Business Services Industry
UnumProvident, Spitzer, California reach settlement on compensation practices; Insurer agrees to fully disclose how it pays brokers.(Eliot Spitzer )
Business Insurance, November, 2006 by Wojcik, Joanne
Byline: JOANNE WOJCIK CHATTANOOGA, Tenn.-UnumProvident Corp. has reached settlements with New York Attorney General Eliot Spitzer and California Insurance Commissioner John Garamendi that will change the ways the disability insurer compensates brokers and consultants. The agreement with New York resolves an investigation of deceptive practices in UnumProvident's compensation of producers in the sale of group insurance products.
The practices included payments to brokers based on their ability to persuade clients to renew policies despite rate increases, and loans to brokers whose principal and/or interest rates could be reduced if brokers placed a sufficient amount of business with UnumProvident. From 2000 to 2004, Unum provided more than $12 million in...
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