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This settlement is closed!
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(Photo by AndreyPopov/ DepositPhotos.com)Claims are being accepted in a class action settlement that resolves allegations that Accordia Life and Annuity Co. and Alliance-One failed to properly administer certain life insurance policies.
This settlement benefits anyone who owned an insurance policy from Accordia Life and Annuity Co. on or after May 1, 2014, or from Athene Annuity and Life Co., Athene Annuity & Life Assurance Co. of New York, or First Allmerica Financial Life Insurance Co. in force after Aug. 1, 2015.
The plaintiffs in a class action lawsuit alleged Accordia or Alliance-One stopped automatically withdrawing or accepting premium payments on the plaintiffs’ Accordia Life Insurance policies during a “conversion period,” causing the policies to lapse.
This caused the policyholders’ “no-lapse guarantee” to be removed, converting their policy type to one with less important and lower-value features, according to the complaint.
Alliance-One is a third-party insurance administrator used by Accordia that administers life insurance and annuity contracts and collects payments via electronic funds transfer (EFT).
The class action lawsuit claimed Accordia had represented to the plaintiffs and Class Members that the “the change in ownership from Athene to Accordia would not impact collection of EFT payments from insureds or billing or depositing of premium payments.”
As a result of those Accordia life insurance policy changes, some of the insured consumers lost their “no-lapse guarantee,” which was supposed to guarantee they would have life insurance for the rest of their life, the class action lawsuit said. Their policies are “now set to lapse at a point late in life when the insureds can no longer obtain affordable life insurance,” leaving them to now seek out a new no-lapse policy at a higher rate.
The Accordia life insurance settlement includes both monetary and injunctive relief.
Claims for monetary relief will include refunds of bank overdraft fees directly caused by disruptions or errors in policy billing, including missed or late payment applications; adjustments for incorrect payments or charges; partial or full waivers of any other payments or charges due on the covered policy; refunds needed in order to implement nonforfeiture status reversals; and other relief.
Under the settlement terms, the defendants will provide up to 24 months after receipt of a Premium Relief Notice to pay any back payments owed; to apply any back premium payments received for covered policies to ensure retroactive-fixed interest is credited; to review covered policies with a nonforfeiture status; and review death benefits to determine whether any denials are proper and benefits due are accurate, among other relief.
More information on monetary and non-monetary relief claims is available on the settlement website.
Those wishing to file a claim in the Accordia life insurance settlement are urged to consult their tax advisors before doing so.
The deadline to file a claim in the Accordia Life Insurance settlement is March 20, 2021.
Who’s Eligible
Anyone who owned an insurance policy from Accordia Life and Annuity Co. on or after May 1, 2014, or from Athene Annuity and Life Co., Athene Annuity & Life Assurance Co. of New York, or First Allmerica Financial Life Insurance Co. in force after Aug. 1, 2015.
Potential Award
Varies.
- A range of monetary and non-monetary relief is available. See the settlement website for exact terms.
Proof of Purchase
No proof of purchase is necessary. However, for some types of relief provided by this settlement, a claim form is required.
Claim Form
NOTE: If you do not qualify for this settlement do NOT file a claim.
Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.
Claim Form Deadline
03/20/2021
Case Name
Clapp, et al. v. Accordia Life & Annuity Co., et al., Case No. 2:17-cv-2097-CSB-EIL, U.S. District Court for the Central District of Illinois
Final Hearing
12/20/2019
Settlement Website
Claims Administrator
McGuire Clapp Settlement Administrator
c/o Rust Consulting Inc. – 6512
P.O. Box 44
Minneapolis, MN 55440-0044
Class Counsel
Irwin B. Levin
Richard E. Shevitz
Vess A. Miller
Lynn A. Toops
Stephen L. Williams
James M. Terrell
P. Michael Yancey
Defense Counsel
Jason H. Gould
Kristen Reilly
Roland C. Goss
FAEGRE DRINKER BIDDLE & REATH LLP
Rosa Maria Tumialan-Landy
DYKEMA GOSSETT PLLC
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