Allstate Buries Hatchet With N.Y. For $18M

Law360, New York (January 2, 2007, 12:00 AM EST) -- A unit of the nation's largest publicly traded home and auto insurer is set to shell out more than $18 million to settle allegations that it failed to comply with New York state regulations meant to keep customers informed of the risks of replacing life insurance policies.

New York Insurance Superintendent Howard Mills said Friday that a life insurance unit of Northbrook, Illinois-based Allstate Corp. would fork over roughly $17 million in restitution to about 6,500 current and former customers, as well as a $1.25 million...
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