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July 8, 1989 | KENNETH REICH, Times Staff Writer
Key executives of firms affiliated with Coastal Insurance Co. told a legislative hearing Friday that company officials and agents skimmed millions of dollars, spinning Coastal earlier this year into a bankruptcy that will result in a $60-million surcharge on all California auto insurance policies. Coastal became well known to television viewers for the advertising slogan, "It's no problem," selling about 200,000 policies by appealing to drivers with poor records.
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NEWS
July 8, 1989 | KENNETH REICH, Times Staff Writer
Key executives of firms affiliated with Coastal Insurance Co. told a legislative hearing Friday that company officials and agents skimmed millions of dollars, spinning Coastal earlier this year into a bankruptcy that will result in a $60-million surcharge on all California auto insurance policies. Coastal became well known to television viewers for the advertising slogan, "It's no problem," selling about 200,000 policies by appealing to drivers with poor records.
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