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SAN DIEGO (AP) - An insurance company that sold disability insurance to doctors and drew scrutiny from federal tax auditors has agreed to cease operation and return $500 million to participants, the Internal Revenue Service said Monday.
Doctors Benefit Insurance Co., Ltd. of Barbados agreed to pay $2.34 million to the IRS but did not admit wrongdoing, according to an IRS statement.
DBIC sold supplemental disability insurance policies to 2,800 U.S. doctors through Xelan, Inc., a now-bankrupt San Diego firm.
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