Panel 1 - Howard R. Fricke (president and chief executive officer, Security Benefit Life Insurance Co
1993 0629 - GOV (Senate) - NOLHGA Bails Out a Healthy Insurance Company: Examining the Current System The State Guaranty Fund System Uses to Pay Off Insurance Policyholders, re: Security Benefit Life Insurance Company
2022 0309 - Testimony - Security Benefit Life Insurance Company - HOUSE COMMITTEE ON INSURANCE (Kansas), Testimony on Senate Bill 336, By: Chris Swickard, Vice President and Associate General Counsel, Security Benefit Life Insurance Company - 5p
2023 0328 - Reuters - U.S. appeals court revives investor lawsuit against annuity company, By Jody Godoy - [link]
An insurance company owned by private equity firm Eldridge Industries must face a lawsuit claiming it misrepresented how much investors stood to gain on certain fixed annuities, a U.S. appeals court ruled on Tuesday.
The 10th U.S. Circuit Court of Appeals ruled 2-1 to revive the proposed class action alleging Security Benefit Life Insurance Company (SBL) engaged in fraud and racketeering by misleading investors in its Secure Income Annuity and Total Value Annuity products.
In Tuesday's decision, U.S. Judge Veronica Rossman wrote that a Kansas judge who dismissed the case in 2021 failed to consider the complaint as a whole, which alleged the company concealed the "collective impact" of the terms of the annuities.
U.S. Circuit Judge Harris Hartz dissented, saying the decision would require sellers to not only disclose the risk of investments, but to analyze "whether, given the disclosed facts, the investment is a good one."
"Courts should eschew assuming the role of becoming the final backstop to protect disappointed investors," he wrote.
The case is Clinton et al. v. Security Benefit Life Insurance Company, 10th U.S. Circuit Court of Appeals, No. 21-3035.
