Insurance industry lawyers at an industry conference dismissed recent brokerage investigations as minor scandals, but a regulator warned that probes with bigger repercussions are underway now.
The comments from Audrey Samers, deputy superintendent and general counsel for the New York State Insurance Department, came after a lawyer and an insurance company executive said that industry scandals involving employees entangled in bid-rigging schemes paled in comparison to other financial scandals, and another defense lawyer suggested that regulatory fines against brokers were simply "revenue-raising" actions.
Ms. Samers said that finite reinsurance transactions now being investigated involve a major financial impact on the insurance industry and top executives. She also denied that the monetary settlements in broker commission investigations were revenue-raising in nature.
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