Charges and denials

Connecticut insurance broker R.C. Knox has paid the state $754,804 to settle allegations that it accepted undisclosed compensation from insurance carriers in exchange for placing insurance for the state. Attorney General Richard Blumenthal said R.C. Knox accepted $415,058 in “improper concealed compensation” from insurers for placing the state insurance. Brent DiGiorgio, a spokesman for People’s Bank, which owns R.C. Knox, denied wrongdoing and said the firm settled “to avoid the uncertainty and expense of contesting possible claims the attorney general may have had in connection with this issue.” R.C. Knox also agreed to no longer accept contingent commissions…

Larry Silverstein, the World Trade Center site’s developer, has charged that insurance companies are slowing the rebuilding at ground zero by challenging payments he needs. But Kenneth Ringler of the port authority that owns the site said, “We don’t believe there’s an issue there.” Swiss Reinsurance Co., which provides the largest share of insurance for the trade center, “will continue to honor our obligations under the terms of our coverage,” the company said.