The Florida Office of Insurance Regulation said Monday that it reached a settlement in its investigation involving life settlements company Coventry First.
The office said the Philadelphia-based company entered into a consent order requiring Coventry First to pay $1.5 million in costs related to the investigation. The company also agreed to audits to make sure it is complying with Florida law, and to provide the state with information on its number of transactions there.
Coventry said Florida “found no wrongdoing” in the case and that “no fines or penalties were assessed against Coventry.”
The company and other life settlements businesses buy life insurance policies from policy owners, make premium payments and then collect death benefits when the insured person dies.
Coventry was accused in Florida of “engaging in dishonest practices, including payments to brokers to not seek competitive bids, and payments to brokers not involved with specific transactions.”
Source: Philadelphia Business Journal
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