In a recently filed lawsuit, talk show host Larry King alleges that he was deceived into selling two life insurance policies by The Meltzer Group. King is suing the firm and its principal, Alan Meltzer, for breach of fiduciary duty.
Life Insurance & Annuities
IRS Issues Comprehensive Regulations Governing 403(b) Tax Sheltered Annuity Plans
By Troutman Pepper Locke on
Posted in Life Insurance & Annuities, United States
On July 26, 2007, the Internal Revenue Service issued final regulations governing Internal Revenue Code Section 403(b) plans that allow workers in public schools and certain tax-exempt organizations to set aside pre-tax money for retirement.
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New United Kingdom Life Insurance Product Offers Vegetarians Discount
By Troutman Pepper Locke on
Animal Friends Insurance (“Animal Friends”), a UK nonprofit pet insurance specialist, has partnered with Liverpool Victoria to introduce a novel term life insurance product that gives vegetarians and fish-eaters an average discount of six percent on premiums.
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Eleventh Circuit Bars Life Insurance Actions Due to Prior Class Action Settlement
By Troutman Pepper Locke on
Posted in Life Insurance & Annuities, United States
In Adams v. Southern Farm Bureau Life Insurance, No. 98-00020-CV-CDL-4 (July 25, 2007), the Eleventh Circuit Court of Appeals affirmed the district court’s opinion that res judicata barred appellants’ claims, owing to the settlement of an earlier consumer class action against Southern Farm Bureau Life Insurance Company (“Southern Farm”).
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Federal Court Dismisses RICO Complaint Against Coventry
By Troutman Pepper Locke on
A federal district court has dismissed a complaint containing seven claims, including three RICO claims, against Coventry First LLC and several related corporate entities and principals.
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NCOIL to Review Potential Long Term Care Abuses
By Troutman Pepper Locke on
The National Conference of Insurance Legislators’ (NCOIL) Long Term Care and Health Retirement Issues Committee announced that it will discuss and review potential abuses in the long term care (LTC) insurance market at the upcoming NCOIL meeting in Seattle.
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The Proposed Retirement Security for Life Act of 2007
In an effort to combat the inadequacy of retirement funds for Baby Boomers, Representatives Stephanie Tubbs Jones (Democrat) and Phil English (Republican) reintroduced the Retirement Security for Life Act (H.R. 2205) on May 8, 2007 (originally introduced in 2004).
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