ACE will pay Pennsylvania $9 million to settle allegations of bid rigging against clients, the state's attorney general said.
Attorney General Tom Corbett reported today that Bermuda-based ACE Limited, which has its U.S. headquarters in Philadelphia, has reached a settlement with his office and the Pennsylvania Department of Insurance requiring it to cease any kick-back practices, including providing false or fictitious bids or quotes.
The agreement also calls for the company to fully disclose insurer compensation information to present and prospective policyholders, and to set-up a toll-free number for customers to call for information about compensation arrangements.
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