Insurance Organization Opposes Zurich Settlement

Law360, New York (October 13, 2006, 12:00 AM EDT) -- A proposed class settlement that came out of Zurich Financial Services’ alleged bid-rigging scandal is being challenged by a national trade association, which feels small and medium insurance agents will suffer unfair adverse effects.

In court documents filed with the U.S. District Court in New Jersey, the National Association of Professional Insurance Agents has said the settlement would pass on a number of costs and duties to independent agencies.

For example, the settlement would prohibit the payment by carriers of certain contingency payments, and it would...
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