Citi Insurance Units Shell Out $2M For Violations

Law360, New York (December 21, 2010, 8:34 PM EST) -- Three insurance agencies affiliated with Citigroup Inc. have coughed up a $2 million fine to the state of New York in order to settle allegations that they violated insurance law and New York State Insurance Department regulations with their sales practices for life insurance and annuity contracts.

New York State Insurance Superintendent James J. Wrynn announced the fine Tuesday, alleging Citicorp Insurance Agency Inc., Citicorp Investment Services and SBHU Life Agency Inc. overstepped insurance laws from 2003 to 2007.

The Citi insurance groups allegedly failed to...
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