New York Attorney General has said that the insurance groups ACE, Zurich, Pennsylvania Manufacturers, and CNA have agreed to pay nearly $120m in excess funds to New York State, to settle the dispute over the excess collections related to workers compensation.
Under the settlements, the ACE companies have agreed to pay $70m, the Zurich companies $37.5m, the Pennsylvania Manufacturer companies $5.9m, and the CNA companies $5.75m.
The Workers’ Compensation Board charges annual fees to workers’ compensation insurers, who cover these costs by charging their policyholders a surcharge on premiums.
Attorney General Andrew Cuomo said that these four groups have done the responsible thing by agreeing to resolve their disputes with the State.
The ten ACE insurers are: ACE American Insurance; ACE Fire Underwriters Insurance; ACE Indemnity Insurance; ACE Property and Casualty Insurance; Bankers Standard Insurance; Century Indemnity; Century Reinsurance; Indemnity Insurance Company of North America; Insurance Company of North America; and Pacific Employers Insurance.
The nine Zurich insurers are: American Guarantee & Liability Insurance Co; American Zurich Insurance; Assurance Company of America; Colonial American Casualty & Surety; Fidelity & Deposit Co. of Maryland; Maryland Casualty; Northern Insurance Co. of New York; Universal Underwriters Insurance Co; and Zurich American Insurance.
The three Pennsylvania Manufacturers insurers are: Manufacturers Alliance Insurance; Pennsylvania Manufacturers’ Association Insurance and Pennsylvania Manufacturers Indemnity.
The fourteen CNA companies are: American Casualty Company of Reading; Continental Casualty; Continental Insurance; National Fire Insurance Company of Hartford; Transcontinental Insurance; Transportation Insurance; Valley Forge Insurance; Buckeye Union Insurance; Fidelity & Casualty Company of NY; Firemen’s Insurance Company of Newark, NJ; Glenn Falls Insurance; Kansas City Fire and Marine Insurance; National-Ben Franklin Insurance and Niagara Fire Insurance.