The New Jersey Attorney General will investigate whether Doug Forrester, the Republican candidate for governor, violated a state law prohibiting insurance company owners from contributing to political campaigns.
The attorney general’s involvement follows a request by Forrester’s Democrat opponent, U.S. Sen. Jon S. Corzine, for an investigation after a split opinion by state insurance regulators failed to settle the matter. The Department of Banking and Insurance recently said Heartland Fidelity Insurance Co., in which Forrester holds a 51 percent stake, falls outside New Jersey regulations because the company was licensed as a captive insurer in Washington, D.C. But the department also found that Heartland does business in New Jersey through another Forrester-owned business, BeneCard Services Inc., a medical benefits provider. Heartland insures the price of prescription plans from BeneCard. Each campaign claimed the insurance department ruling as a victory.
New Jersey law prohibits insurance companies from making political contributions to candidates or political organizations in the state. The law also covers those individuals with majority ownership in those companies. Forrester has made more than $416,000 in state campaign contributions since establishing Heartland Fidelity three years ago.
Topics New Jersey
Was this article valuable?
Here are more articles you may enjoy.
SIAA Announces Strategic Partnership With Progressive 
Billionaire NFL Owner Suing Over Billboards Near His LA Stadium 
Warburg Mulls $1 Billion Sale of London Insurance Broker McGill 
Wildfires, Storms Fuel 2025 Insured Losses of $108 Billion: Munich Re Report From This Issue
