Arent Fox Represents Opt-Out Plaintiffs in Coordination with Class Actions Against Universal Life Insurance Carriers for Unlawful Cost-of-Insurance Increases
September 28, 2021 by Franjo Dolenac and Julius Rousseau, III
The absence of insurance regulations to limit or deter unlawful cost-of-insurance (“COI”) increases for universal life insurance (“ULI”) policies has resulted in a flurry of class action activity against carriers.
Some carriers have increased COI rates by as much as 100 percent in a single year, leaving ULI policy owners to fend for themselves to recoup increased premium payments and deter future increases through litigation. Class action litigation and settlement has resulted in meaningful relief to many policy owners, including short-term moratoriums on future COI increases and partial recovery of premiums resulting from the increases.
Originally Posted at JD Supra on September 23, 2021 by Franjo Dolenac and Julius Rousseau, III.
Categories: Industry Articles