CBS2-Header-Logo WFAN 1010WINS WCBS tiny WLNYLogo
Eye On The Storm: Freeze Warning  | Forecast | Radar | Listen Live: 1010 WINS | WCBS 880

News

Insurers To Pay NY $120M For Premium Overcharges

Can money buy happiness?

Money File Photo (credit: George Lane/AP)

TRI-STATE NEWS HEADLINES

From our newsroom to your inbox weekday mornings at 9AM.
Sign Up

ALBANY, N.Y. (AP) – New York officials said four insurance groups have agreed to pay a total of about $120 million in excess workers’ compensation surcharges to the state.

Then-Attorney General Andrew Cuomo said the companies collected too much in surcharges on premiums from policyholders after the state Workers’ Compensation Board in 2000 changed the way it calculates the annual fees it charges worker’s comp insurers, charges the insurers pass along to policyholders.

The four insurance groups are ACE, Zurich, Pennsylvania Manufacturers, and CNA, each a parent to a number of insurers operating in the state.

The ACE companies will pay $70 million, Zurich $37.5 million, Pennsylvania Manufacturer $5.9 million and CNA $5.75 million.

Cuomo said Friday the companies cooperated with his office.

(Copyright 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)