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Broker Compensation/Contingent
Commission
On October 14, 2004, New York
Attorney General Eliot Spitzer filed suit against Marsh & McLennan Cos., alleging that the
nation's largest insurance broker steered clients to insurers who paid Marsh
large contingency fees and that the firm rigged bids so as to produce higher
commissions. Mr. Spitzer also said that the investigation into "fraud and
anti-competitive practices in the insurance industry" will continue.
IIABNY has created this page as a
resource for its members on this situation. We will update it as new information
becomes available.
IIABNY Resources
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Comparison of NY Insurance
Department Drafts With IIABNY Proposal
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Ask Tim Blog
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Timeline of Events
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Testimony by IIABNY
Secretary-Treasurer Sharon Emek, Ph.D., before the NYS Assembly Insurance
Committee (January 7, 2005
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IIABNY Compensation
Disclosure Member Kit (December 1, 2004, Revised April 2007)
This is a MS Word document containing IIABNY's policy on compensation
disclosure, an outline for a customer orientation program, sample disclosure
language, frequently asked questions, and talking points for discussions with
insurance companies. To jump to a specific section from the Table of Contents,
click on the page number.
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IIABNY
opinion-editorial article sent newspapers (November 3, 2004)
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Sample letters to customers
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IIABNY e-mail message to members
(October 22, 2004)
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IIABA Actions
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Legislative/Regulatory Actions
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New York Insurance Department's Second Draft of Producer Compensation
Transparency Regulation (July 8, 2009)
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New York Insurance Department's First Draft of a Producer Compensation
Transparency Regulation (Jan. 29, 2009)
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NCOIL Adopts Model Broker Compensation Bill; Narrower Than NAIC's (March 5, 2005)
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NCOIL Vets Broker Disclosure Model - Stresses Fiduciary Duty (November 30, 2004)
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Florida Attorney General Issues Subpoenas To 11 Insurers (November 16, 2004)
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U.S. Senate Governmental Affairs Committee, Subcommittee on Financial Management, the Budget, and International Security, Oversight Hearing on Insurance Brokerage Practices
(November 16, 2004)
This site contains links to the archived video of the hearing and copies of the witnesses' testimonies. Witnesses included Attorney General Spitzer,
Superintendent Serio, and Alex Soto of IIABA.
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Spitzer Charges Life, Disability Broker With Fraud and Anti-Trust Violations (November 12, 2004)
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Complete text of the N.Y. Attorney General's complaint against Marsh & McLennan
Cos. (October 14, 2004)
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The N.Y. Attorney General's press release announcing the lawsuit against Marsh &
McLennan Cos. (October 14, 2004)
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New York Insurance Department Circular No. 22
(1998)
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News
- Spitzer Sues Liberty Mutual Over Bid-Rigging (May 5, 2006)
- Ace Settles Bid-Rigging Probe (April 26, 2006)
- Zurich Settles Bid-Rigging Probe (March 27, 2006)
- AIG Settles Fraud, Bid-Rigging and Improper Accounting Charges (February 9, 2006)
- Aon Agrees to $190 Million Settlement of Corruption Probe (March 4, 2005)
- AIG and Marsh Executives Plead Guilty To Fraud in Bid-Rigging Case (February 15, 2005)
- Spitzer, SEC Issue More Subpoenas To AIG (February 14, 2005)
- Spitzer: All Marsh Funds To Compensate Insureds (January 31, 2005)
- Marsh To Pay $850 Million in Restitution and Ban Contingent Commissions (January 31, 2005)
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Two Zurich Underwriters Plead Guilty To Bid Rigging Charges (November 16, 2004)
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Zurich
Settlements
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