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

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.