Two Georgia insurance companies headed by Rome businessman Delos “Dee” Yancey III, contributed $120,000 — nearly 10 times the legal limit — to Insurance Commissioner John Oxendine’s campaign for governor, The Atlanta Journal-Constitution reported Sunday.

Oxendines’ campaign says that he story in the state’s prominent newspaper is simply and political "attack" story. 

According to the AJC, documents indicate Oxendine received the money through 10 Alabama-based political action committees set up by Donald V. Watkins, a director of Admiral Life Insurance Co. of America and State Mutual Insurance. Both companies are headed by Yancey and are run out of the same building in Rome.  

Officials cannot accept money directly from companies they regulate. The law also prohibits funneling money through multiple PACs to get around contribution limits of $12,200 per candidate in an election cycle.

Oxendine, 47, was the first Republican to announce his candidacy for the 2010 governor’s race, and he has been a leading fundraiser. As of the close of 2008, he had raised more than $1 million.

Yancey has been unavailable for comment.

RNT