Insurer Groups Cautious About Ethics Watchdog

N.Y. regulator suggests formation of self-policing group to restore integrityProperty-casualty sector groups have reacted with caution to a regulators suggestion that they create a self-policing group to set ethical standards and monitor conduct in reaction to the broker bid-rigging and contingency fee abuse scandal.

Their reserved comments came after New York Insurance Superintendent Gregory V. Serio proposed last week that insurers should create an operation similar to the Insurance Marketplace Standards Association, which keeps an eye on life insurance industry practices.

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