Segment
Brokers
U.S. brokers tout need for strong relationship with insurers to Senate hearing
November 15, 2004 by Canadian UnderwriterWith 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…
What’s new: In brief (November 15, 2004)
November 15, 2004 by Canadian UnderwriterStandard & 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…
Ontario insurers, brokers to beef up disclosure rules but keep contingent commissions
November 14, 2004 by Canadian UnderwriterIn 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…
Spitzer files suit against U.S. benefits insurer
November 14, 2004 by Canadian UnderwriterNew 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…
What’s new: In brief (November 14, 2004)
November 14, 2004 by Canadian UnderwriterOn 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…
Industry to respond to disclosure issues
November 11, 2004 by Canadian UnderwriterIn 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…
What’s new: In brief (November 11, 2004)
November 11, 2004 by Canadian UnderwriterThe 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…
Ontario NDP, CAC say Sorbara in conflict over broker commissions
November 10, 2004 by Canadian UnderwriterThe 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…
U.K. risk managers come out against contingent commissions
November 10, 2004 by Canadian UnderwriterRisk 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…
U.S. broker group proposes principles for regulating broker commissions
November 10, 2004 by Canadian UnderwriterIn 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…
What’s new: In brief (November 10, 2004)
November 10, 2004 by Canadian UnderwriterLloyd’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…
Marsh retrenches 3,000 in response to Spitzer
November 9, 2004 by Canadian UnderwriterGlobal brokers Marsh and McLennan Cos. Inc. plans on slashing 3,000 employees, equal to about 5% of its total workforce, in response to an investigation into the company by New York’s attorney general Elliot Spitzer regarding alleged business "bid rigging".…