New York's attorney general, Eliot Spitzer, spoke to theNational Press Club in February, discussing the recent businessscandals on which he has launched a crusade. He cited thebusinesses in question for serious “breaches of fiduciary duty,”including the insurance industry and the brokerage firms that hehas tackled. At his dinner table one evening, he told the audience,he asked his 15-year-old daughter what her favorite word was. Shegave him that typical teenager look and responded that she did nothave one, but she sure knew what his were: fiduciary duty.

Spitzer's attack on the insurance industry has been headlinenews. Scanning recent National Underwriters reveals stories suchas: “Conn. Sues Marsh, ACE” (Jan. 31), “Spitzer Eyes PersonalLines” (Jan. 24), “Agents on the Defensive” (Jan. 3), and SamFriedman's Jan. 10 editorial, “Is Spitzer Unethical?” (Well, maybe,maybe not. Yes, he was buddy-buddy with the new guy at Marsh. AsFriedman said, however, “Spitzer has done a lot of good in exposingwrongdoing in the financial services industry but, like anypolitician, he is a media hound.”)

The transgressions that Spitzer and his colleagues are exposingare embarrassing to our industry, as well they ought to be,although some of us had been aware of the sugary deals betweeninsurers and brokers for years. Spitzer's complaint, however, isfar more than just brokers' lack of disclosure, and agents are notoff the hook, either. On Jan. 3, National Underwriter's Mark E.Requet reported that three major property-casualty associations sawa need for “repairing the damage to their members' reputationcaused by allegations of wrong-doing on the part of a few, whilekeeping regulatory over-reaction in check.” California's insurancecommissioner, John Garamendi, “is considering language to requireproducers to deliver 'the best available coverage,'” he continued.Apparently agents are not sure what that means. Hey, guys, it meansthat if you are pushing insurers that are likely to go bust or willnot pay claims, you are doing your customers a disservice.