Begleicht Zurich Insurance probe with Spitzer for $ 153 million
Zurich American Insurance Monday a standing offer Rigging investigation and pay $ 153 million in restitution under a regime of New York, Connecticut and Illinois, a New York Attorney General Eliot Spitzer.
Under the settlement, $ 88 million will go to Zurich damage insured by offering Rigging Spitzer asserts that adding $ 39 million in sanctions go to New York State, Connecticut and Illinois while each get $ 13 million .
The village is part of the investigation by Spitzer Marsh & McClennan (MMC). Marsh, the largest nation injury brokerage Spitzer, settled last year for $ 850 million over allegations of bid rigging and price fixing as well as hidden commissions.
Zurich was one of the companies pencil sharpeners and government insurance Superintendent Howard Mills, in particular, participation in the insurance-Take-Bid.
Zurich is also adopt reforms and an apology, Spitzer said.
“Zurich is the willingness to acknowledge problems, adopt reforms and compensation to customers will help to advance the company contribute to the promotion of fair competition and full integration into the insurance sector,” said Spitzer.
Zurich Steve McKay spokesman had no direct opinion.
Earlier this month, Zurich agreed to pay nearly $ 172 million in a deal with the nine countries to resolve Rigging accusations of supply and price fixing in the commercial insurance market. Insured in 50 countries, $ 151.7 million in repayments of the colony of California, Florida, Hawaii, Maryland, Massachusetts, Oregon, Pennsylvania, Texas and West Virginia. These nine countries, another $ 20 million for investigative and attorney costs.
Monday municipal concerned the policy of Zurich “Finite-insurance” transactions. Spitzer cites an e-mail from a broker Marsh in Zurich Underwriter seeking a false bid for an insurance contract, “said Spitzer was headed at the American International Group Inc. E-mail: “Can you give me a layer of protection on this indication. It is an AIG renewal and AIG already quoted it also gives me just a bad higher price per occ. Attachment and then we can with it. ”
Spitzer of Zurich said, on condition that the false quote in one disappointment Marsh clients.
AIG was among the companies who claims to rig supply regulation, and four former AIG executives was less than 20 insurance executives and officers, have pleaded guilty to fees, Spitzer’s office said.
In February, AIG, one of the biggest in the world, insurance companies, has agreed to pay $ 1.64 billion to resolve charges earlier that deceptive accounting practices to mislead investors and regulatory agencies.
Zurich, in a statement quoted by Spitzer, acknowledged “some of his staff every two wounded acceptable practice and Zurich their own standards of conduct by integration into abusive practices and the tender” Finite reinsurance ” transactions “.
Spitzer said Zurich’s incorrectly used “Finite-insurance” to better control their finances. In 1998, Zurich has an insurance with another company, would be a loss of $ 70 million. In Deal, the reinsurance payment was returned to Zurich and a victory, “said Spitzer.
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