Approval of $92.5 Million Settlement Sought in ‘Cost of Insurance’ Class Action

NEW YORK — The lead plaintiff in a class action accusing a life insurer of imposing an improper “cost of insurance” rate increase on policyholders nearly 20 years after the policies were sold to a different insurer via a reinsurance indemnity transaction has asked a New York federal judge for preliminary approval of a $92.5 million settlement.

In a Jan. 6 filing before Judge P. Kevin Castel of the U.S. District Court for the Southern District of New York, plaintiff Helen Hanks argues the proposed settlement with Voya Retirement Insurance and Annuity Co. satisfies Civil Rule of Procedure 23(e)(2).

The …