$15M Settles Mo. Long-Term Care Insurance Action

Law360, New York (April 21, 2009, 12:00 AM EDT) -- American Heritage Life Insurance Co., Mutual of Omaha Insurance Co. and an insurance administrator have paid roughly $15 million to settle a protracted Missouri class action accusing the insurers of ramping up premiums on long-term care policies.

The two insurance companies agreed to provide $11 million of insurance benefits to roughly 1,700 Missourians who bought long-term care policies from American Heritage between 1995 and 2000.

The settlement complements $4 million in cash the class secured last year under a related settlement with insurance administrator Wakely and...
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