Latest New York Headlines
All the headlines from our New York Topic Page, ordered by recency.
Greater New York Open for Business in Maryland
Oct 22 2004 // Maryland Insurance Commissioner Alfred W. Redmer has welcomed the Greater New York (GNY) Insurance Companies to the Maryland. Warren W. Heck, GNY’s chairman and chief exexcutive fofficer announced the companies...
PIA Western Alliance Releases Statement on New York Insurance Scandal
Oct 22 2004 // Like most insurance associations, the PIA Western Alliance—consisting of four affiliate chapters covering eight western states—is in shock over the news of a lawsuit filed against the nation’s largest insurance...
S&P Puts Willis on CreditWatch-Negative
Oct 22 2004 // Standard & Poor’s Ratings Services announced that it has placed its “BBB-” counterparty credit rating on Willis Group Holdings Inc. on CreditWatch with negative implications. The decision follows...
Insurers: N.Y. Coastal Property Market Restored
Oct 22 2004 // While affordability is still an issue, insurance coverage is now widely available in coastal areas of New York, according to the New York Insurance Association (NYIA). Addressing a public hearing before the New York State...
TDI Issues Statement on N.Y. Attorney General Probe
Oct 22 2004 // The Texas Department of Insurance released the following statement regarding the investigation by the attorney general of New York into the business practices of certain brokers and insurers: “The Texas Department of...
Marsh Called to N.Y. Department Hearing Nov. 23
Oct 22 2004 // New York Superintendent of Insurance Gregory V. Serio announced that his department has issued citations to Marsh & McLennan Companies, Inc. (MMC), Marsh, Inc., and Marsh Global Broking, wholly owned subsidiaries of...
Marsh Pegs Contingency Payments at Center of Probe at $1.2 Billion in Past 18 Months
Oct 21 2004 // The company at the center of a probe into insurance brokerage fees says it took in more than $1.2 billion in incentive payments over the past 18 months and that its decision to stop using such fees will reduce operating...
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...
