USA demand assurances enlargement
New York: An investigation into the insurance business is seen as an extension Eliot Spitzer, the New York State Attorney General, is turning more and more attention on the question of whether American companies and their employees are more pay for life insurance and disability insurance, as it should be.
While the current focus of the investigation in New York is Bid-Rigging and price fixing among commercial insurance brokers and insurance, investigators say Spitzer is also monitoring reports on disbursements, maybe a cost for the entire territory of tens of millions of people across America.
In California, John Garamendi, insurance commissioner of the state, said Monday he was also concerned about the additional costs to individuals for life, disability and accident insurance and that it was considering legal action against the one of several brokers and insurance companies, services sold to workers.
The insurance was the public scandal last week, continued as Spitzer Marsh & McLennan, the largest in the world, brokers of commercial insurance, he threw rigging bids from insurance companies and fixing prices for companies in exchange for royalties by insurance companies. Marsh & McLennan, which is headquartered in New York since the end of practice.
“Our investigation is an expansion and deepening,” said David Brown 4, the head of the New York State Public Prosecutor General investment protection bureau. “We’ll see in the product lines, insurers and brokers on the big and small.
Investigators in New York and California are now checking whether brokers and advisers are very demanding for the costs of preferential treatment on the sale of benefits to workers as group life and disability.
As the examination of commercial insurance brokers, this inquiry began as Spitzer, the Office received a tip. In this case, it is an industry executive, attends excite by brokers and insurers of benefits to workers, telephoned the Attorney General.
In June, subpoenas were issued to Aetna, Cigna and MetLife, some of the largest providers of what the group demands of the industry benefits. These include life, disability and accident insurance bought for workers by businesses and nonprofit organizations, which are often the workers, their scope when they pay for it.
“We are very interested in health and self-insurance lines,” said an investigator, “because they are the ones that affect most consumers.”
The loss of income from royalties is cut
The company at the centre of an investigation of insurance brokerage, he said, over $ 1.2 billion in the notebook allowances during the last 18 months and that its decision to cease the use of these charges is the operating performance, The Associated Press reported from New York.
Marsh & McLennan announced late Monday that its Marsh Inc. insurance unit earned $ 845 million of these charges during the years 2003 and another $ 420 million at June 30 this year.
In addition to Marsh & McLennan, American International Group and ACE said they would have stopped the use of these incentives. Tuesday, disability insurance company UnumProvident, said he had received more than Spitzer convening the office seeking information about the company for compensation of insurance brokers.
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