ERC Statement Regarding Investigation of Insurance Industry Practices.KANSAS CITY Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). , Mo. -- Employers Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Corporation (ERC (database) ERC - An extended entity-relationship model. ) released the following statement today regarding its internal investigation into bidding practices in the insurance industry: After an extensive five-week internal investigation, ERC has identified a limited number of isolated issues concerning quotations submitted at the request of Marsh & McLennan by one current and one former employee. These issues involve quotations for premiums of less than $1 million. ERC last year wrote premiums totaling about $9.7 billion. The internal investigation is continuing. Based on the investigation to date, the issues are isolated and confined. ERC voluntarily reported on these issues to the staff of the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Attorney General's office this week. Last week, ERC received a subpoena subpoena (səpē`nə) [Lat.,=under penalty], in law, an order to a witness to appear before a court. A subpoena ad testificandum [Lat. from the Attorney General's office in conjunction with that office's ongoing review of industry-wide insurance practices relating to brokers. ERC is cooperating fully with the Attorney General's office and state regulators. ERC is a unit of GE Insurance Solutions. |
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