INSURANCE

Aetna to Pay $31 Million in Prop. 103 Rebates: More than 170,000 California holders of Aetna Life & Casualty Co. policies will receive $31 million in premium rebates under a settlement with the state Insurance Department. The rebates will average $271 each for 83,000 auto insurance customers and $96 each for 87,000 holders of homeowner policies. Insurance Commissioner John Garamendi ordered Aetna in October, 1991, to rebate $137 million under the Proposition 103 insurance rollback initiative. The agreement credits the Hartford-based insurer with $55 million for reduced premiums in 1989 to commercial policyholders.