Business Services Industry
California files lawsuit, says 4 insurers schemed with broker to get business.
Knight Ridder/Tribune Business News, November, 2004
The Hartford Courant, Conn. Knight Ridder/Tribune Business News
Nov. 19--CIGNA and three other major insurers paid millions of dollars in secret fees and bonuses to a broker in a sordid scheme that ripped off customers, California's insurance commissioner alleged in a lawsuit Thursday.
The lawsuit filed by Commissioner John Garamendi is the first by a regulator in the current probes of bonus commissions to name insurance companies as defendants rather than only brokers.
The suit accuses insurers CIGNA, MetLife, Prudential Financial and UnumProvident of collaborating with San Diego-based broker Universal Life Resources to have business steered their way in return for undisclosed bonus payments to the broker.
Also Thursday,...
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