New York — Gov. Eliot Spitzer, known throughout the insurance industry for his tireless and tough ethics reform as attorney general, announced his resignation, effective Monday, March 17. Quickly following Monday’s revelation of his involvement with a prostitution ring, Spitzer announced this morning that he will relinquish his position to Lt. Gov. David Paterson.

During his resignation speech, Spitzer said, "I am deeply sorry that I did not live up to what was expected of me," referring to his alleged involvement with a prostitution ring. "To every New Yorker, and to all those who believed in what I tried to stand for, I sincerely apologize."

He went on to say, "I look at my time as governor with a sense of what I might have been, but I also know that as a public servant I, and the remarkable people with whom I worked, have accomplished a great deal. There is much more to be done, and I cannot allow my private failings to disrupt the people's work. Over the course of my public life, I have insisted, I believe correctly, that people, regardless of their position or power, take responsibility for their conduct. I can and will ask no less of myself. For this reason, I am resigning from the office of governor."

Spitzer was actively involved in the insurance space during his tenure as attorney general, during which time allegations of fraud were leveled against the likes of Aon, AIG, ACE, Marsh and other brokers and insurers.

Sources: New York Times, INN archives

Sources: New York Times, INN archives

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