Hartford Financial Services Group Inc. will pay $20 million to settle allegations that it gave kickbacks from January 1998 through 2004.
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The Hartford, Conn., insurer paid millions of dollars to insurance brokers, Connecticut Attorney General Richard Blumenthal said in a press release Wednesday. In exchange the brokers sold Hartford annuities to pension plans and provided inside information on competitive bidding, he said.
The company will pay $16.1 million to certain plan sponsors that bought terminal or maturity funding annuities over the six years. New York and Connecticut, which began probing the insurer in January, will split the remaining $3.9 million equally.
