Axa Files for Dismissal in COI Dispute
April 15, 2016 by Cyril Tuohy
Axa Equitable Life Insurance has asked a court to dismiss a class-action claim filed in the wake of the insurance company’s move last year to increase cost-of-insurance (COI) rates on a block of universal life policies.
Citing contractual language within the policy allowing the company to raise rates, and the approval from New York regulators, plaintiffs failed to show a breach of contract and claim is further barred by the so-called Filed Rate Doctrine.
The dispute involving Axa and the Brach Family Foundation is one of several lawsuits contained in the latest round skirmishes between life insurers and policyholders that have cropped up in the past 18 months. Click HERE to view the full article
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