Insurer's Surcharge Warnings Insufficient, Judge Says

Law360, New York (September 30, 2010, 2:59 PM EDT) -- American National Insurance Co. failed to properly disclose cancellation surcharges in deferred annuities it sold to a class of seniors in California but met certain other state requirements, a judge has ruled.

Judge Susan Illston of the U.S. District Court for the Northern District of California granted on Wednesday parts of the summary judgment motion put forth by a class of seniors who claim they were caught unaware by surcharges attached to the insurer’s differed annuities, according to the court order.

American National did not adequately...
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