NU Online News Service, July 15, 2:27 p.m. EDT
An article in the New York Post slamming a New York broker for partnering with Lloyd's of London and selling "improper policies" without paying premium taxes is correct in some instances and misses the mark in others, according to industry experts.
The article alleges that in a "far-reaching insurance scandal," Huntington, N.Y-based Waldorf & Associates sold $30 billion of "subpar" insurance, known as independent procurement (IP), through Lloyd's to more than 300 Catholic universities and charities.
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