Attorney General Eric Schneiderman and the Department of Financial Services have announced a settlement with Markel Insurance Company, resolving an investigation into Markel’s practice of overcharging college students on their health plans.

The investigation revealed that Markel’s student health insurance plans, college accident insurance and sports accident insurance plans failed to meet legal requirements, resulting in nearly three million dollars in overcharges to about 22,000 students, including many at SUNY campuses.

Under the settlement Markel will pay more than $2.75 million in restitution to New York students and colleges, and $990,000 penalty to the Attorney General’s office and the Department of Financial Services.

In this region, SUNY Binghamton has 2,250 students receiving refunds; SUNY Oneonta has 1,497; and Colgate University has 1,400 students who will receive refunds.

More From WZOZ