NU Online News Service
Allstate Corp. said it has reached a $10 million multi-state agreement to create what it calls an "education fund" for regulators.
The settlement was the result of an 18-month National Association of Insurance Commissioners (NAIC) market conduct examination led by four states into the insurer's use of claims-handling software, Colossus.
The program was a "black box to regulators," Steve Nachman, deputy superintendent for frauds and consumer services at the New York State Insurance Department, told NU Online News Service.
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