Originally created 06/12/04

Aetna gets Spitzer subpoena on broker compensation

HARTFORD - Aetna Inc. became the latest in a string of insurers to receive a subpoena from the office of New York State Attorney General Eliot Spitzer, seeking information on the way brokers are paid.

On Friday, Hartford-based Aetna said it intends to cooperate with the inquiry but declined to elaborate on what the subpoena sought.

Though Spitzer hasn't given details of his investigation into the insurance-brokerage industry, The Wall Street Journal reported last month that an internal Aon Corp. memo the newspaper obtained indicates the attorney general is looking into the various types of payments insurance companies make to brokers.

Spitzer's office wasn't immediately available to comment on Friday.

The wide-reaching probe has resulted in subpoenas to Aon, Marsh & McLennan Cos., Willis Group Holdings Ltd. and Chubb Corp. and Hartford Financial Services Group.


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