4 Insurer Groups Settle Overcharging Claims For $120M

Law360, New York (January 3, 2011, 5:20 PM EST) -- The ACE Group, Zurich Financial Services Group, the Pennsylvania Manufacturers' Association Insurance Group and CNA Financial Corp. have agreed to pay nearly $120 million to New York state to settle claims that the four insurance groups overcharged policyholders for workers' compensation coverage.

During his last days in office as New York attorney general, Andrew Cuomo announced on Dec. 30 the settlement with the insurance groups' 36 member insurance companies, which allegedly collected excessive surcharges from policyholders to cover an annual fee insurers owed to the state...
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