Calif. Regulator Blocks PacifiCare Dividend

Law360, New York (December 13, 2010, 7:01 PM EST) -- The California insurance commissioner has issued an order blocking PacifiCare Life & Health Insurance Co. from paying a $120 million dividend to its parent company, UnitedHealth Group Inc., saying that PacifiCare must reserve the funds to pay any penalties that may come from an ongoing enforcement action.

Insurance Commissioner Steve Poizner — who is currently prosecuting an enforcement action against PacifiCare — said Monday that while the outcome of the case is still unknown, he wanted to block any possibility of the company turning penalties into...
To view the full article, register now.