STORY FROM: Reinsurance & Arbitration

Judge Stays Action Accusing Reinsurer of Improperly Imposing COI Rate Increases

NEW YORK — A New York federal judge has stayed a lawsuit accusing a reinsurer of improperly imposing cost-of-insurance rate increases for thousands of universal life insurance policies pending resolution of a summary judgment motion in a related class action.

On Jan. 23, Judge P. Kevin Castel of the U.S. District Court for the Southern District of New York said the stay will also allow the plaintiff to move for leave to opt out of the class beyond the opt-out date.

Plaintiff C. Anthony Gonzalez contends that his father was forced to lapse on his $2 million universal life ...

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