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Zurich American Insurance Co. will refund about $4.6 million to policyholders of New York statutory disability insurance policies because the carrier failed to spend at least 60 percent of total premiums on claims as required by the state’s law.

Approximately 73,000 policyholders—primarily small businesses—will receive refunds through an agreement with the New York Department of Financial Services (DFS), according to a statement from Gov. Andrew Cuomo’s office.

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