2002 0731 – GOV (Senate) – Class Action Litigation – Patrick Leahy (D-VT) – [BonkNote]

2002 0731 - GOV (Senate) - Class Action Litigation - Patrick Leahy (D-VT)

2002 0731 - GOV (Senate) - Class Action Litigation, Patrick Leahy (D-VT) --- [BonkNote]
- [PDF-178p, VIDEO-?]
- Mirel, Lawrence H., Commissioner, District of Columbia, Department of Insurance and Securities Regulation, Washington, D.C.
- SUBMISSIONS FOR THE RECORD
  - AEGON USA, Inc., Patrick Baird, President and CEO, statement .......... 52
  - American Council of Life Insurers, Philmore Anderson, Senior Vice President, Government Relations and Kimberly Olson Dorgan, Vice President Federal Relations, Washington, D.C., statement ........................... 55
- Senate - Committee on the Judiciary

(p55) - AEGON USA, Inc., Patrick Baird, President and CEO, statement
- The life insurance industry has experienced over a decade of abusive class actions.
- In one of the more recent examples of such class action abuses.
- State courts in New Mexico are certifying nationwide classes of plaintiffs for the manner in which their premiums are disclosed in their policies.
- These cases are being certified even though State Commissioners of Insurance reviewed and approved these policy disclosures.
- These class action cases have steadily weakened the very fabric of State regulation of insurance as the State judges' decisions have had national implications for insurers in other states.
- The result of nationwide regulation through targeted class action litigation has indirectly usurped the role and authority of the State Commissioners of Insurance.