Posted On: May 12, 2005, 1:03 pm CDT

Posted By: JMI

Ultimately, the insurance industry will survive. If Mr. Spitzer makes it stronger by tearing away a veneer of respectability in the form of corporate heads like Mr. Greenberg, then it probably would have happened anyway by some other investigator or news media individual. My resentment here is that all insurance professionals are viewed as bid riggers or frauds, and Mr. Spitzer exacerbated the illusion by promising to investigate all levels of insurance sales, including personal lines carriers and brokers, by implying that the problems he uncovered are happening on a massive level everywhere. And now, every state insurance commissioner with a political agenda of his or her own has trumpeted their own investigations into the companies and brokers in their state. I have a hunch that the next fender bender that Mr. Spitzer has that causes his premium to increase will be an expensive one. Can you imagine getting the call from Mr. Spitzer wanting a quote on his insurance because his renewal rate is too high?