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October 21, 2004

States, D.C. Join In Insurer Probes

Insurance commissioners nationwide, including those from Virginia, Maryland and the District, waded into the growing industry scandal yesterday, holding a teleconference to coordinate the investigation and regulation of the way carriers reward brokers for sending them business.

California Insurance Commissioner John Garamendi also unveiled regulations that make clear brokers may not steer contracts to particular insurance companies for these so-called "contingent commissions."

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Posted by Tom Troceen