Bankers Life To Pay $3.2M For Shirking Deal With Pa., Others

Law360, Philadelphia (November 20, 2012, 4:04 PM EST) -- Bankers Life and Casualty Co. agreed Monday to pay $3.2 million in fines to five states including Pennsylvania, Florida and Texas after insurance regulators found the company had failed to live up to the terms of a 2008 agreement requiring it to correct questionable business practices.

The fines come four years after Bankers Life first agreed it would address findings in a 2007 report which found the insurer had inappropriately denied claims and failed to monitor insurance applications. After re-examining the company, a five-state group of...
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