NU Online News Service, 2:35 p.m. EDT--WestVirginia's Attorney General Darrell McGraw has sued insurancebroker Acordia claiming the broker received millions of dollars in"hidden" contingent commissions in return for steering business tocertain carriers.
The suit against Chicago-based Acordia, and Acordia of WestVirginia Inc., claims that the payments "were unfair and deceptiveand resulted in less competition for insurance," the attorneygeneral's office said in a statement.
"Secret contingent commissions skew the marketplace and maycause us to pay more for our insurance premiums," said Mr. McGraw."The world's largest insurance brokers already have sworn offsecret payments. I expect Acordia to be next."
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
