Aegon: US unit settles lawsuits for 195 million dollars

(CercleFinance.com) - Aegon's US wealth and health insurance unit Transamerica has agreed to pay 195 million dollars to settle policyholder lawsuits accusing it of increasing rates on life policies.


Plaintiffs challenged the deduction rate increases on approximately 70,000 universal life policies that were enacted in 2015 and 2016.

Transamerica said it had to adjust monthly deduction rates due to low long-term interest rates, changes in life expectancy and other factors, and that the changes were made in accordance with the contractual terms of policies.

The settlement has to be be filed with a District Court for the Central District of California, and remains subject to court approval, Aegon said.

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