Washington, DC – A federal judge today ruled in favor of the
National Association of Insurance Commisioners and its efforts to recoup more than $100 million for life insurance consumers nationwide, an amount which the agency contends that a select few insurance companies may have overcharged life insurance consumers by inflating
Arizona life insurance prices and
Arizona life insurance
quotes.
The federal judicial panel and courts actions allows the NAIC to help reduce
Arizona life insurance
rates. The objective of NAIC staff throughout this action has been to provide life insurance rate relief for life insurance consumer policyholders who have been charged excessive life insurance rates.
NAIC staff, using authority granted by the federal judicial panel’s decision, ordered life insurance companies to reduce its life owners rates by 12 percent in September 2004.
Arizona life insurance companies appealed the reduction in district court, claiming that the they had been denied due process in ordering the rate reduction.
“NAIC staff’s latest action, based on a different law was designed to address the court’s concerns regarding due process,” said NAIC’s Deputy Commissioner for Policy. “Despite the insurance companies objections, the courts have allowed the debate based on the facts to move forward. In the end we believe the facts will show that their rates can be reduced.”
NAIC staff contends that life insurance companies have been overcharging its policyholders since June 11, 2003, the effective date of Senate Bill 14. NAIC is seeking a refund of the excessive premium plus 10 percent interest. The total amount will be calculated from June 11, 2003, to present.
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Arizona Facts: Arizona history is rich in legends of America's Old West. It was here that the great Indian chiefs Geronimo and Cochise led their people against the frontiersmen. Tombstone, Ariz., was the site of the West's most famous shoot-out—the gunfight at the O.K. Corral. Today, Arizona has one of the largest U.S. Indian populations; more than 14 tribes are represented on 20 reservations. Manufacturing has become Arizona's most important industry. Principal products include electrical, communications, and aeronautical items. The state produces over half of the country's copper. Agriculture is also important to the state's economy. Top commodities are cattle and calves, dairy products, and cotton. In 1973 one of the world's most massive dams, the New Cornelia Tailings, was completed near Ajo. State attractions include the Grand Canyon, the Petrified Forest, the Painted Desert, Hoover Dam, Lake Mead, Fort Apache, and the reconstructed London Bridge at Lake Havasu City. From the Indian “Arizonac,” meaning “little spring” or “young spring” The Grand Canyon State
The ten largest states in Arizona are: Phoenix, Tucson, Mesa, Glendale, Scottsdale, Chandler, Tempe, Gilbert, Peoria, and Yuma.
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