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The following information was released by the office of the Arizona Attorney General:

Attorney General Mayes announced today that two defendants have been sentenced to prison by the Maricopa County Superior Court for their roles in a fraud scheme that preyed on vulnerable Arizonans. On April 2, 2026, Shannon Ariel Lovell was sentenced to 3.5 years in the Arizona Department of Corrections, to be followed by supervised probation for 3 years. On March 12, 2026, Ryan Patrick Michell was sentenced to 5.5 years in the Arizona Department of Corrections, also to be followed by supervised probation for 4 years.

From July 1, 2017 through approximately July 8, 2019, in Maricopa County, Ryan Michell and Shannon Lovell operated a scheme designed to fraudulently collect life insurance proceeds at the expense of vulnerable victims.

“These defendants built a predatory scheme from the ground up creating a fake insurance company, targeting people facing addiction and homelessness, and then positioning themselves to profit from those victims’ deaths,” said Attorney General Mayes. “My office remains committed to protecting vulnerable Arizonans from exploitation and abuse.”

Michell created a fictitious company called “Patriot Life Insurance Company,” which was advertised as selling legitimate term life insurance. Together, Michell and Lovell deliberately targeted vulnerable populations, including those dealing with substance abuse as well as homeless individuals, they also made contact with potential victims by approaching them at methadone clinics.

Lovell served as the primary recruiter, convincing victims to sign up for what was described as a free life insurance policy subsidized by a nonprofit organization to help people who could not afford coverage. Once victims completed enrollment forms with their personal information, Michell used that information to take out real policies with actual insurance companies but altered the documents to substitute himself and Lovell as beneficiaries and replaced victims’ contact information with fictitious email addresses and their own home addresses. Michell and Lovell agreed to split the proceeds 50-50.

Michell pleaded guilty to Participating in a Criminal Syndicate, a Class 2 Felony, with one prior felony conviction, and Fraudulent Schemes and Artifices, a Class 2 Felony. Co-Defendant Shannon Lovell pleaded guilty to Participating in a Criminal Syndicate, a Class 2 Felony, and Fraudulent Schemes and Artifices, a Class 2 Felony.

The post ATTORNEY GENERAL MAYES ANNOUNCES PRISON SENTENCES IN FRAUDULENT LIFE INSURANCE SCHEME TARGETING VULNERABLE ARIZONANS appeared first on Insurance News | InsuranceNewsNet.

One of the nation’s biggest health and life insurance firms has been overcharging Virginians for its accident, dread disease and other supplemental health policies, a State Corporation Commission Bureau of Insurance review found.

As a result, Aflac — American Family Life Assurance Co. — is cutting premium rates on 16 different policies by as much as 35%, its filings with the bureau show.

The cuts will save more than 120,000 Virginia policyholders some $12.6 million a year, the filings show.

Anthem again pays restitution and fine over claims delays

In addition, Aflac agreed to pay a $64,000 fine to settle the matter.

“This represents exactly the type of oversight work the Bureau of Insurance does every day to protect Virginia consumers,” said Scott White, commissioner of the bureau.

“When we discovered these supplemental health products weren’t delivering the value policyholders were paying for, we acted to secure premium rate reductions that resulted in real savings to them,” he said.

It started with one of the regular market analysis reviews that the bureau staff conducts to see how insurers do business.

In the review, bureau staff checked six specific Aflac policies that offered supplement coverage when policyholders suffer injuries from accidents, need cardiac care or need to pay a hospital bill.

They found four of the six policies they reviewed weren’t meeting a basic test of fair pricing.

The percentage of premium income Aflac was paying out in claims was low.

That percentage, claims divided by premiums, is called the loss ratio. When it is too low, regulators say it means premiums are too high.

As they asked Aflac about this, bureau staff found a total of 16 supplemental policies had loss ratios well below the minimum required. In addition to the four policies, there were other policies offering similar coverage, as well as policies offering dental, vision and short-term disability benefits.

In Virginia, these sorts of policies are supposed to have loss ratios of at least 50%. Less than half of the money Aflac collected from policyholders was used to pay claims.

Most had been running loss ratios averaging between 30% and 35% since 2019, a Richmond Times-Dispatch review of Aflac rate filings found.

In one year, the loss ratio on one so-called “dread disease” policy — covering organ transplants, heart attacks, strokes and coma — was as low as 14% and averaged 23% from 2019 through 2024. A vision policy’s loss ratio was just 18% one year, and a dental policy that more than 3,300 Virginians bought ranged from 23% to 24% for three years.

Aflac cut the dread disease premiums by 35%, bringing them down to an average of $159 a year. It cut the dental and vision policies’ rates by 20%.

Loss ratios on such supplemental health policies are the lowest set in state law or regulation. Affordable Care Act policies must be priced to produce at least an 80% loss ratio, as is the case for long-term care insurance. Medicare Supplement coverage has to have at least a 65% loss ratio.

Aflac senior vice president Thomas McDaniel said the company is cutting premium rates and paying the fine “solely for the purpose of a settlement and does not constitute, nor should it be construed as, an admission of any violation of law.”

