Standard Management Corp., Indianapolis, says it has accepted the resignation of P.B. Pheffer, the company’s former president and chief financial officer.[@@]

Pheffer has been helping Standard sell its life insurance subsidiary, Standard Life Insurance Company of Indiana, to Capital Assurance Corp., Louisville, Ky. Indiana insurance regulators approved the deal earlier this month.

Pheffer says he is entitled to $3.8 million in severance payments, but Standard Management says it will dispute that claim and owes Pheffer only $50,000.