According to the Boston Globe, the Massachusetts Division of Insurance has commenced an examination of executive compensation among insurers in the state following disclosures that Liberty Mutual Holding Co. paid its top executive roughly $50 million annually. Massachusetts Insurance Commissioner Joseph G. Murphy said he would like his agency to only concern itself with the amount insurers pay their executives if the amount could potentially harm the firm’s financial health or its ability to pay future claims. He added, “If we saw some aberration where it was negatively affecting their solvency, we would probably drill down and perhaps take action.”
Mass. launches insurers’ executive pay inquiry
The Massachusetts Division of Insurance is examining whether the amount insurers are paying executives could harm companies’ financial health.
June 25, 2012