Latest New York Headlines
All the headlines from our New York Topic Page, ordered by recency.
Agents Beware: Due Diligence is Now Required
Mar 21 2005 // Transactions between retail agents and brokers they place business through just became more labor intensive. I recently testified as an expert in a federal case involving a reputable agency’s failure to conduct...
M&A Services Expands to N.Y. City
Mar 18 2005 // Merger & Acquisition Services Inc., a financial intermediary and advisor to the insurance marketplace, is opening of a New York City office. Merger & Acquisition Services Inc., (http://www.merger-acquisition.net)...
M&T Bank Renames Insurance Agency
Mar 18 2005 // M&T Bank out of Buffalo, N.Y. has changed the name of its commercial property and casualty insurance agency from Matthews, Bartlett & Dedecker, Inc. to M&T Insurance Agency, Inc. The bank said the change has...
Ace Reportedly Hit with 43 Subpoenas
Mar 16 2005 // According to a Reuters report, Ace Ltd. said on Wednesday it has received 43 subpoenas, interrogatories, civil investigative demands and letters of inquiry in relation to the investigations of insurance industry...
N.Y. Auto Industry Restarts Stalled Drive to Reform Vicarious Leasing Liability Law
Mar 14 2005 // Auto leasing interests in New York are renewing their battle against the state’s vicarious liability law that they say has demolished the car leasing industry in the state. The United Auto Workers (UAW), the New York...
Four More Banks Settle Worldcom Claims
Mar 11 2005 // Four investment banks this week agreed to pay a total of $428.4 million to settle claims stemming from a class-action lawsuit brought by former shareholders of WorldCom Inc. New York state Comptroller Alan Hevesi said in a...
N.Y. Counties Receive Insurance Anti-Fraud Funds
Mar 10 2005 // New York Governor George E. Pataki has announced the recipients of $5.3 million in grants for programs to combat motor vehicle theft and insurance fraud in communities across the state. “These grants will help give...
HIP of N.Y. Completes ConnectiCare Buyout
Mar 10 2005 // HIP Health Plan of New York hs completed its acquisition of ConnectiCare Holding Company, Inc. HIP received regulatory approval for the acquisition from Massachusetts and previously from Connecticut and New York. The...
Ferrara Nominated to N.Y. Workers Comp Board
Mar 7 2005 // New York Governor George E. Pataki has nominated Nassau County Assemblywoman Donna Ferrara (R,C-Westbury) to serve as a Commissioner of the New York State Workers Compensation Board. Ferrara’s nomination is subject...
WSJ Report: Officials Probing AIG CEO Greenberg’s Role in Reinsurance Products
Mar 7 2005 // Federal and state investigators are looking into a deal between American International Group Inc. and Berkshire Hathaway Inc.’s General Reinsurance unit in part because of the alleged involvement of AIG’s...
N.Y. CREDIT RULES IRK INSURERS:
Mar 7 2005 // Insurance companies are concerned that new regulations adopted by the New York Insurance Department regarding the use of credit information for personal lines coverage could be more burdensome than necessary. The...
People & Places
Mar 7 2005 // Deneen Schmitt Deneen Schmitt and Jim Cottone are among two of the newest additions to the expanding Pittsburgh, Pa., operations of Willis Group Holdings. Schmitt has joined Willis from Aon to serve as a senior vice...
News from Worldcom, Enron and Spitzer Invades PLUS Symposium
Mar 7 2005 // News from Worldcom, Enron and Spitzer Invades PLUS Symposium Settlements that reach beyond insurance and into the pockets of firms’ former directors draw attention to the limits of insurance, professional liability...
Ripped from the Headlines: Law and Order in Today’s D&O
Mar 7 2005 // News from Worldcom, Enron and Spitzer Invades PLUS Symposium Settlements that reach beyond insurance and into the pockets of firms’ former directors draw attention to the limits of insurance, according to...
Contingency Commissions and the Future of California Agents & Brokers
Mar 7 2005 // How the Spitzer-led investigation against broker fees inspired solutions to California’s “problems” Over the past several months, there have been numerous explanations, press releases and position papers...
Ripped from the Headlines: Law & Order in Today’s D&O
Mar 7 2005 // News from Worldcom, Enron and Spitzer invades PLUS Symposium Settlements that reach beyond insurance and into the pockets of firms’ former directors draw attention to the limits of insurance, according to...
Aon Settles Corruption Probe with 3 States for $190 Million; Complaint Cites Involvement of Top Execs
Mar 4 2005 // New York Attorney General Eliot Spitzer and Acting New York State Insurance Superintendent Howard Mills, together with Connecticut Attorney General Richard Blumenthal, Illinois Attorney General Lisa Madigan and Illinois...
Aon Responds: Apologizes but Admits No Wrongoing; Notes No Criminal Charges Filed
Mar 4 2005 // Aon Corporation acknowledged the settlement it reached with officials in three states over investigations that questioned the large brokerage firm’s receipt of contingent commissions from insurers by apologizing for...
N.Y. Bill Seeks Fiduciary Duty on Producers, Permits Profit Sharing with Disclosure
Mar 2 2005 // Assemblyman Ryan Scott Karben (D/I-Rockland), a majority member of the New York State Assembly’s Insurance Committee, has introduced a legislative package on agent and broker compensation that would require...
Municipal Workers Pension Plan Sues AIG to Alter Board Nominating Process
Feb 25 2005 // The American Federation of State, County and Municipal Employees Pension Plan has filed suit against American International Group (AIG) in U.S. District Court for the Southern District of New York seeking to alter the...
