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October 25, 2004

Spitzer Probe May Give Push to National Insurance Regulation

Eliot_spitzer0The creation of a U.S. insurance regulator is gaining support in Congress and among consumer groups after New York Attorney General Eliot Spitzer disclosed his probe of improper sales practices.

Spitzer sued New York-based Marsh & McLennan Cos. on Oct. 14 for allegedly arranging fake bids to steer customers to insurers that paid it the highest fees. Insurers, unlike banks and securities firms, lack a single regulator to impose rules, leaving oversight to 50 state commissioners.

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Posted by Tom Troceen