New York Superintendent of Insurance Gregory V. Serio said that his department has issued citations to Marsh & McLennan Companies Inc. (MMC), Marsh Inc., and Marsh Global Broking, wholly owned subsidiaries of MMC, and more than 10 other Marsh-related entities, as part of the ongoing joint investigation between the department and Attorney General Eliot Spitzer into wrongdoing associated with contingency fee arrangements. Representatives from MMC and their New York-licensed subsidiary brokerage firms have been directed to appear at the department on Nov. 23 to respond to charges that they used fraudulent, coercive, and dishonest practices and demonstrated untrustworthiness. The department has the authority to suspend or revoke licenses, seek restitution on behalf of aggrieved parties, and levy monetary penalties. The investigation is ongoing.
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