The US personal lines insurance market is awaiting charges from New York attorney general Eliot Spitzer.
Speaking before an Assembly Insurance Committee hearing in New York, Spitzer said he is pursuing private inquiries into the personal lines market and further charges “will come out in due course".
In the speech he also urged officials to examine the relationships between brokers and offshore insurers and reinsurers.
The attorney general, whose office is expected to reach a settlement with Marsh & McLennan within weeks, hinted that new legislation was being formulated.
"If we were to start with a blank slate, I would intuitively say full disclosure would be the model but now I would say disclosure is not sufficient. The brokers have made that determination," Spitzer is reported to have said.
