« Insurance company sues Kravitz for $333,850 over toilet overflow | Main | China Life says 9-mth premiums total $14.7 billion »
October 25, 2004
Spitzer Probe May Give Push to National Insurance Regulation
The 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.
Posted by Tom Troceen