Travelers To Pay $10.5 Million to Settle California Review

Travelers Cos., the lone insurer in the Dow Jones Industrial Average, agreed to pay $10.5 million to settle a California regulator’s probe of excessive charges.

The payment, which includes $9 million in refunds and a $1.5 million fine by the New York-based insurer, is tied to a review of conduct in 2006, according to an e-mailed statement today from state Insurance Commissioner Dave Jones.

To contact the reporter on this story: Steven Norton in New York at Snorton7@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net