An RLI executive reported yesterday that as his insurance company's profits have soared he has seen competitors' market discipline eroding in the property-catastrophe insurance sector.

Michael Stone, president and chief operating officer of RLI Insurance Company made his comments during a fourth-quarter earnings conference call that announced a 26 percent jump in net income for 2006.

And he suggested that some carriers may be fudging on what they reveal about their underwriting.

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