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August 24, 2005 at 08:00 PM
UnumProvident Corp. has postponed its annual investor meeting until Oct. 17 in the hopes it can settle charges by California regulators that the company has improperly denied disability insurance claims.
The company originally had scheduled the meeting for Sept. 21. In announcing the postponement, UnumProvident said it hoped that the delay might enable it to complete a settlement with the California Department of Insurance, which has been investigating the company’s claims-handling procedures.
Last year, insurance regulators in 37 states reached a settlement with a number of disability carriers, including UnumProvident, over certain disability claims denied from 1997 through 1999. The charges originally were filed in 2003.
As part of that settlement, UnumProvident, the leading DI carrier, also volunteered to review more than 200,000 cases filed after Jan. 1, 2000.
But John Garamendi, insurance commissioner for California, declined to accept that agreement, saying the deal “had significant shortcomings,” according to the Los Angeles Times.
