A settlement has been reached in the class action lawsuit filed on behalf of state insurance regulators. The suit was filed upon conclusion of a multistate market conduct examination led by Maine, Massachusetts and Tennessee relating to disability claims handling practices. Under the settlement agreement, there will be enhancements to the Company's claims handling procedures; a reassessment of certain previously denied or closed claims; additional corporate and board governance to support the oversight of the reassessment process and general claims handling practices; and payment of a fine in the amount of $15 million to be allocated among the states and jurisdictions that join the agreement. (Nov-19-04) [FORBES]
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