HAWAII PART OF $12.5M AIG INSURANCE SETTLEMENT -- The Catbird's Forum

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Date Posted: 03:28:32 01/30/08 Wed
Author: Bob O. Link
Subject:

HAWAII PART OF $12.5M AIG INSURANCE SETTLEMENT

January 29, 2008

Hawaii part of $12.5M AIG insurance settlement

Advertiser Staff

Hawai'i is one of nine states and the District of Columbia that will share in a $12.5 million settlement with American International Group Inc., which made the agreement to solve allegations about bid-rigging and price-fixing in the commercial insurance market.

AIG said it was agreeing to the settlements to avoid the expense and uncertainty of protracted litigation, and that it was neither denying or admitting liability.

Florida's attorney general released a statement saying the agreement was yet another settlement in a "pay-to-play" tactic used by Marsh & McLennan and other insurance brokers.

It said AIG and several of its insurance subsidiaries allegedly conspired with Marsh and other brokers by submitting fake bids to create the illusion of a competitive bidding process.

Hawai'i previously participated in a $10 million settlement with other states involving The Travelers Companies Inc., which allegedly conspired with Marsh & McLennan and other brokers to create an illusion of a competitive bidding process.

http://the.honoluluadvertiser.com/article/2008/Jan/29/br/br6057391824.html

Questions, Questions, Questions: Details? Who negotiated the settlement? On who's behalf? What were the total overcharges to Hawaii customers? How much is Hawaii getting back? Who gets the money? The ripped-off consumers? The Attorney General's office? The Hawaii Insurance Commissioner? The lawyers? Where was the Department of Commerce & Consumer Affairs? Where were the insurance regulators?

For a hint at a few of the answers, you should check out:

http://www.kycbs.net/AIG.htm
http://www.kycbs.net/MarshBirds.htm
http://www.kycbs.net/ChubbGroup.htm
http://www.kycbs.net/Confessions.htm
http://www.kycbs.net/Insurance-Vampires.htm

Although we aren't given the details, it would seem that Hawaii's portion of the settlement will be small compared to the many millions of OVERCHARGES to AIG customers.

Perhaps our Attorney General Mark Bennett or our Insurance Commissioner, J.P. Schmidt, can give us some more of the answers! ( http://www.kycbs.net/CV05-00030-Witness-Bennett-Mark.htm & http://www.kycbs.net/CV05-00030-Witness-Schmidt-JP.htm )

Aloha, insurance dollars!

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