John Hancock and Talcott Re Face Lawsuits Tied to 2017 Tax Cuts

September 26, 2023 by Allison Bell

Attorneys with Susman Godfrey have filed two federal lawsuits that could affect what happens to life insurance policy cost-of-insurance charges when tax rules change.

In the suits, filed on behalf of policy owners against John Hancock and Talcott Re, the plaintiffs contend that insurers should have used the Tax Cuts and Jobs Act of 2017 to reduce the policy cost-of-insurance charges. The act lowered the corporate income tax rate to 21% from 35%.

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Originally Posted at Think Advisor on September 20, 2023 by Allison Bell.