Broker Compensation Deals Probed N.Y. attorney general issues subpoenas; other investigations underway
A controversy that was thought dead and buried several years ago has come back to haunt the insurance industry's major insurance brokers after it was revealed that the New York State attorney general's office had issued subpoenas in an investigation of brokerage contingency fees.
Eliot Spitzer, who has achieved national fame for going after the mutual fund industry on illegal trading practices, has turned his attention to the commercial insurance industry. On April 22, four major insurance brokers New York-based Marsh; Chicago-based Aon Corp.; Willis Group, headquartered in London; and Hub International's New York City subsidiary, Kaye Insurance Associates announced that they received subpoenas from the AG's office requesting documents pertaining to their compensation deals with insurance carriers.
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