Nevada

  • Equitable Life Insurance was accused of misleading and cheating customers.
  • This was a situation of the so-called vanishing premium cases in the 1980s.
    • They sold policies when interest rates were high.
    • They told customers as soon as the interest rates went down their premiums would be lower.
      • That was not true.
    • Class action lawsuits were filed in Pennsylvania and Arizona state courts, and Equitable settled the suits for $20 million helping over 130,000 people.
    • However, because the insurance company was based in another state, under this legislation, the case would have been removed to federal court and these people harmed between 1984–1996 would still be waiting for justice.  (S1150)

--  Harry Reid (D-NV) 

  • 2005 0209 - GOV (Senate) - Senate Session
    • 2005 0209 - Congressional Record - [PDF-70p]
    • [VIDEO-CSPAN]
      • Class Actions, KB Toys (Deceptive Pricing Practices - 05:28:00 - Hatch), Coca Cola (Apple Juice - 05:29:00)
  • It might surprise you to know that about 15 percent of retirement savings in America are in cash-value life insurance—that is something that is not often shown in reports. (p31)

--  John W. Mangan, Vice President, State Relations, American Council of Life Insurers (ACLI) 

2019 0405 - Nevada - Minutes of the Meeting of the Assembly Committee on Government Affairs - 51p

  • Network Adequacy Advisory Council