner John Garamendi has sued MetLife, Prudential Financial Inc., Cigna Corp., and UnumProvident Corp.
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The state of California is suing six carmakers for damages, accusing them of contributing to global warming.
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The state of California sued brokerage Edward D. Jones & Co. on Monday over improper marketing of mutual funds, and criticized a &#36;75 million settlement deal between the company and other regulators.
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New York Attorney General Eliot  Spitzer on Friday filed suit against Universal Life Resources  (ULR), charging the life and disability insurance broker with  taking fraudulent kick-backs for steering business to certain  insurers.
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Connecticut Attorney General Richard Blumenthal yesterday sued insurance brokerage giant Marsh &amp; McLennan Inc. and a unit of the Bermuda-based ACE Ltd. insurance company for alleged illegal commissions in connection with an $80 million state contract.
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California filed a lawsuit yesterday accusing the brokerage house Edward D. Jones &amp; Co. of accepting $300 million in improper payments to push its clients toward certain mutual funds.
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New York Attorney General Eliot Spitzer on Friday filed suit against Universal Life Resources (ULR), charging the life and disability insurance broker with taking fraudulent kick-backs for steering business to certain insurers
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U.S. regulators sued the former general counsel of Juniper Networks and KLA-Tencor, making her the first person targeted for fraudulently backdating stock options at more than one company.
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Marsh &amp; McLennan Cos. (MMC.N: Quote, Profile, Research) , the insurance broker accused by New York&#39;s Attorney General Eliot Spitzer of bid-rigging fraud, on