Citizens Strikes Deal On Race-Based Pricing Claims

Law360, New York (September 15, 2010, 2:01 PM EDT) -- The Texas Department of Insurance has reached a settlement with Citizens National Life Insurance Co. that quells allegations that two companies Citizens acquired charged black customers more than whites for life insurance policies.

The insurance regulator announced the deal Tuesday, saying the policies at issue were not sold directly by Citizens National, but by East Texas Life Insurance Co. and Citizens Industrial Life Insurance Co., which Citizens National ended up buying.

Regulators from Texas and other state insurance departments have been investigating numerous life insurance companies...
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