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The insurance departments in five states are expected to begin inquiries into the sale of improper insurance by a Long Island broker to institutions in their states.
Officials in those agencies told The Post they would look to see if Huntington, L.I.-based Waldorf & Associates violated any state insurance regulations or owed any taxes for selling the unregistered policies.
“We’re certainly looking into a situation like this that could harm the state of Louisiana, its businesses and its residents,” said Judith Wright, public information officer of the Louisiana Insurance Department.
Connecticut, Delaware, New Jersey and Florida were among states spearheading probes into the unauthorized and unregistered policies Waldorf sold to more than 300 unsuspecting Catholic entities, including Fordham University and Boston College.
Waldorf bought the improper policies at a discount from Lloyds of London and sold them to Catholic institutions across the US. The colleges, religious organizations and charities didn’t know they were buying the independent procurement, or IP, insurance and didn’t know they were responsible for taxes on the policies.
The Post reported exclusively yesterday that Waldorf reached an agreement with New York’s insurance regulator to pay $3.4 million in back taxes and penalties to cover improper policies sold over the last 15 years.
That agreement does not stop other states from pursuing a tax case against Waldorf.
Separately, Lloyds did not receive a government bailout in 2008. Lloyds Banking Group, which isn’t part of the insurance group, did receive government assistance.