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Article Excerpt
UICI (the "Company") today announced that, without acknowledging any fault, liability or wrongdoing of any kind and subject to satisfaction of certain conditions, it has agreed to settle a substantial number of its pending "association group" lawsuits.
In particular, UICI, The MEGA Life and Health Insurance Company and Mid- West National Life Insurance Company of Tennessee (UICI's principal insurance subsidiaries), together with the National Association for the Self Employed, Inc., Alliance for Affordable Services and Americans for Financial Security, Inc. (the principal membership associations that make available to their members the Company's health insurance products), have executed and expect to shortly file in U.S. District Court for the Northern District of Texas a definitive Stipulation of Settlement and Release agreement contemplating, among other things, the full and final settlement of a class action case originally filed in Mississippi and a representative action originally filed in California challenging the relationship between UICI's insurance companies and the membership associations.
Pursuant to the terms of the settlement, MEGA and Mid-West have agreed to include enhanced disclosures in their marketing and sales materials with respect to the contractual relationships between UICI and the insurance companies, on the one hand, and the associations, on the other hand, and MEGA and Mid-West have also agreed to enter into an injunction with respect to certain business practices. In addition, members of a to-be-certified nationwide class of current and former MEGA and Mid-West insureds and current and former members of the associations will be entitled to relief in the form of free insurance coverage for a period of months under a personal accident policy to be issued by a UICI subsidiary...
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