NY Attorney General Eliot Spitzer’s ongoing investigation into the insurance industry has produced guilty pleas from 14 insurance execs so far. And more prosecutions and pleas are likely in the near future. Leading the list of the guilty are Marsh with six, followed by AIG with four and Zurich with three.
Most recently, four executives pled guilty to fraud and restraint of trade charges.
Insurance Journal notes that: “according to complaints filed by Spitzer this week, all four executives (three from Marsh and one from Zurich) were part of a scheme to control the excess casualty insurance market. More guilty pleas could be forthcoming, a spokesman for Spitzer said, but he declined to comment further, citing the ongoing investigation.”
What does this mean for you?
Probably more paperwork, as compliance staffs seek to prevent any future collusion or appearance of same from tainting their business transactions.
Aug
5
