Latest New York Headlines
All the headlines from our New York Topic Page, ordered by recency.
N.Y. UNVEILS HOLOCAUST AWARDS:
Nov 22 2004 // New York Governor George E. Pataki revealed that $2.3 million in offers have been made to Holocaust survivors and their heirs for insurance policies held with companies that were either liquidated or nationalized after...
N.Y. CRACKS FRAUD RING:
Nov 22 2004 // New York officials are hailing the arrest of 24 individuals alleged to have been involved in an auto insurance fraud operation they say has ties to organized crime. New York City Police Commissioner Raymond W. Kelly, Kings...
Study: Half of Compensation to 9/11 Victims Came from Insurance
Nov 22 2004 // Insurance companies played the largest role in compensating people and businesses hurt by the Sept. 11 attacks, paying slightly more than half of the $38.1 billion in benefits, according to a recent study. The results...
Multi-State, $120M Agreement with UnumProvident Requires Reassessing Claims Back to 1997
Nov 18 2004 // A multi-state settlement with UnumProvident Corp. over its disputed handling of disability claims would cost the firm more than $120 million to comply and require it to review more than seven years of claims. It also calls...
Pair of Zurich Underwriters Plead Guilty
Nov 16 2004 // New York Attorney General Eliot Spitzer said Tuesday that two employees from a third insurance company- Zurich American Insurance Company (Zurich) – have pleaded guilty to criminal charges in connection with a bid...
N.Y. AG Suggests Off-Shore Insurers, Rating Organizations, Insurer Investments Next Targets
Nov 16 2004 // New York Attorney General Eliot Spitzer signaled today he believes investigations of the insurance industry have only “scratched the surface” thus far of questionable activities and that additional probes are...
Spitzer Sues Universal Life Resources over Broker Pay
Nov 15 2004 // A California-based company that brokers life, accident and disability policies for leading U.S. companies pocketed millions of dollars a year in hidden payments from insurers and from charges on clients’ unsuspecting...
Collins Adds Poeton to N.Y. Office
Nov 11 2004 // John B. Collins Associates Inc., a reinsurance intermediary, announced that Tim Poeton has joined the firm as a vice president in their New York office. In his new role, Poeton will be responsible for establishing new...
The Hartford Releases Pair of Employees From Los Angeles Office as New York AG’s Investigation Continues
Nov 11 2004 // As the investigation into alleged bid-rigging in the insurance industry goes on, The Hartford announced on Thursday that a pair of its employees have been dismissed after the company concluded that they were not fully...
Fla. Investigation: Brown & Brown Says It Carefully Monitors Brokers
Nov 10 2004 // Brown & Brown Inc. is confident that twin investigations of the insurance industry by Florida officials will reveal no wrongdoing by the Daytona Beach-based company or its brokers, its president says. Jim Henderson,...
N.Y. Cracks Alleged Auto Salvage Fraud Ring
Nov 10 2004 // New York officials are hailing the arrest of 24 individuals alleged to have been involved in an auto insurance fraud operation they say has ties to organized crime. New York City Police Commissioner Raymond W. Kelly, Kings...
Insurance Paid $20 Billion, More Than Half of Total Compensation to 9/11 Victims, Rand Study Finds
Nov 9 2004 // Victims of the Sept. 11, 2001 terrorist attacks — both individuals killed or seriously injured and individuals and businesses impacted by the strikes — have received at least $38.1 billion in compensation, with...
Marsh to Lay Off 3,000 in Cost-Cutting Move
Nov 9 2004 // Marsh & McLennan Companies Inc. (MMC) today revealed it would lay off about 3,000 employees to reduce annual expenses by $400 million. About three-quarters of the layoffs will occur in the insurance and risk...
NAIC Conference Call Places State Insurance Investigations on Hold
Nov 8 2004 // State insurance commissioners in the southeast and across the United States consulted in a conference call the week after New York Attorney Gen-eral Eliot Spitzer made allegations of rigged bids and price-fixing among...
Agents Watching Spitzer Broker Fraud Charges Closely
Nov 8 2004 // New York Attorney General Eliot Spitzer’s filing on Oct. 14 of charges against giant insurance broker Marsh for alleged commercial account steering and bid rigging has already had significant impact on Marsh and is...
Industry in the Bull’s Eye
Nov 8 2004 // In the days after New York Attorney General Eliot Spitzer filed a civil lawsuit against insurance broker Marsh & McLennan Companies Inc. for alleged commercial account steering and bid rigging, the insurance industry...
People & Places
Nov 8 2004 // Roger Schmelzer The Marsh & McLennan board of directors announced it has accepted the resignation of chairman and chief executive officer Jeffrey W. Greenberg. Stepping in to immediately replace Greenberg is Michael...
Fla. AG Launches Widespread Anti-Trust Probe, 10 Subpoenas Issued
Nov 6 2004 // Florida Attorney General Charlie Crist has issued subpoenas seeking documents and records from 10 firms and anticipates sending six more subpoenas out next week as insurance industry investigations widen. Crist is...
Lorillard Wins N.Y. Cigarette Suit
Nov 1 2004 // Tobacco company Lorillard says it has won an individual smoker trial with claims related to the asbestos in the original Kent filter and claims related to tobacco use. In a unanimous verdict, a Manhattan state court jury...
XL Capital Acknowledges Subpoena from N.Y.
Oct 29 2004 // XL Capital Ltd (NYSE:XL) in Hamilton, Bermuda said that its subsidiary, X.L. America Inc., received a subpoena from the New York Attorney general Eliot Spitzer in connection with an ongoing, industry-wide investigation of...
