Ahhhh yes. Evil Elliott has it wrong again!?! The insurance industiry's gross fraud perpetrated on it's clients is nothing more than a "contingent commission"...so they say. It kind of sound's like that practice we trial lawyers use to keep our clients from having to foot a legal bill they could never afford...a practice that put's the risk entirely on us. So, er uhm, maybe the insurance industry can make fraud and bid rigging sound legitimate too. But, uhm, just what risk is it they were taking from their clients, and just how does bid rigging help them? Ohh well, if the public won't buy the name, let's just deny that it's what we really do. See the article below and watch them squirm now that the cat is out of the bag. And I can't wait to see who will be the first to eat their words.
Business Insurance - Corporate Risk and Employee Benefit Management news
Problems outlined in Spitzer suit limited: Panelists
by Regis Coccia
Posted on Oct. 20, 2004 4:41 PM CST
CHICAGO—Allegations of wrongdoing in the insurance industry must be taken seriously but do not indicate a widespread problem, a panel of industry leaders said.
Speaking Wednesday at the annual Insurance Executive Forum hosted by Illinois State University’s Katie School of Insurance and Financial Services, the panelists agreed that New York Attorney General Eliot Spitzer’s recent lawsuit calls for strong action against anyone found guilty of criminal acts but does not require sweeping changes in industry business practices.
“I believe 99% of the men and women who get up to work in this industry are honest and do their best” to serve their clients and support their families, said John Phelan, chairman and chief executive officer of American Re-Insurance Co. in Princeton, N.J.
“In my view, to suggest that the sins of the few will change the world for the rest of us is utter nonsense.” he said. “There are just a handful of people, I suspect, involved in improper behavior.”
