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News - NY attorney general strikes again.
(From Reinsurance)
New York attorney general Eliot Spitzer and Insurance Superintendent Howard Mills have announced an agreement with a leading US consulting firm specialising in life, accident and disability insurance to resolve allegations of fraud and anti-competitive practices.
Under the agreement, Douglas Cox, president and chief executive of Universal Life Resources (ULR), based in San Diego, and his affiliated companies will provide $2m in restitution to their policyholders across the nation who were harmed by their actions, and adopt new business practices and fees to avoid conflicts of interest.
"The agreement with ULR represents another milestone toward curtailing undisclosed contingent commissions in the insurance industry," Mr Spitzer said. "Consumers of insurance products benefit when these conflicts are exposed and eliminated."
Insurance Superintendent Mills concurred, stating: "This settlement is excellent news not only for those adversely affected by ULR's contingent commission practices, but ...
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