Business Services Industry
Contingent phaseout likely to court trouble.(Eliot Spitzer said ACE Ltd., American International Group Inc., St. Paul Travelers Cos. and Zurich Financial Services Group no longer pay contingent benefits)
Business Insurance, December, 2006
NOW THAT ELIOT SPITZER has said four major multiline insurers can no longer pay contingent compensation to agents and brokers in six lines of business, including boiler and machinery, financial guarantee, homeowners and private-passenger auto liability, we wonder what the next phase in this saga will be.
Terms of the settlements that ACE Ltd., American International Group Inc., St. Paul Travelers Cos. and Zurich Financial Services Group reached with Mr. Spitzer and other state attorneys general require the insurers to cease paying contingents in lines where competitors writing 65% or more of the business in such lines do not offer such compensation to producers. As we report on page 1, Mr. Spitzer announced that the "tipping point'' has been reached in several...
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