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Oregon Joins Insurance Probe |
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October 25, 2004
"We've been concerned about issues with broker commissions for some time," Oregon Department of Consumer & Business Services Insurance Division Administrator Joel Ario said. "In fact, the Insurance Division currently has draft rules in circulation that would increase disclosure requirements to make certain that businesses and consumers are fully informed of how their broker is compensated and any conflicts of interest that may exist." "We need to ensure that when insurance purchasers work with a broker, they can be confident that the broker is serving their best interests. We'll be reviewing those rules now to see if they need to be strengthened even further," Ario said. Less than a week ago, New York Attorney General Eliot Spitzer filed suit against Marsh & McLennan, the nation's largest insurance brokerage, for allegedly steering business clients to insurers that paid an extra compensation. Later in the week, California's Insurance Commissioner, John Garamendi, said he was putting the insurance industry under tougher scrutiny. Report Your Experience
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