Business Services Industry
Hartford settlement resolves bid-rig probe; Insurer joins peers in adopting new supplemental pay.(News)(Hartford Financial Services Group Inc. )
Business Insurance, July, 2007 by Parekh, Rupal
Byline: RUPAL PAREKH HARTFORD, Conn.-Hartford Financial Services Group Inc. last week became the latest insurer to settle bid-rigging allegations associated with contingent commissions-and the latest to embrace the new compensation system the industry has developed in response to criticism of the controversial commissions.
As part of the settlement, which also resolves "market-timing'' allegations, the Hartford, Conn.-based insurer will pay $115 million in fines and restitution and will sharply curb its use of contingent commissions, including paying no contingents on excess casualty placements through 2008, among other changes. At the same time, the insurer announced plans to launch a new supplemental commission program to replace prospective contingent...
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