$92.6M Class Settlement Over Life Insurance COI Increase Gets Preliminary OK

Mealey's (February 16, 2022, 2:59 PM EST) -- NEW YORK — A New York federal judge on Feb. 3 granted preliminary approval of a class action settlement in a suit filed by a life insurance policyholder challenging a 2016 cost of insurance (COI) increase; the proposal includes a $92.5 million payment by administrator and reinsurer Lincoln National Corp., a five-year COI freeze and a waiver of policy validity defenses....