Description: The class action lawsuit contends that Security Life breached its contracts with SAUL policy owners. In September 2015, policyholders were issued letters announcing that their insurance policies would be subject to cost of insurance (“COI”) rate increases, and Plaintiff asserts those COI rate increases violated the terms of the policyholders’ contracts, and that Plaintiff and members of the Class have been damaged as a result.
cost of insurance (7) advance trust & life escrow services (3) security life (2) security life of denver insurance (2) strategic accumulator universal life policy (2)
The certified class action lawsuit contends that Security Life of Denver ("SLD") breached its contracts with Strategic Accumulator Universal Life ("SAUL") policy owners. In September 2015, policyholders were issued letters announcing that their insurance policies would be subject to cost of insurance (“COI”) rate increases, and Plaintiff asserts those COI rate increases violated the terms of the policyholders’ contracts, and that Plaintiff and members of the Class have been damaged as a result. SLD denies P
On January 6, 2021, the United States District Court for the District of Colorado granted in part and denied in part SLD's motion for summary judgment and granted in part Plaintiff’s motion for class certification. The Court allowed the lawsuit to proceed as a class action against SLD on the claim that SLD breached the uniformity provision of the SAUL policies by increasing COI rates on some SAUL policies but not others that SLD contends were subject to different underwriting standards. The Court certified
The Court’s order certifying the Class and denying summary judgment on the uniformity theory of breach does not predict or guarantee that Class Members will receive any money or benefits for Plaintiff’s claim; that will be decided later. A trial date has not yet been set.