Insurance broker William Gallagher Associates Inc. will pay $1.7 million as a settlement with Connecticut regulators over allegations that it overcharged a client. The settlement was announced late last month.
State regulators accused the Massachusetts-based broker of overcharging a local business, Milford Power Company, millions of dollars over several years. Under the settlement agreement, the broker did not admit wrongdoing but will pay the state $100,000 in civil penalties and forfeit $1.6 million to be deposited in the state’s General Fund.
Connecticut officials said William Gallagher’s questionable bookkeeping and billing practices dated back to 2002, resulting in Milford Power allegedly being overcharged more than $2 million.
Topics Connecticut A.J. Gallagher
Was this article valuable?
Here are more articles you may enjoy.
NY Lawmakers Agree to Governor’s Auto Insurance Reforms in New Budget 
US P/C Insurers Post Biggest Q1 Underwriting Profit in 25 Years 
NY Archdiocese Can Depose Chubb CEO Greenberg in Clergy Abuse Claims Case 
Comulate Loses Appeal for Injunction Against Applied Systems From This Issue
