Conseco Life Insurance Company and the Florida Office of Insurance Agree to Enter Discussions
10 January 2009 - 7:11AM
PR Newswire (US)
CARMEL, Ind., Jan. 9 /PRNewswire-FirstCall/ -- Conseco Life
Insurance Company (Conseco Life) today announced it has filed a
Request for Hearing preserving its rights in response to the
Florida Office of Insurance Regulation's December 22, 2008 Order to
Show Cause. The company and Florida also have agreed to enter
discussions regarding issues related to a group of universal life
insurance policies issued in Florida and identified in the order.
Universal life policies give policyholders the flexibility to vary
their premium payments and still maintain insurance coverage. Due
to an administrative platform issue at Conseco Life, some
policyholders, over a period of years, paid lower premiums, or no
premiums, because they did not receive notice that additional
premiums were due. No policyholder received diminished benefits
under their contract because of the company's error. Conseco Life
brought this issue to the attention of regulators, is working to
correct it, and, with the concurrence of the Indiana Department of
Insurance, Conseco Life's home-state regulator, has implemented a
90-day nationwide moratorium on further action on these policies.
All Lifetrend policyholders in Florida and elsewhere have been
notified and will continue to receive the full benefits of their
policies while discussions continue. Conseco, Inc.'s insurance
companies help protect working American families and seniors from
financial adversity: Medicare supplement, long-term care, cancer,
heart/stroke and accident policies protect people against major
unplanned expenses; annuities and life insurance products help
people plan for their financial futures. For more information,
visit Conseco's web site at http://www.conseco.com/ . DATASOURCE:
Conseco Life Insurance Company CONTACT: News Media: Tony Zehnder,
EVP, Corporate Communications, +1-312-396-7086, Investors: Scott
Galovic, Senior Director, Investor Relations, +1-317-817-3228, both
of Conseco Life Insurance Company Web site: http://www.conseco.com/
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