Insurance firms hit by new malpractice claims
Spitzer and the SEC are probing so-called ‘finite risk reinsurance’ products
The still-unfolding scandal in the insurance industry, which has uncovered bid rigging and dubious commission structures at some of the nation’s largest insurance brokers, is now casting a harsh new light on some non-traditional insurance products known as finite risk reinsurance. New York’s attorney general Eliot Spitzer and the SEC fear these products are being used to doctor corporate earnings. Among the companies under investigation for the alleged misuse of these products are American
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