White Sulphur Springs, W.Va.–New York Attorney General Eliot Spitzer's charges against the insurance industry were a shock, but ultimately will benefit business, the Council of Insurance Agents & Brokers chairman said.

J. Hyatt Brown, who heads the Washington D.C.-based CIAB and serves as chairman and chief executive officer of Brown & Brown Inc. insurance brokerage, based in Daytona Beach, Fla., said while the industry was caught by surprise by Mr. Spitzer's legal action, the end result would eventually mean changes in the way the industry does its business.

"For many [the events are] viewed as negative," he said. "But, quite frankly, even though there is pain and anguish, even though there is change, even though there is dislocation, even though there is heartache, ultimately, good will come."