Latest New York Headlines
All the headlines from our New York Topic Page, ordered by recency.
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...
Insurers Concerned With ‘Burdensome’ N.Y. Credit Score Regulations
Feb 24 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...
N.Y. Equity Firm Buys Insurance Auto Auctions
Feb 24 2005 // Insurance Auto Auctions, Inc. in Westchester, Ill. has signed an agreement to be acquired by affiliates of Kelso & Company, a New York based private equity investment firm. The aggregate value of the merger...
N.Y. Court Rules ‘No Pay, No Protection’ from Suits Under Workers’ Comp Law for Scofflaw Employers
Feb 24 2005 // New York State’s highest court has ruled that employers that fail to purchase workers compensation coverage cannot hide behind the workers’ compensation protection against being sued by employees. In reversing...
Another Marsh Exec Pleads Guilty to Bid Rigging in Spitzer Probe
Feb 24 2005 // New York Attorney General Eliot Spitzer said today that a former senior executive of Marsh, Inc. has pleaded guilty to criminal charges in connection with an ongoing investigation of fraud and bid rigging in the insurance...
Aon in Settlement Talks with N.Y., Conn. and Ill. Attorneys General
Feb 22 2005 // Giant insurance broker Aon is in talks with the attorneys general of Connecticut, New York and Illinois that could potentially lead to settlement of charges related to improper compensation and account placement...
Marsh & McLennan Faces Off with Insurance Journal Readers
Feb 21 2005 // The street has become a superhighway, far removed from the clubby atmosphere of Los Angeles’ Wilshire Blvd. or New York’s Pine Street. Anybody can now comment on the latest industry happenings over the...
WORKERS COMP FUND BROKE:
Feb 21 2005 // The fund that pays New York injured workers whose workers’ compensation carriers have gone belly up is itself nearly bankrupt, according to state officials. The New York Workers Compensation Security Fund has about...
OFFICIALS VOW CAUTION ON DISCLOSURE:
Feb 21 2005 // New York Acting Superintendent of Insurance Howard Mills and Sen. James Seward (R-Oneonta), chairman of the Senate Insurance Committee, told the Independent Insurance Agents & Brokers of New York Inc. that they would...
CITY TO APPEAL GAY MARRIAGE:
Feb 21 2005 // New York City will appeal a judge’s ruling against the state ban on same-sex marriages, Mayor Michael Bloomberg said. The mayor said that while he believes such marriages should be permitted, he wants the issue to be...
People & Places
Feb 21 2005 // Michael Miller The St. Paul Travelers Companies Inc., headquartered in Saint Paul, Minn., promoted Michael Miller andBrian MacLean to the newly created positions of chief operating officers. Miller is responsible for the...
Checking in with ELANY’s Dan Maher
Feb 21 2005 // Back to Earth and Up to Albany for N.Y.’s Excess & Surplus Marketplace After setting records in 2004, the excess and surplus market in New York is expected to calm down this year, as the tremors from the Sept....
N.Y. Weighed Contingent Fee Issue Years Before Spitzer Investigation
Feb 21 2005 // While it did not begin boiling over until last October when charges were brought against Marsh, the controversy over brokerage contingent fees has actually been simmering for more than a half dozen years in New York...
