Latest New York Headlines
All the headlines from our New York Topic Page, ordered by recency.
S&P Drops Ratings on Marsh & McLennan Cos., Aon
Oct 21 2004 // Standard & Poor’s Rating Services has lowered its counterparty credit rating on Marsh & McLennan Cos. (MMC) to ‘BBB+/A-2’ from ‘A+/A-1’. The rating remains on CreditWatch with...
NAIC Conference Call Places State Insurance Investigations On Hold
Oct 21 2004 // State insurance commissioners in the southeast and across the U.S. consulted with each other during a conference call and will soon form a steering committee to coordinate a multi-state effort to investigate whether or not...
Evaluating Overcharges: Should Your Company Pursue Claims Against Brokers and Carriers’
Oct 20 2004 // Editor’s note: This is a commentary piece submitted by David E. Wood of the law firm Wood & Bender. The recent suit by New York Attorney General Eliot Spitzer alleging price-fixing and deceptive practices by...
Complete Text of N.Y. AG’s Complaint Available Online
Oct 19 2004 // The complete text of New York Attorney General Eliot Spitzer’s complaint against Marsh & McLennan Companies Inc. and Marsh Inc. can be found online at...
Spitzer Invites Health Insurer into Expanding Broker Compensation Probe
Oct 19 2004 // After going after a number of big property/casualty and life insurers, New York Attorney General Eliot Spitzer appears to have UnumProvident Corporation on his radar screen too. UnumProvident Corporation (NYSE: UNM) today...
Impact of Spitzer Broker Fraud Charges Felt at Marsh and Beyond
Oct 18 2004 // New York Attorney General Eliot Spitzer’s filing last Thursday of charges against giant insurance broker Marsh for alleged commercial account steering and bid rigging has already had significant impact on Marsh and...
Fitch Downgrades Marsh & McLennan’s Senior Debt, S-T Ratings Following Probe
Oct 18 2004 // Fitch Ratings has downgraded the senior debt and long-term ratings on Marsh & McLennan Companies Inc. (MMC) to ‘A-‘ from ‘A+’ and the short-term ratings on Marsh & McLennan to...
New York AG Sues Marsh Over Contingent Commissions, Cites Insurers Over Alleged Bid-Rigging
Oct 14 2004 // New York Attorney General Eliot Spitzer on Oct. 14 sued Marsh & McLennan Companies, the nation’s biggest insurance brokerage firm, alleging that it steered clients to insurers with whom it had lucrative...
Ambulette Companies, Two Principals Offer Guilty Pleas in N.Y. No-Fault Billing Scam
Oct 14 2004 // New York Attorney General Eliot Spitzer and State Insurance Superintendent Gregory Serio announced guilty pleas to two separate indictments by owners of several ambulette companies for submitting fraudulent transportation...
N.Y. SEES PROGRESS AGAINST FRAUD:
Oct 11 2004 // The fight against insurance fraud in New York is producing encouraging results as the cost of the average auto injury claim under the state’s no-fault insurance system declined by 20 percent between 2002 and 2003,...
N.Y. TO STUDY FIREFIGHTERS’ HEALTH PLAN:
Oct 11 2004 // Volunteer fire and ambulance corps in New York want to study whether health insurance coverage could be an incentive companies can offer to keep current members and to improve the increasingly challenging process of...
People & Places
Oct 11 2004 // Dave Wyrsch The Independent Insurance Agents and Brokers of New Jersey (IIABNJ)swore in new officers for the 2004/2005 year at its 111th annual conference in Newport, Rhode Island. Dave L. Wyrsch, Sr., of The Van Dyk Group...
CEOs Praise Hudson Valley N.Y. Market
Oct 10 2004 // The Professional Insurance Agents of New York State Inc. celebrated its second annual Hudson Valley Regional Awareness Program recently as about 250 insurance professionals attended the conference in Suffern, N.Y. During...
Pawtucket Mutual Cancellations in Effect in New York
Oct 6 2004 // The New York Supreme Court recently affirmed the position of Rhode Island regulators that decisions on policy cancellations involving a rehabilitating insurer must be handled within their state rehabilitation court and not...
Hub Enhances Embassy Insurance Program
Sep 24 2004 // Chicago-based Hub International Limited announced that it has enhanced its exclusive Embassy Program, providing property and casualty insurance to embassies, consulates and missions to the United Nations in Washington DC...
Jefferson Pilot Products Now Available in N.Y.
Sep 23 2004 // Jefferson Pilot Financial and its employee benefits division, Benefit Partners, announced that its non-medical group and worksite employee benefit products, including term life insurance, short-term disability, long-term...
Sen. Schumer Seeks N.Y. Nuke Workers’ Compensation
Sep 23 2004 // Standing with former nuclear workers from western New York, U.S. Senator Charles E. Schumer (D-N.Y.) took the federal government to task for not processing claims of 525 former nuclear workers or their survivors, and...
On Behalf of State Regulators, N.Y. Superintendent Serio Speaks Out Against Federal Oversight
Sep 22 2004 // Claiming that progress is already underway toward building a stronger, national, state-based system of insurance regulation, the National Association of Insurance Commissioners (NAIC) told the Senate Committee on Banking,...
Insurers Report ‘Encouraging’ Progress in Crackdown on Auto Claim Fraud in N.Y.
Sep 16 2004 // The fight against insurance fraud in New York is producing encouraging results as the cost of the average auto injury claim under the state’s no-fault insurance system declined by 20 percent between 2002 and 2003,...
ACE USA Appoints N.Y.-Based Mayer to Senior VP Post to Lead Construction Practice
Sep 15 2004 // ACE USA, the U.S.-based retail operating division of The ACE Group of Companies, announced the appointment of Frank Mike-Mayer, senior vice president, to lead the ACE USA Construction Group. Based in New York City,...
