Spitzer probe has little effect
Created: Apr 26, 2006 11:00 AM
HONOLULU? A probe by New York Attorney General Eliot Spitzer hasn?t lowered insurance premiums for most US companies.
Eighty-two percent of 705 risk managers surveyed by the Risk and Insurance Management Society said they hadn?t received a discount on their premiums since insurers stopped paying commissions in 2004.
Insurance brokers including Marsh & McLennan Cos., Aon Corp., and Willis Group Holdings Ltd. stopped taking the fees after Spitzer called them kickbacks that stifled competition.
