It has been almost three years since Eliot Spitzer–then New York's attorney general (now governor)–leveled charges against the insurance brokerage industry, beginning in October 2004 with accusations of fraud and antitrust violations against Marsh & McLennan.
The controversy over questionable business practices–especially the use of contingent commissions–rapidly affected large insurance brokers specifically, and the broader insurance industry generally.
A number of individuals confessed to, and were convicted of illegal acts, such as fraud. Several large brokerage firms made commitments to compensate their policyholder clients for their previous actions.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
