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State May Revoke Or Suspend Conseco Life License
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Published: December 24, 2008
State regulators say they may revoke or suspend the license of Conseco Life Insurance Co. for failing to tell thousands of policyholders that their policies were underfunded.
For three years, 5,000 policyholders were unaware that their Lifetrend policies were underfunded, according to the Florida Office of Insurance Regulation.
In a Nov. 3 letter to customers, Conseco demanded they pay for the shortfall no later than Jan. 3. But Conseco suspended the collection of additional premiums at the request of state regulators and assured policyholders that they would not lose their benefits.
Regulators have ordered the company to show cause why its license should not be revoked or suspended.
Reporter Russell Ray can be reached at (813) 259-7870 or rray@tampatrib.com.
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