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The program provided tax credits for investors who lent money to insurers to create new insurance jobs in the state. Leonardi proposed the idea to the
Leonardi, a political independent, answered questions about a broad array of insurance issues, ranging from his expected role in defending consumers to how he would approve rates for health insurance. His nomination is subject to approval by the state
“I assure this committee that if and when insurers don’t deliver on promises made to policyholders or act in bad faith, the
Much of the committee’s questioning involved the tax credit program that was the subject of Rennie’s column.
The program created 128 jobs in the process of giving out
A separate report in
“I just remember scratching my head and thinking, those numbers are wrong,” Leonardi said when asked by Sen.
“I knew that the numbers were well over 1,000 just anecdotally from being in the industry and from other companies that are invested, or have received investments under the program,” Leonardi said.
He cited a different report in
At issue was
In response, Leonardi said Tuesday, “Executive Risk was a large, publicly-traded insurer; Northington was a four-person firm…This was a David-and-Goliath kind of situation. Northington sued in that case on three counts, and the jury found overwhelmingly in Northington’s favor on all three counts.”
ERI was “secretly negotiating to sell their company to an out-of-state insurer (
Leonardi was also asked about a potential deal in 1997 in which Northington would be an investment manager for
The arrangement was “signed off” by the governor’s office, the
“On the surface, it could be very easy to misunderstand facts, or to reach the wrong conclusions,” Leonardi said. “But when you spend the time with it below the surface, like we did, like the
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