An independent agent group said it is disappointed that Chubb Corp. had agreed to end contingent commission payments in order to resolve an investigation of customer steering, improper finite reinsurance transactions and other illegal industry practices.
The Warren, N.J.-based insurer said it would end the payments as part of a $17 million settlement with three attorneys general.
Despite the company's plan to replace its contingent commission program with another system of reimbursement, the Independent Insurance Agents & Brokers of America said it "is disappointed to see another settlement out of New York Attorney General Eliot Spitzer's office that bans the payment of contingent compensation that is entirely legal."
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