New York State Insurance Department Investigations into Broker and Insurer Compensation Practices, Finite Reinsurance Practices and Title Insurer Practices
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News Releases
- 09/20/2012: Cuomo Administration Fines Oxford Health $665,000 For Failing To Tell Consumers Their Rights And Benefits See Stipulation below.
- 09/20/2010: Department Fines David Lerner Associates $255,000 See Stipulation below.
- 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 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 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 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
- 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
NOTE: Unless otherwised noted, all Regulatory Action documents on this page are in PDF format.
- Marsh & McLennan
- ACE
- AIG
- AON
- Fidelity National Title
- First American Title
- HealthNow
- MBIA Insurance Corporation
- Oxford Health
- The St. Paul Travelers Companies, Inc.
- Universal Life Resources
- Willis Group Holdings
- Zurich
- 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.
- 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
- SUMMONS AND COMPLAINT
- Amended and Restated Agreement (posted 02/18/2010)
- Amendment No. 6
- Amendment No. 5
- Amendment No. 4
- Amendment No. 3
- Amendment No. 2
- Amendment No. 1
- 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
- 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.
- SECOND RSM McGLADREY REPORT ON COMPLIANCE EXAMINATION with APPENDICES (posted 10/05/2010)
- Amended and Restated Agreement (posted 02/18/2010)
- RSM McGLADREY REPORT ON COMPLIANCE EXAMINATION with APPENDICES (03/31/2008)
- Amendment No. 5
- Amendment No. 4
- Amendment No. 3
- Amendment No. 2
- Amendment No. 1
- 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
- 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.
- 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.
- STIPULATION No. 2012-0154-S: In the Matter of Oxford Health Plans (NY), Inc. and Oxford Health Insurance, Inc. (PDF format)
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)
- Amended and Restated Agreement (posted 02/18/2010)
- SECOND EXAMINATION REPORT ON COMPLIANCE with APPENDICES (12/30/2009)
- FIRST RSM McGLADREY EXAMINATION REPORT ON COMPLIANCE with APPENDICES (03/31/2008)
- Amendments No. 3 (Stipulation) & No. 4 (AOD)
- Amendments No. 2 (Stipulation) & No. 3 (AOD)
- Amendments No. 1 (Stipulation) & No. 2 (AOD)
- Amendment No. 1 (Assurance of Discontinuance)
- Stipulation
and Settlement Agreement With Willis: In the Matter of WILLIS GROUP HOLDINGS LTD., et al., Respondents.
- Assurance of Discontinuance (AOD):
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)
Updated 10/03/2011
