You are here:HomeNews CenterInsurance News2004PIA Member Severs Ties to Agency to Avoid Any Appearance of Conflict Before Taking Office as Governor of New Jersey

PIA Member Severs Ties to Agency to Avoid Any Appearance of Conflict Before Taking Office as Governor of New Jersey

A retired federal judge will oversee state PIA member and New Jersey Senate President Richard J. Codey's insurance agency, when Codey takes over as acting...
November 2, 2004

A retired federal judge will oversee state PIA member and New Jersey Senate President Richard J. Codey's insurance agency, when Codey takes over as acting Governor of the Garden State beginning on November 16. Codey signed a blind trust agreement on Oct. 14 that names Nicholas H. Politan sole trustee of the Olympic Agency Inc., of West Orange, giving Politan the authority to act as chairman of the board and the power to sell, merge or consolidate the company. Codey announced last week that he had severed ties to his insurance business and had asked the state Department of Banking and Insurance to suspend his insurance license. Codey, a Democrat, will fill the 14 months remaining of Gov. James E. McGreevey's (D) term, beginning November 16. McGreevey announced in August that he would resign on November 15.

"Even though these actions are not required under law because I'm governed by the Legislative Code of Ethics, I've removed myself completely from the day-to-day activities of my company and will receive no income from my business in order to eliminate any appearance or actual conflict of interest while I'm acting governor," Codey said in a prepared statement.

N.J. Governor-to-be Codey Severs Ties to Insurance Agency (Insurance Journal 10/28/04)