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Chubb Strikes Deal With AGs

Score another victory for state attorneys general in New York, Connecticut and Illinois. While the money involved in this latest settlement was pocket change--$17 million--the ...

By Staff Writer | Updated on January 04, 2007

Score another victory for state attorneys general in New York, Connecticut and Illinois. While the money involved in this latest settlement was pocket change–$17 million–the big news was Chubbs sweeping operational change, starting with an end to contingency fees.

Chubb also agreed to stop making side deals with producersincluding loans in which interest and even principal would be forgiven if enough accounts were steered to the carrier. Chubb also terminated a reinsurance entity co-owned with producers. Those days are over.

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