LIBERTY MUTUAL; THE HARTFORD ALSO ARE BIG MARKET PLAYERS IN WORKER’S COMPENSATION ARENA…IF ONE COMPANY DID IT, ISN’T THERE A SLIGHT CHANCE THAT OTHERS DID TOO? THIS COULD BE A REASON THAT THE SECOND INJURY FUND AND OTHERS ARE DEPLETING FUNDS FASTER THAN INCREASING. IF GOV PATAKI HAD LEFT THE WORKER’S COMPENSATION RATE MAKE-UP ALONE INSTEAD OF STRIPPING IT DOWN AND ALLOWING A SEPARATE ASSESSMENT SURCHARGE, THIS MAY NOT HAVE HAPPENED.
What perfect timing for AIG to launch a big campaign for Specialty Workers Comp to the NY market!
And it’s amazing that they’re milking the PR machine by donating cash to a selected charity each time a NY Met hits a home run at Shea Stadium. On last years’ stats, that’s barely more than $20,000 – which has to be a REAL LOW COST PER INSERT.
Instead, why not hit a home run for your Insureds by playing ball with the market?
Wow – what a bombshell this is! It’s about time our regulators actually do their job. AIG should be fined heavily – maybe even taken over to be re-habbed. I find it amazing that practically the only place I have to place comp risks are in the NYSIF for no compensation whatsoever, while giants like AIG grab the large, lucrative accounts for themselves and their crony large, public corp. brokers, and make no access to their market available to the average NYS agent/broker like myself. I demand restitution thru the NYS Ins. Dept. also!
Dear small Ny agent, you do indeed have access to AIG’s workers’ compensation programs as most are offered on a brokerage basis. If your volume is too low, as is the case with most other markets, you can still find access via an MGA or other wholesaler.
I wonder how many indictments would result from an honest audit of the New York Insurance Department’s Liquidation Bureau. This New York agency has been characterized as a virtually criminal operation by New York’s Comptroller General and Attorney General on several occasions, as early as the seventies, and as recently as the Pataki Administration. The Liquidation Bureau has only reluctantly and partially opened its books and lately only by supeona. There has been no oversight of this agency, which says that it is not part of the State. Yet, by its own admission, the Liquidation Bureau controls over $3 billion of taxpayers’ and insurance companies’ money. Let the Insurance Department of the State of New York clean up its own house before it destroys the companies it is supposed to be regulating. The people of New York rats guarding the cheese which is costing us 10s of millions of taxpayers dollars in politically motivated legal cases alloted to donor lawfirms. Wake Up New York!!!!!
Interestingly enough, the Insurance Department of the State of New York regularly reviewed AIG’s financials and has hundreds of experienced auditors available to it on a moments notice. It would certainly appear that the logic behind a third party audit is only the simple fact that Spitzer would not trust the results of anything analyzed by the Insurance Department based on their track record. Every audit of the department itself has shown disatrous lack oversight.
In this election year, Mills will once again become a fall guy for the Republican Party for taking a job made available when Serio decided to duck and cover because of the heat. While Mr. Mills may be doing a workman-like job it is apparent that he will become hopelessly smeared by the years of inept auditing and political conflicts induldged in by his predicessors.
However, Mills himself when he was a member of the Insurance Committee probably had the worst attendence record in that Committee’s history and showed an aversion to either becoming familiar with or legislating anything regarding insurance. Moreover, past “audits” of the “Department of Insurance” have shown that the Department has been a reservoir of paybacks for political donations by the hiring underqualified employees that are incapable of doing their jobs and who do not conform to the department’s own guidlines for employment. This coontinuing ineptness is directly stealing money from unknowing New York taxpayers.
LIBERTY MUTUAL; THE HARTFORD ALSO ARE BIG MARKET PLAYERS IN WORKER’S COMPENSATION ARENA…IF ONE COMPANY DID IT, ISN’T THERE A SLIGHT CHANCE THAT OTHERS DID TOO? THIS COULD BE A REASON THAT THE SECOND INJURY FUND AND OTHERS ARE DEPLETING FUNDS FASTER THAN INCREASING. IF GOV PATAKI HAD LEFT THE WORKER’S COMPENSATION RATE MAKE-UP ALONE INSTEAD OF STRIPPING IT DOWN AND ALLOWING A SEPARATE ASSESSMENT SURCHARGE, THIS MAY NOT HAVE HAPPENED.
I just hope this doesn’t have an effect on Mrs. Maurice Greenberg’s stock value.
What perfect timing for AIG to launch a big campaign for Specialty Workers Comp to the NY market!
And it’s amazing that they’re milking the PR machine by donating cash to a selected charity each time a NY Met hits a home run at Shea Stadium. On last years’ stats, that’s barely more than $20,000 – which has to be a REAL LOW COST PER INSERT.
Instead, why not hit a home run for your Insureds by playing ball with the market?
WHAT DOES IT MEAN PLAYING BALL WITH THE MARKET
Wow – what a bombshell this is! It’s about time our regulators actually do their job. AIG should be fined heavily – maybe even taken over to be re-habbed. I find it amazing that practically the only place I have to place comp risks are in the NYSIF for no compensation whatsoever, while giants like AIG grab the large, lucrative accounts for themselves and their crony large, public corp. brokers, and make no access to their market available to the average NYS agent/broker like myself. I demand restitution thru the NYS Ins. Dept. also!
Dear small Ny agent, you do indeed have access to AIG’s workers’ compensation programs as most are offered on a brokerage basis. If your volume is too low, as is the case with most other markets, you can still find access via an MGA or other wholesaler.
Do you think Martha Stewart will give Mr. Greenberg hints on how to keep busy while in a confined environment.
Marsh, AIG, ACE – You can’t take New York out of the Greenbergs. They are the three card monty of insurance.
I wonder how many indictments would result from an honest audit of the New York Insurance Department’s Liquidation Bureau. This New York agency has been characterized as a virtually criminal operation by New York’s Comptroller General and Attorney General on several occasions, as early as the seventies, and as recently as the Pataki Administration. The Liquidation Bureau has only reluctantly and partially opened its books and lately only by supeona. There has been no oversight of this agency, which says that it is not part of the State. Yet, by its own admission, the Liquidation Bureau controls over $3 billion of taxpayers’ and insurance companies’ money. Let the Insurance Department of the State of New York clean up its own house before it destroys the companies it is supposed to be regulating. The people of New York rats guarding the cheese which is costing us 10s of millions of taxpayers dollars in politically motivated legal cases alloted to donor lawfirms. Wake Up New York!!!!!
Interestingly enough, the Insurance Department of the State of New York regularly reviewed AIG’s financials and has hundreds of experienced auditors available to it on a moments notice. It would certainly appear that the logic behind a third party audit is only the simple fact that Spitzer would not trust the results of anything analyzed by the Insurance Department based on their track record. Every audit of the department itself has shown disatrous lack oversight.
In this election year, Mills will once again become a fall guy for the Republican Party for taking a job made available when Serio decided to duck and cover because of the heat. While Mr. Mills may be doing a workman-like job it is apparent that he will become hopelessly smeared by the years of inept auditing and political conflicts induldged in by his predicessors.
However, Mills himself when he was a member of the Insurance Committee probably had the worst attendence record in that Committee’s history and showed an aversion to either becoming familiar with or legislating anything regarding insurance. Moreover, past “audits” of the “Department of Insurance” have shown that the Department has been a reservoir of paybacks for political donations by the hiring underqualified employees that are incapable of doing their jobs and who do not conform to the department’s own guidlines for employment. This coontinuing ineptness is directly stealing money from unknowing New York taxpayers.
Robert Spira