UnumProvident Corp. on Tuesday announced that the required number of states participating in a multistate market conduct examination relating to disability claims handling practices had signed appropriate documents consenting to regulatory settlement agreements which are now effective.
The company previously announced on Nov. 18, 2004, that certain of its insurance subsidiaries had entered into settlement agreements with state insurance regulators and the U.S. Department of Labor following conclusion of the multistate examination which was led by Maine, Massachusetts and Tennessee.
In addition to these states, the insurance authorities of the 47 remaining states and two other jurisdictions also participated in the examination. The agreements were conditioned upon obtaining the consent of at least two-thirds of these 49 other participants, and that condition has been satisfied.
UnumProvident is a provider of group and individual disability income protection insurance in the United States and United Kingdom.
Editor’s note: See Southeast news for more on this story.
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