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Insurance Law Settlements

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John Hancock Settles for $1 Million in Unclaimed Life Insurance Benefits Suit

Louisiana joined 35 other states in a settlement with insurance company John Hancock.

In her article, "Hancock to pony up $1 million to La. in death benefit flap," Darla Mercado reported that the state shared $1 million in unclaimed insurance proceeds that had been discovered during an audit. Under state law, John Hancock was required to report unclaimed benefits within three years. The suit alleged that the company failed to make the report and that many of the families who were entitled to benefits were never notified.

Treasurer John Kennedy was quoted in the article as saying that the state would take all possible measures to return the money to eligible families.

Maysville, Ky., Receives Insurance Settlement for Building Restoration

Maysville's historic Cox Building suffered extensive damage after an accidental electrical fire that occurred during a partial renovation.

Marla Toncray reported in "City receives $7.3 million insurance settlement for Cox Building" that negotiations between the city and Travelers Insurance took several months due to renovation mandates by the Kentucky Heritage Council and the National Parks Service.

The $7.3 million settlement will go toward full restoration of the building.

Bank Reaches Settlement in Suit with Insurer

Guaranty Bank settled a lawsuit against an insurer that illegally sold mortgage guarantee insurance to cover the bank's second mortgages and home equity loans.

In his article "Guaranty Bank settles lawsuit against insurer," Paul Gores reported that Deerfield, Ill.-based Evanston Insurance sold the coverage to the bank without a Wisconsin license. Guaranty reportedly paid $72 million in premiums to Evanston over a six-year period.

The bank also named Omaha-based insurance agent Universal Assurors Agency Inc. in the suit.

The judge ultimately dismissed the suit and directed the parties to settle. Terms of the settlement were not disclosed.