NAPSLO issues statement on New York investigations

October 29, 2004 - In response to a number of questions regarding the recent investigation by New York Attorney General office regarding insurance practices, Richard Polizzi, President of the National Association of Professional Surplus Lines Offices (NAPSLO), has issued the following statement on behalf of NAPSLO.

The fraud charges, alleged “bid rigging” and other illegal practices occurring in the insurance industry, brought to light by the recent investigation by New York Attorney General Eliot Spitzer, violate the public’s trust in the insurance industry and are not condoned by NAPSLO or any of its members.  Such activity is contrary to NAPSLO’s own code of ethics and inconsistent with the NAPSLO credo that its members always act in “the utmost good faith.”

Unfortunately, the dishonest actions of a few individuals will unfairly tarnish the reputation of the thousands of professionals, at all levels, who work in the insurance industry.

The wholesale surplus lines community of NAPSLO members is an important segment of the property and casualty insurance industry.   These professionals work hard, each day, to provide retail insurance producers and their clients with important insurance products that are otherwise unavailable in the standard insurance marketplace.  These professionals will continue to work to provide these important and often essential products, as they have in the past, in a highly professional and ethical manner.