Share this article

print logo


Revelations of bid-rigging within the insurance industry may lead Congress to a "Pandora's box" of unethical conduct, a top investigator told Congress on Tuesday, just before two more executives pleaded guilty.

New York Attorney General Eliot Spitzer, who launched an investigation Oct. 14 into major insurance brokerages suspected of price-fixing, told the Senate Governmental Affairs Committee that more disclosures of bad practices were coming.

Hours after he spoke, two executives at Zurich American Insurance Co. pleaded guilty in New York to criminal charges, adding another major insurance company to the list of those implicated.

And, St. Paul Travelers Cos. said Tuesday it has been subpoenaed by the New York attorney general for documents relating to its business practices.