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Two Zurich employees plead guilty to bid-rigging

November 16, 2004 by Canadian Underwriter

Zurich Financial Services confirmed late Tuesday that two employees who had been suspended earlier have now pled guilty to criminal charges of bid-rigging.Zurich had suspended the two employees, who are underwriters at its Zurich North America Commercial excess casualty business,

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U.S. brokers tout need for strong relationship with insurers to Senate hearing

November 15, 2004 by Canadian Underwriter

With testimony underway in a U.S. Senate subcommittee hearing into broker compensation practices, one broker representative says the notion that insurers and brokers should have an “adversarial” relationship in order to best serve clients is “misguided”.Former Council of Insurance Agents

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What’s new: In brief (November 15, 2004)

November 15, 2004 by Canadian Underwriter

Standard & Poor’s says it will take no rating action on the three life insurers mentioned in the civil charges filed by New York Attorney General Eliot Spitzer against California intermediary Universal Life Resources. The three insurers MetLife, Prudential and

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Ontario insurers, brokers to beef up disclosure rules but keep contingent commissions

November 14, 2004 by Canadian Underwriter

In a press conference today, Ontario’s p&c insurers and brokers announced a new system to ensure better communication and disclosure to consumers about commissions and other practices, while maintaining the practice of contingent commissions.In response to the investigation of broker

News Insurance

Spitzer files suit against U.S. benefits insurer

November 14, 2004 by Canadian Underwriter

New York Attorney General Eliot Spitzer, in his continuing probe of broker commissions, has filed a civil suit against San Diego-based benefits broker Universal Life Resources Inc. and its CEO Douglas Cox.The suit alleges the firm, which specializes in life

News Insurance

What’s new: In brief (November 14, 2004)

November 14, 2004 by Canadian Underwriter

On the heels of the broker compensation probe by New York Attorney General Eliot Spitzer and the civil charges filed against Marsh, Zurich Financial Services says it has suspended two employees at its Zurich North America Commercial specialty business. In

News Insurance

Industry to respond to disclosure issues

November 11, 2004 by Canadian Underwriter

In a press conference set for Friday, the Canadian p&c insurance industry is set to announce its plans for improving disclosure and transparency with consumers.In a joint event, representatives of the Insurance Bureau of Canada (IBC), Insurance Brokers Association of

News Insurance

What’s new: In brief (November 11, 2004)

November 11, 2004 by Canadian Underwriter

The U.S. Federal Reserve Board’s decision to raise the federal fund rate 25 basis points to 2.0% sets up the prospect for similar action by The Bank of Canada. While the Fed is expected to raise rates by 25 points

News Insurance

Ontario NDP, CAC say Sorbara in conflict over broker commissions

November 10, 2004 by Canadian Underwriter

The Consumers Association of Canada (CAC) wants to see Ontario Finance Minister Greg Sorbara to “step aside as regulator of the insurance industry”, saying he is in conflict over the issue of broker commissions.The call comes after New Democrat MPP

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U.K. risk managers come out against contingent commissions

November 10, 2004 by Canadian Underwriter

Risk managers in the U.K. are adamant that the current system of contingent commissions to broker needs to be abolished. In a survey by the Association of Insurance and Risk Managers (AIRMIC), 93% of corporate insurance buyers say contingent commissions

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U.S. broker group proposes principles for regulating broker commissions

November 10, 2004 by Canadian Underwriter

In a letter to the National Association of Insurance Commissioners (NAIC), U.S. commercial brokers say a new system of regulating commission practices should include transparency, but also recognize the legitimacy of contingent commissions.The letter, sent to NAIC president Diane Koken

News Insurance

What’s new: In brief (November 10, 2004)

November 10, 2004 by Canadian Underwriter

Lloyd’s plan to issue 500 million of subordinated debt has been oversubscribed several times over, and the 300-year-old market announced terms of the offering Wednesday. An application to the London Stock Exchange is for a sterling tranche of 300 million