The Lords Insurance Blog

Making Insurance

Interesting Insurance Related News

leave a comment »

How would you like it if your insurance rates tripled? Not very happy I bet! Good thing this Los Angeles judge put a stop to that:

LOS ANGELES (AP) — A federal judge in Los Angeles has prohibited an Indiana-based insurer from tripling life insurance rates for more than 50,000 mostly elderly policyholders.Judge A. Howard Matz ruled in a class-action suit Wednesday that the increase planned by Conseco Life Insurance Co. would result in a breach of contract.Matz agreed in his ruling with allegations that Conseco used the prospective rate increase to duck a requirement by its primary regulator, the Indiana Department of Insurance, that would have required it to add some $100 million to its reserves.Tony Zehnder, a spokesman for Conseco-parent CNO Financial Group Inc., said the firm will appeal.

(© Copyright 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Source : CBS

Advertisements

Written by lordsinsurancelog

January 26, 2011 at 9:54 pm

Posted in Insurance News

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s