State settlement of insurance cases, agreements on prices
Texas / USA and eight other countries have reached $ 171 million a subdivision with Zurich American Insurance Co., in which the Attorney General Greg Abbott has called for a wide range Rigging and price fixing.
Under the settlement, policyholders in the nine countries, more than $ 150 million in reimbursements. More than $ 11 million of them go to insurance in Texas, said Abbott.
Zurich is also paying about $ 20 million in investigation costs of the nine countries, “said Abbott.
“The commercial insurance companies for purchases have been misled to believe that they were always the best deals available,” said Abbott.
“Any anti-regulation was an intentional smoke screen by several insurance players to artificially inflate premiums and commissions arising from improper pay those negotiated tenders.
The victims of the system, Abbott said, were large and small businesses and nonprofit organizations and public bodies, commercial lines purchased insurance Zurich.
Texas occurred in California, Florida, Hawaii, Maryland, Massachusetts, Oregon, Pennsylvania and West Virginia in the realization of urbanization, the final terms, which are approved without jurisdiction, “said Abbott.
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