U.S. District Court Grants Preliminary Approval of Premium Tax Settlement Class

The U.S. District Court for the Southern District of New York preliminarily approved a proposed class action settlement resolving premium tax claims against life insurance companies as fair, reasonable, and adequate, granting preliminary certification of the settlement class. Plaintiffs, investment entities, alleged that Defendants improperly assessed premium tax charges on universal life insurance policies when policyholders changed their registered addresses to states with lower premium tax rates or registered addresses in certain specified states. The settlement resolves counts related to premium tax claims while excluding a separate breach of contract claim regarding the cost of insurance rates, which remains pending ...