Insurers Sue Agency Over Alleged Annuity Scheme

Law360, New York (April 13, 2011, 12:36 PM EDT) -- Two Sammons Financial Group insurance companies filed a lawsuit Monday in Arizona accusing an insurance agency of fraudulently replacing the companies' annuity contracts, a move that allegedly generated new commissions for the agency but cost policyholders in surrender charges.

In a complaint in the U.S. District Court for the District of Arizona, Midland National Life Insurance Co. and North American Co. for Life and Health Insurance claim National Future Benefits Unlimited Inc. and several of its agents failed to adequately explain or misrepresented the replacement annuity...
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