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Florida officials announce $4.5m insurance settlement

Insurance giant ACE has agreed to pay a $4.5m settlement to a US multi-state task force to resolve a...

Insurance giant ACE has agreed to pay a $4.5m settlement to a US multi-state task force to resolve allegations of bid-rigging and price-fixing in the US commercial insurance market. Florida's chief financial officer Alex Sink, attorney general Bill McCollum and insurance commissioner Kevin McCarty brought the case against ACE at a Florida court. They claimed ACE's involvement in a "pay to play" tactic used with Marsh and McLennan and other brokers resulted in governmental entities, companies and non-profit organisations paying higher premiums. The states of Hawaii, Maryland, Massachusetts, Michigan, Oregon, Texas, West Virginia and the District of Columbia also participated in the investigation and settlement.

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