Reinsurers May be Subpoenaed in Life Insurance Rate Dispute, Magistrate Judge Rules

NEW YORK — A New York federal magistrate judge has refused to quash subpoenas served on Transamerica Life Insurance Co. and SCOR Global Life Americas Reinsurance Co. (PINK:SCRYY) seeking internal communications relating to PHL Variable Insurance Co.’s (NYSE:PNX) decision to raise the rates on certain life insurance policies.

In a Nov. 5 order, Magistrate Judge James C. Francis IV of the U.S. District Court for the Southern District of New York further ruled, however, that the plaintiff, US Bank National Association, must bear the cost of search, collection, and production associated with compliance with the subpoenas.

US Bank owns 12 …