ACE Insurance Units Fined $9M For Faulty Practices

Law360, New York (December 19, 2011, 4:36 PM EST) -- British and Irish financial regulators on Monday fined two ACE Group Combined Insurance Co. units about $8.7 million for failing to protect consumers by properly overseeing their sales agents and handling claims and complaints.

The Central Bank of Ireland reached a €3.35 million ($4.36 million) settlement with Combined Insurance Co. of Europe Ltd., while the U.K.'s Financial Services authority fined Combined Insurance Co. of America £2.8 million ($4.35), the regulators said Monday.

The two watchdogs, who worked together on the probe of CICA and its Irish...
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