New York–New York's top insurance regulator Howard Mills told a meeting here that State Attorney General Eliot Spitzer's probe of the insurance business caused unnecessary harm to industry workers and stockholders.
The state insurance superintendent's criticism Friday came with an announcement he is starting a new unit to investigate industry abuses that he said will conduct operations in a more precise and less damaging way than Mr. Spitzer.
"These efforts can be done a lot more surgically. They do not need to be done in so public a way as to damage the stock of a public company and cause 5,000 people to lose their jobs," he said in a reference to one of Mr. Spitzer's targets, Marsh and McLennan Companies.
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