Florida and eight other states have reached a nationwide settlement of $171.7 million with Zurich American Insurance Company, resolving bid-rigging and price-fixing allegations against the firm, Florida Attorney General Charlie Crist announced last week.
Florida acted as the lead state in the investigation and settlement process that also included California, Hawaii, Maryland, Massachusetts, Oregon, Pennsylvania, Texas and West Virginia.
The decision to join the settlement is subject to the analysis of each state regulator, according to Michael McRaith, Illinois insurance director and chair of the National Association of Insurance Commissioners' Brokers Activities Task Force, which helped coordinate the investigation that resulted in the settlement.
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