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Poizner blocks PacifiCare from paying $120M dividend
Los Angeles Business Journal

California Insurance Commissioner Steve Poizner issued an order Monday blocking PacifiCare Life & Health Insurance Co. from paying its parent company a $120 million dividend, saying PacifiCare could need the money to pay penalties in an enforcement action over mishandling of claims. Cypress-based PacifiCare gave legal notice last week it intends to pay $120 million in dividends to two subsidiaries of parent company UnitedHealth Group on Dec. 24.