The Pennsylvania Department of Insurance has completed a $40 million settlement with Deloitte & Touche USA LLP in connection with the accounting firm’s auditing services for Reliance Insurance Co. The Insurance Department had charged that the firm was guilty of accounting malpractice arising out of its auditing of the bankrupt insurance company. Reliance was licensed to write insurance in all 50 states. The states with the largest number of policyholders included California, Florida, Illinois, New York, Pennsylvania and Texas.
Source: National Law Journal
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