The life insurance industry has experienced over a decade of abusive class actions.
In one of the more recent examples of such class action abuses.
State courts in New Mexico are certifying nationwide classes of plaintiffs for the manner in which their premiums are disclosed in their policies.
These cases are being certified even though State Commissioners of Insurance reviewed and approved these policy disclosures.
These class action cases have steadily weakened the very fabric of State regulation of insurance as the State judges' decisions have had national implications for insurers in other states.
The result of nationwide regulation through targeted class action litigation has indirectly usurped the role and authority of the State Commissioners of Insurance.
Senate - Committee on the Judiciary
2002 1010 - GOV (House) - The Collapse of Executive Life Insurance Co. and Its Impact on Policyholders, Dan Burton (R-IN)