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The California Insurance Commissioner, John Garamendi, on Wednesday filed a lawsuit against broker, Universal Life Resources, and four insurers, Cigna, MetLife, Prudential Financial and UnumProvident. Garamendi said that Universal Life Resources steered business to the insurers in connection with secret over-ride commissions and other undisclosed fees, a similarly-worded lawsuit to that filed by New York Attorney General, Eliot Spitzer, a week ago. The suit says the companies carried out schemes that harmed California consumers.
However, Garamendi also announced that he had reached a settlement with Universal Life Resources that …