Duke v Reliastar Life Insurance Company
Reliastar Life Insurance Company Settles With Owners of "Competitor" and "DVP" Whole Life Policies
The parties have reached a settlement in an action filed against the Reliastar Life Insurance Company on behalf of all persons who have or had an ownership interest in a "Competitor" or "DVP" interest-sensitive whole life policy issued by the company or its subsidiaries between January 1, 1982, and December 31, 1996. Claims Review Process Forms must be postmarked no later than November 19, 2003, to be considered valid.
The settlement will provide two types of relief: general policy relief and the claim review process. These options are mutually exclusive, so that class members may only take part in one or the other. To take part in general policy relief, class members need do nothing at the present time. To take part in the claim review process, claim forms must be submitted by the date already mentioned.
The policies that are the subject of this action were sold by Northwestern National Life Insurance Company, Reliastar United Services Life Insurance Company, United Services Life Insurance Company, United Services General Life Company, General Services Life Insurance Company, Provident Life Insurance Company, and United Olympic Life Insurance Company.
The settlement excludes policies that terminated due to the death of the insured person and were subsequently paid off, and policies that were refunded in full due to rescission or failure to take the policy. Persons who have questions about participation in the settlement should contact the class attorneys at 888-878-1987.
The settlement will not be effective until the court grants it final approval. The court has scheduled a hearing on the matter for December 19, 2003.
