Security Benefit Life Insurance Company
- 1993 0629 - GOV (Senate) - NOLHGA Bails Out a Healthy Insurance Company: Examining the Current System The State Guaranty Fund System Uses to Pay Off Insurance Policyholders, re: Security Benefit Life Insurance Company
- 2023 0328 - Reuters - U.S. appeals court revives investor lawsuit against annuity company, By Jody Godoy - [link]
- An insurance company owned by private equity firm Eldridge Industries must face a lawsuit claiming it misrepresented how much investors stood to gain on certain fixed annuities, a U.S. appeals court ruled on Tuesday.
- The 10th U.S. Circuit Court of Appeals ruled 2-1 to revive the proposed class action alleging Security Benefit Life Insurance Company (SBL) engaged in fraud and racketeering by misleading investors in its Secure Income Annuity and Total Value Annuity products.
- In Tuesday's decision, U.S. Judge Veronica Rossman wrote that a Kansas judge who dismissed the case in 2021 failed to consider the complaint as a whole, which alleged the company concealed the "collective impact" of the terms of the annuities.
- U.S. Circuit Judge Harris Hartz dissented, saying the decision would require sellers to not only disclose the risk of investments, but to analyze "whether, given the disclosed facts, the investment is a good one."
- "Courts should eschew assuming the role of becoming the final backstop to protect disappointed investors," he wrote.
- The case is Clinton et al. v. Security Benefit Life Insurance Company, 10th U.S. Circuit Court of Appeals, No. 21-3035.
- 2022 0309 - Testimony - Security Benefit Life Insurance Company - HOUSE COMMITTEE ON INSURANCE (Kansas), Testimony on Senate Bill 336, By: Chris Swickard, Vice President and Associate General Counsel, Security Benefit Life Insurance Company - 5p