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Acordia Sued By West Virginia

West Virginia Attorney General Darrell McGraw has sued insurance broker Acordia, charging the intermediary received millions of dollars in "hidden" contingent commissions in return ...

By Mark E. Ruquet | Updated on May 29, 2005

West Virginia Attorney General Darrell McGraw has sued insurance broker Acordia, charging the intermediary received millions of dollars in “hidden” contingent commissions in return for steering business to certain carriers.

The suit against Chicago-based Acordia, and Acordia of West Virginia Inc., claims that the payments “were unfair and deceptive, and resulted in less competition for insurance,” the attorney general’s office said in a statement.

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