Latest New York Headlines
All the headlines from our New York Topic Page, ordered by recency.
Personal Liability Deal with Worldcom Directors Breaks Down Following Court Ruling on Effect on Jury Award
Feb 3 2005 // A unique deal in which 10 former WorldCom directors would personally pay $18 million of a $54 million settlement to compensate investors over the company’s plunge into bankruptcy will be withdrawn, plaintiffs...
N.Y. Insurance Department Questioned Contingent Fees Years Before Spitzer Investigation Made Headlines
Feb 3 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...
First Niagara Acquires Ithaca, N.Y. Agency
Feb 2 2005 // First Niagara Risk Management, Inc., the wholly-owned insurance subsidiary of First Niagara Bank , has reached an agreement to acquire the L.A. Lama Insurance Agency. The acquisition of the Ithaca-based agency, which has...
Alliance Responds to Lawsuit Aimed at Agent/Broker Contingency Commissions
Feb 2 2005 // The American Agents Alliance, representing over 2,000 independent agents and brokers in California and Arizona, criticized attorney Norman Goldman for filing an amendment to a compliant he filed in 2003 against Aon...
Ga. Commissioner ‘Disappointed’ With Marsh Settlement, Vows to Continue His Investigation
Feb 1 2005 // Insurance Commissioner John Oxendine is disappointed that Marsh & McLennan “got off the hook” in its settlement with the New York State Attorney General and says his office will continue to investigate...
Fla. Attorney General Comments on Marsh Agreement
Jan 31 2005 // Florida Attorney General Charlie Crist, released the following statement after the announcement of an $850 million settlement between Marsh & McLennan and the New York State Attorney General and the Superintendent of...
Marsh Reaches $850M Deal With N.Y. AG Spitzer and Insurance Department
Jan 31 2005 // Marsh & McLennan Companies, Inc. (MMC) today confirmed an agreement with the New York State Attorney General and the Superintendent of the New York State Insurance Department that resolves the actions that were...
Calif. Commissioner Helps Issue $3 Million to Charity; Funds Initiate $20 Million Claim Settlement
Jan 27 2005 // California Insurance Commissioner John Garamendi on Wednesday helped deliver the first checks from a $20 million settlement of a class action lawsuit to resolve insurance claims stemming from the Armenian Genocide nearly...
Nine Armenian Charity Groups to Get $3M of Insurance
Jan 24 2005 // Nine Armenian charitable groups will receive $3 million over the next two weeks as part of a $20 million settlement between an insurance company and descendants of Armenians killed nearly 90 years ago in the Turkish...
N.Y. RANKS AUTO INSURERS ON COMPLAINTS:
Jan 24 2005 // With only one upheld complaint, Amica Mutual Insurance Co. of Rhode Island, a perennial top 10 finisher, ranked the best among 49 auto insurers or groups ranked by the New York State Insurance Department in its most recent...
N.Y. Weighed Contingent Fee Issue Years Before Spitzer Investigation
Jan 24 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...
N.Y. Superintendent: A Handshake and Heads-Up
Jan 24 2005 // The Independent Insurance Agents & Brokers of New York looks forward to working with New York’s next Superintendent of Insurance and is hopeful the major strides begun by his predecessor will continue to benefit...
N.Y. Issues Rule on Reserves for Universal Life Following Evidence of Under-Reserving
Jan 21 2005 // The New York State Insurance Department has issued a regulation requiring those who sell universal life insurance in the state to set aside adequate reserves in keeping with the spirit of an actuarial guideline that...
Conn. Approves ConnectiCare Takeover by HIP-NY
Jan 21 2005 // Connecticut Insurance Commissioner Susan Cogswell has approved the acquisition of ConnectiCare by Health Insurance Plan of Greater New York. The merger price is $350 million. Regulators in Massachusetts and New York must...
N.Y. Hearing on Marsh Now Set for Feb. 24
Jan 20 2005 // A New York State Insurance Department public hearing on Marsh & McLennan Companies, Inc. and its brokerage practices that has twice been postponed has now been rescheduled for Thursday, Feb. 24. The department said...
Lloyd’s Moving to MoMA Office Tower in N.Y. City
Jan 19 2005 // Lloyd’s of London is moving its New York City headquarters to The Museum of Modern Art’s new office tower. Designed by the internationally acclaimed architect, Yoshio Taniguchi, the boutique office tower has...
Tower Group Expanding to States Throughout East Coast, Including N.J., Conn., Mass. and Md.
Jan 18 2005 // Tower Group, Inc. announced that it entered into a stock purchase agreement today to acquire North American Lumber Insurance Company, a shell company with 17 state licenses, nine of which are active in the following...
N.Y.’s Serio Joins D’Amato Firm; Marsh Hearing Postponed as Spitzer Settlement Reported Near
Jan 14 2005 // Outgoing New York Superintendent of Insurance Gregory Serio is joining The Park Strategies, a public affairs and lobbying firm headed by former Republican U.S. Senator Alfonse D’Amato. Serio’s last day with the...
N.Y. Metro Hospitals Decry Average 27% Annual Malpractice Insurance Hike
Jan 10 2005 // Hospitals in the metropolitan New York area have experienced annual malpractice premium increases of 27 percent per year from 1999 through 2004, and a cumulative percentage increase of 147 percent over that five-year...
Spitzer Tells N.Y. Legislators More Charges on the Way; Withholds Judgment on Legislative Response
Jan 10 2005 // The insurance industry can expect new charges from New York Attorney General Eliot Spitzer relating to personal lines insurance, according to the state official. Speaking before an Assembly Insurance Committee hearing in...
