PacifiCare can't pay $120M to UnitedHealth

Outgoing California Insurance Commissioner Steve Poizner blocked PacifiCare Life & Health Insurance Co. from paying a $120 million dividend to its parent company UnitedHealth Group (NYSE: UNH). Poiznor said PacifiCare should not pay the dividend to United because the plan may have to use the funds to pay penalties related to mishandling patient claims. PacifiCare is currently facing allegations that it violated state laws nearly one million times. -- Read the full article at FierceHealthFinance