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Since October of 2004, insurance investors have endured extreme stock price volatility resulting from ongoing regulatory investigations by the NYAG, SEC, and Justice Department. The market began to overcome the loss of contingent commissions by Aon and Marsh & McLennan, and companies started to implement more restrictive business practices amidst allegations of “bid-rigging” by Ace Limited and AIG. However, the property and casualty industry has once again come under intense scrutiny, this time for its use of finite reinsurance, nondisclosed managing general agency relationships, and nonconsolidated foreign entities. NYSSA presents a roundtable discussion of these headline issues.
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