Department Investigation into Broker and Insurer Compensation Practices, Finite Reinsurance Practices and Title Insurer Practices
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News Releases | Regulatory Actions | Testimonies and Remarks
News Releases
- 07/21/2008: HealthNow Fined $1 Million For Insurance Violations See Stipulation below.
- 03/31/2008: Reports Find Marsh, Willis Complying With Terms Of Settlements
- 01/29/2007: MBIA to Pay $75 Million to Settle Fraud Investigation Agreement is Part of Ongoing Effort to Restore Integrity and Transparency in the Bond Insurance Market. See Stipulation below.
- 08/01/2006: St. Paul Travelers Settles Bid-Rigging Probe Agreement is Part of Ongoing Effort to Restore Competition in Insurance Industry. See Stipulation and Assurance of Discontinuance, below.
- 05/23/2006: Title Insurers Agree to Sweeping Reforms First American and Fidelity to Change Practices and Reduce Rates. See Stipulation and Assurance of Discontinuance, below.
- 04/26/2006: ACE Settles Bid-Rigging Probe (PDF Format) See Stipulation and Assurance of Discontinuance and Voluntary Compliance, below.
- 03/27/2006: Zurich Settles Bid-Rigging Probe See Stipulation and Assurance of Discontinuance and Voluntary Compliance, below.
- 02/09/2006: AIG Settles Fraud, Bid-Rigging and Improper Accounting Charges (PDF Format) See Stipulation, Report and Settlement Agreement, below.
- 01/05/2006: Insurance Consultant Settles Conflict of Interest Issues $2 Million Will Go to Customers; Reform of Business Practices (PDF Format) See Stipulation and Settlement Agreement, below.
- 05/26/2005: State Suit Cites Pattern of Fraud at AIG Former CEO Hank Greenberg Directed and Approved Illegal Transactions
- 04/08/2005: New York State Settles Probe of Willis Third-Largest Insurance Broker to Pay $50 million and Adopt Reforms (PDF Format)
- 03/04/2005: Aon Settles Corruption Probe
- 01/31/2005: Insurance Broker Agrees to Sweeping Reforms - Marsh to Pay $850 Million in Restitution and Ban Contingent Commissions
- 11/12/2004: New York State Insurance Department Issues Citations To Universal Life Resources, Inc., Three Affiliates, And An Executive As Part Of Ongoing Joint Investigation With New York State's Attorney General Into Fee Arrangements
- 10/22/2004: New York State Insurance Department Issues Citations To Marsh & McLennan Cos., Inc. And Marsh, Inc. As Part Of Joint Investigation With New York State Attorney General's Office
- 10/14/2004: Superintendent Serio's Remarks at Press Conference Announcing Lawsuit Against Marsh & McLennan, Cos.
Regulatory Actions
- ACE
- AIG
- AON
- Fidelity National Title
- First American Title
- HealthNow
- Marsh & McLennan
- MBIA Insurance Corporation
- The St. Paul Travelers Companies, Inc.
- Universal Life Resources
- Updated! Willis Group Holdings
- Zurich
- Assurance of Discontinuance and Voluntary Compliance (PDF Format)
- REPORT BY INS REGULATORY INSURANCE SERVICES, INC. ON THE JOINT INVESTIGATION BY THE NEW YORK STATE INSURANCE DEPARTMENT AND THE NEW YORK STATE ATTORNEY GENERAL INTO CERTAIN ACTIVITITIES OF AMERICAN INTERNATIONAL GROUP, INC. (PDF Format)
- AGREEMENT BETWEEN THE ATTORNEY GENERAL OF THE STATE OF NEW YORK AND AMERICAN INTERNATIONAL GROUP, INC. AND ITS SUBSIDIARIES (COLLECTIVELY "AIG") DATED JANUARY 18, 2006 (PDF Format)
- SUMMONS AND COMPLAINT (PDF Format)
- AMENDMENT NO. 6 (PDF Format)
- AMENDMENT NO. 4 (PDF Format)
- AMENDMENT NO. 3 (PDF Format)
- AMENDMENT NO. 2 (PDF Format)
- AMENDMENT NO. 1 (PDF Format)
- AGREEMENT WITH AON:
Agreement Among the Attorney General of the State of New York, the Superintendent
of Insurance of the State of New York, the Attorney General of the State of Connecticut,
the Illinois Attorney General, the Director of the Division of Insurance, Illinois
Department of Financial and Professional Regulation, and Aon Corporation and its
subsidiaries and affiliates (collectively "Aon") dated March 4, 2005
(PDF Format)
- Citation No. 2005-0001-C: In the Matter of Aon Corporation and fifty-five of its subsidiaries (PDF Format)
- Complaint: THE PEOPLE OF THE STATE OF NEW YORK by ELIOT SPITZER, Attorney General of the State of New York, Plaintiff, - against - AON CORPORATION, Defendant. (PDF Format)
- STIPULATION No. 2006-0123-S: In the Matter of FIDELITY NATIONAL TITLE GROUP, INC., et al. (PDF Format)
- Assurance of Discontinuance (PDF Format)
- Assurance of Discontinuance (PDF Format)
- RSM McGLADREY REPORT ON COMPLIANCE EXAMINATION with APPENDICES (03/31/2008 - PDF Format)
- AMENDMENT NO. 5 (PDF Format)
- AMENDMENT NO. 4 (PDF Format)
- AMENDMENT NO. 3 (PDF Format)
- AMENDMENT NO. 2 (PDF Format)
- AMENDMENT NO. 1 (PDF Format)
- AGREEMENT WITH MARSH: Agreement Between
the Attorney General of the State of New York and the Superintendent of Insurance
of the State of New York, and Marsh & McLennan Companies, Inc., Marsh Inc.
