Regulator Busts IIZI Group for Manipulating Insurance Rates
The Financial Supervision Authority issued an injunction to Insurance Broker Services, owned by IIIZI Group, for illegally influencing rates offered by insurance companies.
The regulator said on its website today that the company has sold insurance companies information on their competitors' rates, so that purchasers of the information know how much they can raise their own prices by. Insurance Broker Services called it a "market positioning service."
Many insurance companies were offered the information and a few purchased it as well.
The Financial Supervision Authority ordered that the broker terminate the activity, stressing that insurance brokers should serve the interests of customers, not providers.
IIZI Group is the nation's largest insurance broker, with an 18 percent share of the market.