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Contingents bar sparks agent protest; Latest Spitzer order cuts extra compensation on more products, takes fight to personal lines.
Publication:
Business Insurance
Publication Date: 04-DEC-06 |
Format: Online
Delivery: Immediate Online Access |
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Full Article Title: Contingents bar sparks agent protest; Latest Spitzer order cuts extra compensation on more products, takes fight to personal lines.(Eliot Spitzer imposed ban on ACE Ltd., American International Group Inc., St. Paul Travelers Cos. Inc. and Zurich American Insurance Co) |
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Article Excerpt
Byline: SALLY ROBERTS
NEW YORK-New York Attorney General Eliot Spitzer took aim at the personal lines industry last week as he notified four insurers that, in accordance with their previous settlements, they no longer could pay contingent commissions on six additional lines of business including homeowners and personal automobile coverage.
The ban-imposed on ACE Ltd., American International Group Inc., St. Paul Travelers Cos. Inc. and Zurich American Insurance Co. Inc.-is the latest in Mr. Spitzer's more than two-year-old investigation into broker compensation practices and essentially shifts the focus away from commercial lines to personal lines, which has never been a major focus of his past investigations.
That not only has industry players questioning the appropriateness of the move, but also what they see as one state attorney general being allowed to regulate broker compensation nationwide.
Independent agent groups, in particular, took exception to Mr. Spitzer's announcement and vowed to fight to preserve the right for insurers to pay agents and brokers legal incentive compensation.
Much of Mr. Spitzer's investigations and resulting settlements into broker compensation practices have centered...
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