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The Honolulu Advertiser

Posted at 12:21 p.m., Monday, March 20, 2006

BUSINESS BRIEFS
Kaua'i hotels bounce back

Advertiser Staff and News Services

Princeville Resort and Sheraton Kauai Resort are assuring guests that both hotels are fully operational following the recent flooding on the island.

Princeville Resort is expecting 108 guest arrivals today and all restaurants and recreational facilities are open. The Makai Golf Course today is hosting the first round of the Seventh Annual Kauai Collegiate Cup Golf Tournament. The field includes players representing Yale, BYU Hawaii, Princeton and Illinois State.

Sheraton Kauai Resorts activities also are proceeding as scheduled, including the Surf and Sunset Luau and special St. Patrick's Day festivities. The resort is expecting 90 guest arrivals today.



Hawai'i to share in $172 million insurance settlement

Zurich American Insurance Co. has agreed to pay nearly $172 million in a deal with Hawai'i and eight other states to settle allegations of bid-rigging and price-fixing in the commercial insurance market, state officials said.

Policyholders in all 50 states would receive $151.7 million in refunds, said Mark Tobey, a lawyer with the Texas Attorney General's office.

The U.S. unit of Zurich Financial Services will pay an additional $20 million to the nine states, including investigative costs, attorney fees and payments in lieu of civil penalties, said Tobey, who helped negotiate the deal.

The settlement is the latest in a broad investigation by state authorities into the practice of "contingent commissions" insurers paid brokers. Regulators say the commissions were part of a scheme between the companies and brokers to inflate premiums and overcharge commercial policyholders.

The states in the Zurich settlement are: California, Florida, Hawai'i, Maryland, Massachusetts, Oregon, Pennsylvania, Texas and West Virginia.