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NEW YORK (Reuters)—The Hartford Financial Services Group Inc. will credit $24 million back to New York holders of accidental death and dismemberment policies under a settlement with state regulators, the New York Department of Financial Services said on Thursday.
The department said Hartford violated rules about the minimum loss ratio, which dictates the percentage of each dollar in premiums that must be spent paying claims. The company did not achieve the required 60 percent level because it overestimated what it would pay out in claims on the policies it sold, the department said in a statement.
"We worked closely with the New York Department of Financial Services throughout the review to determine an appropriate corrective action. We are pleased the matter is resolved," The Hartford said in a statement.
The company will decrease rates by 45% for both current and new customers; current customers will also get a 35% premium discount for three years, the state said.
The net effect, the department added, is that for the next three years currently insured customers will end up paying only $35 or so a year for their coverage.
So-called AD&D policies provide coverage when someone dies or loses a limb or eyesight as the result of an accident. The Hartford mass-marketed the policies in New York to members of associations and bank customers, among others.
Around 300,000 people are eligible for the credits, the state said.
HARTFORD, Conn.—Hartford Financial Services Group Inc.’s Chairman, President and CEO Liam McGee has requested that he receive no year-end bonus, according to a filing with the Securities & Exchange Commission.