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Disability Insurer Settles With Spitzer

Law360 (November 1, 2006, 12:00 AM EST) -- UnumProvident Corp., the largest disability insurer in the United States, agreed Tuesday to pay $17.4 million to settle deceptive practices charges brought against it by New York Attorney General Eliot Spitzer.

In doing so, Unum became the first life and disability carrier to fully disclose its broker compensation and to not pay contingent commissions. In other words, the company will no longer offer loans to brokers or obtain undisclosed ownership interests in brokers for fear that this potential conflict of interest may stop brokers from giving...
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