NEW YORK, Dec. 22 (UPI) -- The Chubb Corporation has settled unlawful business practice charges in Connecticut, Illinois and New York.
The attorneys general of Connecticut, Illinois and New York had sued Chubb over alleged customer steerng, improper insurance transactions and other matters.
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Under the settlement, Chubb agreed to discontinue paying contingent commissions on all insurance lines in the United States beginning in 2007. The company also agreed to contribute $15 million to a settlement fund as well as an additional $2 million to defray costs of the investigation.
Chubb was not assessed any fine or penalty, the Insurance Journal said.
