Canadian Underwriter

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Brokers


News Insurance

Study predicts Spitzer investigation will lower broker earnings 25%

November 17, 2004 by Canadian Underwriter

The decision by the world’s largest brokers to discontinue using contingent commissions could chop upwards of 25% off their bottom line, according to a new study by investment firm WFG Capital Advisors.Many large brokers voluntarily chose to stop accepting contingent

News Insurance

What’s new: In brief (November 17, 2004)

November 17, 2004 by Canadian Underwriter

U.S. brokers quickly spoke out against the testimony of New York Attorney General Eliot Spitzer to a Senate subcommittee looking at compensation issues Tuesday. Council of Insurance Agents and Brokers (CIAB) president Ken Crerar says, “we categorically challenge assertions that

News Insurance

Spitzer blasts industry at Senate hearing

November 16, 2004 by Canadian Underwriter

Not unexpectedly, New York Attorney General Eliot Spitzer took several serious shots at the insurance industry in his testimony Tuesday to a Senate subcommittee looking into broker compensation issues.Spitzer told a subcommittee of the Senate Committee on Governmental Affairs that

News Insurance

RIMS would support ban on contingent commissions

November 16, 2004 by Canadian Underwriter

Testifying before a Senate subcommittee on the issue of broker compensation, a representative of the world’s largest risk management organization says her group would support a ban on contingent commissions.The Risk & Insurance Management Society (RIMS), which represents commercial insurance

News Insurance

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,

News Insurance

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

News Insurance

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

News Insurance

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