STORY FROM: Reinsurance & Arbitration

Plaintiffs Seek Certification of Class in Banner Life Action

BALTIMORE — Plaintiffs who accuse Banner Life Insurance Co. of shifting its debt to offshore reinsurers in order to hide its “questionable” solvency have moved to certify a class of individuals who purchased universal life policies from Banner and were later allegedly hit with skyrocketing “cost of insurance” rates.

In a July 2 motion for class certification filed in the U.S. District Court for the District of Maryland, plaintiffs say the predominant questions in the case are whether the COI rate increases violated standard provisions in the policies, and whether Banner made fraudulent statements/omissions upon which the putative class relied ...

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