INSURANCE
From Times Staff and Wire Reports
Hartford Hit with $400,000 Fine: Hartford Life Insurance Co., a unit of ITT Hartford Group, paid a $400,000 fine for selling modified guaranteed annuity contracts in California without necessary Insurance Department authorization, state Insurance Commissioner John Garamendi said. Hartford had contended that the contracts did not require approval but stopped selling them when it learned of the department’s objection, Garamendi said. Hartford, which characterized the infractions as “technical,” agreed to pay the fine without admitting or denying wrongdoing. Hartford since has obtained the authorization to sell the contracts.
