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May 14, 2008 at 01:42 PM
An insurer has resolved a Nutmeg State investigation involving concerns about compensation paid to brokers who sold single-premium group annuities.
Mutual of Omaha Insurance Company, Omaha, Neb., says it has agreed to a settlement negotiated with Connecticut Attorney General Richard Blumenthal.
Mutual of Omaha will establish a $1.5 million fund to refund premiums to plan sponsors who bought a Mutual of Omaha SPGA policy through a broker between 1999 and 2004 if Mutual reimbursed broker expenses under an expense reimbursement agreement or paid an override commission to the broker under an administrative services agreement, the company says.
Mutual of Omaha also will pay a $195,000 penalty to the state of Connecticut, the company says.
