New York officials say four insurance groups have agreed to pay a total of about $120 million in excess workers’ compensation surcharges to the state.
The attorney general’s office says the companies collected too much in surcharges on premiums from policyholders after the state Workers’ Compensation Board in 2000 changed the way it calculates the annual fees it charges worker’s comp insurers, charges the insurers pass along to policyholders.
The four insurance groups are ACE, Zurich, Pennsylvania Manufacturers, and CNA, each a parent to a number of insurers operating in the state. The ACE companies will pay $70 million, Zurich $37.5 million, Pennsylvania Manufacturer $5.9 million and CNA $5.75 million.
Was this article valuable?
Here are more articles you may enjoy.
Florida’s Commercial Clearinghouse Bill Stirring Up Concerns for Brokers, Regulators 
AIG’s Zaffino: Outcomes From AI Use Went From ‘Aspirational’ to ‘Beyond Expectations’ 
‘Structural Shift’ Occurring in California Surplus Lines 
Insurance Issue Leaves Some Players Off World Baseball Classic Rosters 
