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| | Stanley Zax, The Formidable Leader Of Zenith Insurance Company, To Retire. Zax Has Served As A Powerful Force In The Fight Against Fraud In Workers’ Compensation Claims. By Lonce LaMon - November 23, 2011
Stanley Zax is supposed to retire from Zenith Insurance Company at the end of this year. Zax sold Zenith to Fairfax Financial Holdings in 2010; and Fairfax released the news of his retirement on Monday. However, hearsay stated that Stanley would retire weeks before the announcement was officially made via Fairfax two days ago.
Although the announcement suggested that Zax was retiring as Chief Executive Officer and President, it seems he stepped down from these roles some several months ago, as insiders from Zenith stated earlier in this year that Stanley’s current title was Consultant. Now, the word from Fairfax further states that Stanley Zax will continue to serve as Chairman of The Board and will also chair the Fairfax Advisory Board.
Jack Miller, who is now Zenith’s Chief Operating Officer, will become President and CEO of Zenith in just a little over a month come 2012.
This writer called Stanley Zax’s office just moments ago and his secretary answered and said he would return on Monday. If Zax is in his office, he always answers his own phone with a casual “hello”.
A man with a unique personality, he can one day make a conversation short and not-so-sweet by hanging up somewhat abruptly, or on another can expatiate on and on in a harangue about something he feels very passionate about. He has strong opinions about what government should not stick its nose into concerning the insurance industry, while at the same time has strong, positive relationships with District Attorneys he consistently has partnered with in the fight against fraud.
On one occasion back in 2009, Zax expressed by phone to this writer that he thought the Explanation Of Benefits (EOB) letter to claimants was a really bad idea. He thought it would be simply cost prohibitive and that the claimants wouldn’t understand it anyway no matter how simply it was written. He was very forceful in his self-expression that a mandatory EOB should never be legislated.
Over the years, Zax has fought hard to vanquish corrupt and fraudulent medical service providers and other fraudsters. He always has kept a formidable SIU department and has stayed on the cutting edge of investigations against fraud. It has been universally acknowledged by insurance carriers and third-party-administrators industry-wide handling workers’ compensation claims that Zax’s fight against fraud substantially benefitted the industry as a whole.
Stanley Zax is an attorney by training and was a partner in a law firm in Chicago back in the 1960s. He is now around 75 years old.
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