Spitzer agrees $2m pact with insurance firm over fraud claim

[emad]

ELIOT SPITZER, the New York attorney-general, and the state’s insurance regulator yesterday reached a $2 million (£1.1 million) settlement with Universal Life Resources, an insurance and benefits consulting firm accused of fraud.

Under the agreement, Douglas Cox, the chief executive of Universal Life Resources (ULR), and his affiliated companies will provide $2 million in restitution to policyholders across the United States harmed by the firm’s actions.

ULR also will adopt new business practices and fees to avoid conflicts of interest.

In November 2004, Mr Spitzer and New York’s insurance commission alleged that ULR received undisclosed payments from some of America’s largest life insurance companies, including MetLife, Prudential and UnumProvident, in return for steering business to them.

http://www.timesonline.co.uk/newspaper/0,,174-1972528,00.html

[Nordmadr]

1. He'll be my Governor this time next year. N/T

[goforit]

2. I certainly hope so!!!.....But ya gotta pound that pavement 24/7!!!

Make sure that there is no hanky-panky with people's votes!!!