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Universal Life Resources Inc

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BUSINESS
November 16, 2004 | Marc Lifsher, Times Staff Writer
California Atty. Gen. Bill Lockyer issued subpoenas Monday to a number of insurance brokers and companies as part of a new investigation of alleged bid rigging and violations of state antitrust law. More orders to companies to turn over documents and other evidence will follow in coming weeks, said Lockyer spokesman Tom Dresslar. He declined to identify the targets of the subpoenas.
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BUSINESS
November 2, 2006 | Marc Lifsher, Times Staff Writer
The nation's largest disability insurer, UnumProvident Corp., has settled a lawsuit filed by state regulators and has agreed to give prospective policyholders more information about commissions paid to brokers. The agreement with California Insurance Commissioner John Garamendi ends an effort that began in 2004 to curtail the alleged steering of business by brokers to insurers who paid higher commissions.
BUSINESS
November 19, 2004 | Marc Lifsher and Thomas S. Mulligan, Times Staff Writers
New York Atty. Gen. Eliot Spitzer's suit against San Diego insurance broker Universal Life Resources Inc. will continue despite the decision by California Insurance Commissioner John Garamendi to settle with the firm, a Spitzer deputy said Thursday. In separate lawsuits, Spitzer and Garamendi have alleged that Universal forced insurers to pay it millions of dollars in kickbacks for getting corporate business funneled to them.
BUSINESS
November 15, 2004 | Thomas S. Mulligan, Times Staff Writer
Like a lot of big insurance buyers, Philip G. Paccione is waiting for the smoke to clear so he can see whether he got burned. As general counsel of Skechers USA Inc., Paccione is responsible for buying a wide variety of insurance for the Manhattan Beach-based casual shoe maker, which had 2003 sales of about $850 million. He has been closely following the scandal that began unfolding Oct. 14 when New York Atty. Gen.
BUSINESS
November 1, 2004 | E. Scott Reckard and Kathy M. Kristof, Times Staff Writers
Universal Life Resources Inc. operates in what was a little-known corner of the insurance business, negotiating life and disability coverage for corporate titans with big payrolls. That corner isn't as obscure as it used to be. The Del Mar, Calif., company is being probed by state officials as the insurance industry is coming under the scrutiny of New York Atty. Gen. Eliot Spitzer. California authorities decline to publicly discuss the probe.
BUSINESS
October 21, 2004 | Marc Lifsher, Times Staff Writer
California Insurance Commissioner John Garamendi said Wednesday that he was ready to go to court to stop illegal insurance sales practices said to affect multimillion-dollar commercial policies as well as consumer home and auto coverage. But first, he has to settle a turf battle with state Atty. Gen. Bill Lockyer.
BUSINESS
October 16, 2004 | Marc Lifsher and Kathy M. Kristof, Times Staff Writers
State regulators are investigating a San Diego brokerage that was accused in a civil suit of improperly steering business to favored insurance companies, people familiar with the probe said Friday. The state investigation is examining whether the broker, Universal Life Resources Inc., failed to fully disclose payments it received from insurance companies that it recommended to its corporate clients, said the sources, who spoke on condition of anonymity.
BUSINESS
November 18, 2004 | Kathy M. Kristof, Times Staff Writer
California regulators said Wednesday that they would sue four of the nation's biggest insurance companies for allegedly steering kickbacks to San Diego-based broker Universal Life Resources Inc., which has agreed to cooperate with state investigators to settle charges against it. Insurance Commissioner John Garamendi said a civil lawsuit would be filed in state court today against MetLife Inc, Prudential Financial Inc., Cigna Corp. and UnumProvident Corp.
BUSINESS
November 13, 2004 | Walter Hamilton and Thomas S. Mulligan, Times Staff Writers
New York Atty. Gen. Eliot Spitzer accused a California insurance broker Friday of illegally pushing up premiums for thousands of people who bought life and disability coverage through their employers. In a civil suit, Spitzer alleged that Universal Life Resources Inc. of Del Mar forced insurers to add hidden fees to employee policies, and to give it the extra revenue. The suit also accused Universal and its founder, Douglas P.
BUSINESS
December 25, 2004 | Kathy M. Kristof, Times Staff Writer
The insurance industry, exempt from national oversight since the 1940s, may become subject to federal rules as the result of legislative proposals being written in the wake of an ever-widening scandal. Currently, insurers are regulated only at the state level. One controversial proposal, still in the draft stage, would set federal standards for market conduct, rates, forms and licensing -- a move that traditionally regulation-averse insurance groups now say they support.
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