The Hartford Financial Services Group reached a $115 million settlement with regulators in Connecticut, New York and Illinois over charges it conspired with Marsh & McLennan to submit false bids on property and casualty insurance, paid hidden fees to brokers and permitted some investors to market time mutual fund sub-accounts in its variable annuities.

Although the firm didn’t admit to or deny the allegations, it issued an apology to investors and stated it has “enacted business reform to ensure that this conduct does not occur again.”

The Hartford also announced that the Securities and Exchange Commission has concluded its own investigation into market timing and will not be taking any enforcement action against the company.

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