Hartford To Credit $24M To Policyholders Over Pricing Breach

Law360, New York (April 19, 2012, 7:32 PM EDT) -- Hartford Life Insurance Co. has reached an agreement with the New York State Department of Financial Services to repay $24 million to 300,000 holders of death and dismemberment policies because the insurer failed to comply with the state's minimum loss ratio, the regulator said Thursday.

The insurer, a unit of Hartford Financial Services Group Inc., broke a rule that says 60 percent of the money insurers receive for premiums must be spent on claims. Hartford didn't reach the required level because it overestimated the amount of...
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