Aetna, Cigna and MetLife Face Commission Probe

June 14, 2004

Three more insurance companies said they have received subpoenas from New York State Attorney General Eliot Spitzer seeking information on the way brokers are paid.

Hartford, Conn.-based Aetna Inc., Philadelphia-based Cigna Corp. and MetLife Inc., of New York, announced they have received the subpoenas and intend to cooperate with Spitzer’s industrywide probe.

Spitzer wouldn’t comment on the probe, but earlier has said he is investigating whether brokers that help companies buy insurance had conflicts when accepting payments from insurance companies.

Cigna spokesman Wendell Potter said the subpoena asked for information about compensation agreements with insurance brokers and consultants.

Connecticut Attorney General Richard Blumenthal is conducting a parallel investigation and has said the focus of that probe is whether buyers of the insurance are aware that their broker is also being paid by the insurance company.

Aetna and Cigna are the latest of several companies to receive subpoenas from Spitzer. Hartford Financial Services Group said it received one. Aon Corp., Marsh & McLennan Cos., Willis Group Holdings Ltd. and Chubb Corp. have also been subpoenaed.

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