NU Online News Service, Nov. 6, 1:59 p.m. – The New York State Insurance Department says it believes companies that are now part of Phoenix Life Insurance Company, Hartford, subjected non-white policyholders to discriminatory practices decades ago.
Department investigators concluded that no further action should be taken, because they found no evidence that any recent policyholders were affected, the department says.
Investigators found that non-white customers paid higher rates for insurance from the companies examined and were sold only lower-value policies, the department says.
Phoenix put out a statement emphasizing that it now abides by strict standards of fairness.
“While the company may have followed certain practices several decades ago, they do not meet our current standards of fairness and have no relation to any practices that have existed in recent memory,” Phoenix says in the statement.