Group says insurance departments should collect executive compensation data and prevent companies from including executive bonuses and other “Excess Compensation” in insurance rates.
As U.S. drivers face a raft of auto insurance premium hikes from several of the nation’s largest insurers, company CEOs have been collecting what the Consumer Federation of America (CFA) says are “massive salaries and bonuses” according to a review of public filings. The CFA says insurance CEOs received hundreds of millions of dollars in salaries, bonuses, stocks, and a golden parachute in 2020 and 2021, as the companies recorded windfall profits resulting from the COVID-19 pandemic.
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