MDL-1102 – LC – Sun Life Assurance Company of Canada Sales Practices Litigation

MDL-1102 – Sun Life Assurance Company of Canada Sales Practices Litigation

• MDL-1102 – LC – IN RE: Sun Life Assurance Company of Canada Sales Practices Litigation
  • Document 92 – Opinion – 9p
• 1995 – LC –
  • Civ. No. 2:95-05723 (WJM)
  • Opinion – 9p
  • re: Dorothy S. Curhan v. Sun Life Financial,Opinion (after Main Case) – Document 92 – Filed: 07/02/13 – 9p
    • Martin E. Steinberg (original lawsuit)
    • 2013 – LC – Dorothy S. Curhan v. Sun Life Financial
      • Civil Action No. 201300035B
      • Superior Court of Massachusetts.
    • Vanishing Premium
    • Mrs. Curhan received a letter from Sun Life dated November 25, 2011
    • On April 6, 2012, Mrs. Curhan’s lawyer, Howard M. Miller, sent a letter to Sun Life.
    • [Bonk: …more letters]
    • Second, Mrs. Curhan suggests that the Injunction only covers vanishing premium policies because the Amended Complaint’s factual allegations are limited to vanishing premium policies. Accordingly, because the Policy was not a vanishing premium policy, Mrs. Curhan argues that the Injunction does not cover the Policy.
      • This reasoning is flawed.

• 2009 – LR – A critical reappraisal of class action settlement procedure in search of a new standard of fairness, by Catherine Piche,  Ottawa Law Review(Vol. 41, Issue 1) – 34p
  • go.gale.com/ps/i.do?p=AONE&u=googlescholar&id=GALE|A229530711&v=2.1&it=r&sid=googleScholar&asid=5b445a5c

• The sale of par business on a vanishing-premium basis has been well established in the last few years.
• Dividend reductions can lead to unpleasant surprises, to the extent that policyholders and agents have relied on a continuation of the current dividend scale to fund the vanish year.
  • Prudence and recent history suggest that vanish years should be carefully explained, and perhaps illustrated, with some margin for dividend reduction.
• Companies and agents that are service-oriented will find ways to communicate to policyholders changes in their vanish year before the arrival of a surprise announcement that more money is necessary or that the insurance program will either pay less than expected or terminate prematurely.

—  Robert J. Smardon, Vice President of Individual Products for the U.S. operations of Sun Life of Canada

1991 – SOA – Life Products, Society of Actuaries – 22p