June 01, 2015
Phoenix Life Insurance Co. has agreed to pay $42.5 million and freeze its "cost of insurance" rates for five years to resolve allegations that the company unfairly raised rates on premium-adjustable universal life insurance policies, according to documents filed Friday in New York federal court.
May 02, 2014
A New York federal judge on Tuesday ordered a trial in a class action accusing Phoenix Life Insurance Co. of breaching its policies by improperly hiking "cost of insurance" rates on policyholders, and potentially set a precedent limiting how insurers in the state can raise such rates in the future.