A law firm that represents insurance claimants says regulators should renegotiate a draft settlement agreement supported by a large disability insurer.[@@]
UnumProvident Corp., Chattanooga, Tenn., is seeking approval from insurance regulators in at least 33 states and other jurisdictions for an agreement that could resolve disputes between it and thousands of disability insurance claimants.
The proposed agreement calls for UnumProvident to pay $15 million in fines. The agreement also calls for the company to spend $112 million to reassess as many as 215,000 old long-term disability claims and improve benefits for many claimants.
Regulators in Maine, Massachusetts, New York, Pennsylvania and Tennessee already have endorsed the agreement, and UnumProvident is hoping many more state regulators will approve the agreement by Dec. 20.