New York Attorney General Eliot Spitzer's office has notified four major insurers they can no longer pay contingent commissions to agents and brokers that sell auto, homeowners, boiler and machinery, and financial guaranty insurance as a result of settlement agreements the carriers made earlier with New York, Connecticut and Illinois to resolve bid-rigging charges.
Mr. Spitzer's action was denounced by agent groups as a “backdoor” move that circumvented legislative due process and unfairly penalized small producers.
Insurers affected are ACE Ltd., American International Group, St. Paul Travelers Companies and Zurich American Insurance Company.
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