Call me Pollyanna, or just dismiss me as a member of the "liberal" media, but in my humble opinion, the Spitzer probe into possible fraud and anti-competitive practices in insurance will ultimately be good for the industry.Yes, he's tenacious. Yes, his investigations are causing upheaval in the market. Yes, brokerage firms and carriers are spending a lot of money right now to deal with the situation-and earnings are off. And yes, broker contingency fees have been a staple in the industry for a long time.
But the bottom line is: If fraud has been perpetrated, it should be uncovered and it should be stopped. Fraud is fraud, whether individual consumers are filing false claims with carriers, chiropractors are charging for services never rendered, or brokers and insurers are rigging bids to fabricate the illusion of competition to corporate clientele.
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