Travelers has reached a $6 million settlement with 9 states and the District of Columbia over allegations it engaged in a kickback scheme involving contingent commissions with insurance broker Marsh.
In a Securities & Exchange Commission filing Monday, the St. Paul, Minn.-based insurer said it reached a settlement with the state attorneys general of Florida, Hawaii, Maryland, Michigan, Oregon, Texas, West Virginia, Massachusetts, Pennsylvania and the District of Columbia settling an investigation into steering allegations.
Travelers was one of several carriers accused of paying Marsh, a subsidiary of New York-based Marsh & McLennan Companies, kickbacks in the form of contingent commissions in exchange for certain executives steering business its way.
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