Extends the insurance cost survey
No review of insurance business increases, investigators said yesterday, as Eliot Spitzer, New York, Attorney General, is turning more and more attention on the question of whether American companies and their employees are paying more for life insurance and disability insurance, as it should be. Advertisement
In California, John Garamendi, insurance commissioner of the state, said last night, he was also concerned about the additional costs to individuals for life, disability and accident insurance and that it was considering legal action against the one of several brokers and insurance companies, selling so-called benefits to workers.
While the current focus of the investigation in New York is Bid-Rigging and price fixing among commercial insurance brokers and insurance, investigators said Spitzer is also monitoring reports on disbursements, perhaps a cost for the entire territory of tens of millions of people.
“Eliot Spitzer has an interest in retailing things, the effects on the regular market of man,’’said David D. Brown IV, the head of the State Bureau Anwaltliches of investment protection.
“Our investigation is an expansion and deepening,’’said Brown.” Look at us in the range of products, insurers and brokers on the big and small. ”
The insurance was the public controversy last week, as Mr. quote Spitzer Marsh & McLennan, the world’s largest commercial insurance brokerage, brokers Aufriggkomfort accuses the bids from insurance companies and fixing prices for companies in return for royalties by insurance companies.
Three insurance companies have entered guilty pleas put forward by rigging bids and more on charges of expected, perhaps as early as this week.
These systems command Rigging, investigators say they have increased indirect costs for everything from houses to toothpaste companies capital passes along costs. The bid rigging was discovered, Mr. Spitzer said last week, while a study of the pricing incentive for insurers to pay insurance brokers.
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