Travelers Puts Up $10.5M To Kick Premium Overcharge Suit

Law360, New York (June 18, 2012, 10:41 PM EDT) -- The Travelers Cos. Inc. will pay $10.5 million in a settlement agreement that will refund policyholders who were allegedly overcharged on their premiums, the California Department of Insurance said Monday.

The deal, which concludes an enforcement action by the insurance department, includes a $1.5 million fine as well as $9 million in refunds to policyholders who said they had overpaid on their premiums because of Travelers’ allegedly inadequate implementation of rules in determining policy rates, the insurance department said in a statement.

Such rules included procedures...
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