A federal judge approves a **$28 million settlement** for policyholders affected by US Financial Life’s insurance practices. The agreement, led by law firm Beasley Allen, provides relief to class members under the approved terms. The settlement follows legal action taken by Beasley Allen’s Consumer Fraud Section, with lead counsel W. Daniel ‘Dee’ Miles III and Paul Evans.
AM Best has withdrawn credit ratings from a U.S.-based financial life insurance company. The move follows unspecified regulatory or operational concerns, though no details on the company’s identity or reasons are provided in the announcement.
AXA Equitable Holdings sells its U.S. Financial Life Insurance Company (USFL) and MONY Life Insurance Company of the Americas (MLICA) to Heritage Life Insurance Company. The deal covers run-off and closed-block businesses, pending regulatory approval and closing conditions. The transaction is expected to finalize in early 2020.