and their subsidiaries and affiliates (collectively "Marsh") dated January
30, 2005 (PDF Format)
- Citation No. 2004-0123-C: In the Matter of MARSH & McLENNAN COMPANIES, INC., MARSH, INC., MARSH PLACEMENT INC. (formerly known as Marsh Global Broking Inc.), MARSH USA INC., MARSH USA (ALASKA), MARSH USA (CONNECTICUT), MARSH USA MASSACHUSETTS), MARSH USA (MICHIGAN), MARSH USA (NEVADA), MARSH USA (OHIO), MARSH USA (PENNSYLVANIA), MARSH USA (TEXAS), MARSH USA (UTAH), MARSH INSURANCE AGENCY & INVESTMENTS and SEABURY & SMITH INC., Respondents. (PDF Format)
- Circular Letter No. 22 (1998): Disclosure of Brokers' Compensation
See the October 14, 2004 bullet in the Testimonies and Remarks section below for more information.
The St. Paul Travelers Companies, Inc.
- STIPULATION No. 2006-0162-S: In the Matter of THE ST. PAUL TRAVELERS COMPANIES, INC. and its insurer subsidiaries (PDF Format)
- Assurance of Discontinuance (PDF Format)
- STIPULATION AND SETTLEMENT AGREEMENT WITH UNIVERSAL LIFE RESOURCES: In the Matter of DOUGLAS PAUL COX, UNIVERSAL LIFE RESOURCES, UNIVERSAL LIFE RESOURCES, INC., ULR INSURANCE SERVICES, INC.AND BENEFITS COMMERCE (PDF Format)
- Citation No. 2004-0125-C: In the Matter of DOUGLAS PAUL COX, UNIVERSAL LIFE RESOURCES, INC., ULR INSURANCE SERVICES, INC. and BENEFITS COMMERCE, Respondents. (PDF Format)
- NEW! SECOND EXAMINATION REPORT ON COMPLIANCE with APPENDICES (12/30/2009 - PDF Format)
- FIRST RSM McGLADREY EXAMINATION REPORT ON COMPLIANCE with APPENDICES (03/31/2008 - PDF Format)
- AMENDMENTS NO. 3 (Stipulation) & NO. 4 (AOD) (PDF Format)
- AMENDMENTS NO. 2 (Stipulation) & NO. 3 (AOD) (PDF Format)
- AMENDMENTS NO. 1 (Stipulation) & NO. 2 (AOD) (PDF Format)
- AMENDMENT NO. 1 (Assurance of Discontinuance) (PDF Format)
- STIPULATION
AND SETTLEMENT AGREEMENT WITH WILLIS: In the Matter of WILLIS GROUP HOLDINGS LTD., et al., Respondents. (PDF
Format)
- Assurance of Discontinuance (AOD): (PDF Format)
- STIPULATION No. 2006-0088-S: In the Matter
of ZURICH AMERICAN INSURANCE COMPANY, ZURICH AMERICA HOLDING COMPANY OF AMERICA,
INC. and its insurer subsidiaries and affiliates authorized to transact insurance
business in the State of New York (PDF Format)
- Exhibits (PDF Format)
- Assurance
of Discontinuance and Voluntary Compliance (PDF
Format)
- Exhibits (PDF Format)
Testimonies and Remarks
TESTIMONY OF GREGORY V. SERIO, SUPERINTENDENT OF INSURANCE, BEFORE THE NEW YORK STATE ASSEMBLY STANDING COMMITTEE ON INSURANCE REGARDING THE ISSUE OF INAPPROPRIATE COMPENSATION ARRANGEMENTS IN THE INSURANCE MARKETPLACE (January 7, 2005)
- Testimony of Superintendent Serio (PDF Format)
TESTIMONY OF THE NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS BY GREGORY V. SERIO, SUPERINTENDENT OF INSURANCE, BEFORE THE U.S. SENATE SUBCOMMITTEE ON FINANCIAL MANAGEMENT, THE BUDGET AND INTERNATIONAL SECURITY REGARDING OVERSIGHT OF INSURANCE BROKERAGE PRACTICES, INCLUDING POTENTIAL CONFLICTS OF INTEREST AND THE ADEQUACY OF THE CURRENT REGULATORY FRAMEWORK (November 16, 2004)
- Opening Statement of Superintendent Serio (PDF Format)
- Testimony of Superintendent Serio (PDF Format)
SUPERINTENDENT SERIO'S REMARKS AT PRESS CONFERENCE ANNOUNCING LAWSUIT AGAINST MARSH & MCLENNAN, COS (October 14, 2004)