Five board members of Marsh & McLennan Companies (MMC) resigned this week as a result of Eliot Spitzer's inquiry

The resignations came from directors who were also officers of the company.

MMC said its board would now consist of external directors.

Also this week two underwriters in Zurich's North America commercial excess casualty unit admitting criminal charges of bid-rigging.

The US Council of Insurance Agents & Brokers hit out against allegations of widespread fraud and corruption in the industry.

In the UK, Marsh chief executive Bruce Carnegie-Brown faced Lloyd's at a lecture organised by the Insurance Institute of London. Carnegie-Brown called for more transparency in relationships between brokers and clients, but warned that transparency could put pressure on brokers' earnings.