In a statement, the company added: “As a leading supplemental insurer in the United States, we are committed to ensuring that our policyholders receive the benefits for which they are entitled. We continue to work with state regulators to ensure all standards are met.”

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The post Virginia insurance regulators order rate cuts for several Aflac policies appeared first on Insurance News | InsuranceNewsNet.

One of the nation’s biggest health and life insurance firms has been overcharging Virginians for its accident, dread disease and other supplemental health policies, a State Corporation Commission Bureau of Insurance review found.

As a result, Aflac — American Family Life Assurance Co. — is cutting premium rates on 16 different policies by as much as 35%, its filings with the bureau show.

The cuts will save more than 120,000 Virginia policyholders some $12.6 million a year, the filings show.

In addition, Aflac agreed to pay a $64,000 fine to settle the matter.

“This represents exactly the type of oversight work the Bureau of Insurance does every day to protect Virginia consumers,” said Scott White, commissioner of the bureau.

“When we discovered these supplemental health products weren’t delivering the value policyholders were paying for, we acted to secure premium rate reductions that resulted in real savings to them,” he said.

It started with one of the regular market analysis reviews that the bureau staff conducts to see how insurers do business.

In the review, bureau staff checked six specific Aflac policies that offered supplement coverage when policyholders suffer injuries from accidents, need cardiac care or need to pay a hospital bill.

They found four of the six policies they reviewed weren’t meeting a basic test of fair pricing.

The percentage of premium income Aflac was paying out in claims was low.

That percentage, claims divided by premiums, is called the loss ratio. When it is too low, regulators say it means premiums are too high.

As they asked Aflac about this, bureau staff found a total of 16 supplemental policies had loss ratios well below the minimum required. In addition to the four policies, there were other policies offering similar coverage, as well as policies offering dental, vision and short-term disability benefits.

In Virginia, these sorts of policies are supposed to have loss ratios of at least 50%. Less than half of the money Aflac collected from policyholders was used to pay claims.

Most had been running loss ratios averaging between 30% and 35% since 2019, a Richmond Times-Dispatch review of Aflac rate filings found.

In one year, the loss ratio on one so-called “dread disease” policy — covering organ transplants, heart attacks, strokes and coma — was as low as 14% and averaged 23% from 2019 through 2024. A vision policy’s loss ratio was just 18% one year, and a dental policy that more than 3,300 Virginians bought ranged from 23% to 24% for three years.

Aflac cut the dread disease premiums by 35%, bringing them down to an average of $159 a year. It cut the dental and vision policies’ rates by 20%.

Loss ratios on such supplemental health policies are the lowest set in state law or regulation. Affordable Care Act policies must be priced to produce at least an 80% loss ratio, as is the case for long-term care insurance. Medicare Supplement coverage has to have at least a 65% loss ratio.

Aflac senior vice president Thomas McDaniel said the company is cutting premium rates and paying the fine “solely for the purpose of a settlement and does not constitute, nor should it be construed as, an admission of any violation of law.”

In a statement, the company added: “As a leading supplemental insurer in the United States, we are committed to ensuring that our policyholders receive the benefits for which they are entitled. We continue to work with state regulators to ensure all standards are met.”

Dave Ress (804) 649-6948 dress@timesdispatch.com

The post Virginia orders rate cuts for 16 Aflac policies appeared first on Insurance News | InsuranceNewsNet.

According to S&P Global Market Intelligence, the life insurance industry experienced a 4.3% increase in total direct premiums and considerations in 2025, reaching a record high of $1.09 trillion.

Those numbers are striking when compared to the 14.6% rise in 2024, which was the most rapid expansion in two decades.

The analysis examined individual and group life insurance and annuities, as well as accident and health insurance. Individual life premiums saw a 4.8% growth, driven by select products rather than a broad-based increase. Variable life direct premiums surged by 41.9%, but contributed only 1.4% to the individual life total. Indexed individual life premiums increased by 10.7%, accounting for 13.2% of the total.

Individual annuity direct premiums grew by less than 5.2% in 2025, a fraction of the 21.2% expansion rate in the prior year.

Direct premiums in accident and health increased by 7.8%, down from a 10.3% growth rate in 2024. Private participation in government programs like Medicare and Medicaid fueled expansion, while traditional group benefits products saw modest growth of less than 4% in disability income and dental insurance lines.

Group annuities saw the lone year-over-year decline of 2.3%. This largely reflects the impact of jumbo pension risk transfer group annuity placements in the first quarter of 2024.

Powerful 2024 annuity sales

In 2024, individual annuities took off due to a combination of demographics and market conditions, according to Tim Zawacki, principal analyst, S&P Global Market Intelligence.

“In September of that year, the Federal Reserve lowered interest rates by 50 basis points, driving growth for the industry,” he explained. “It was also a record year for pension risk transfers with jumbo transactions turbo charging the industry’s growth.”

As a result of more annuity products and carriers in the market, the individual annuity market racked up record sales in the last several years. Many consumers purchased annuities with 3- to 5-year terms, which will be ending soon.

“If long-term rates remain elevated, consumers will likely invest this money back into annuities,” Zawacki said.

“The insurance industry (which includes individual annuities) provides strategies to manage wealth and provide principal protection,” Zawacki added. “While the pandemic had an initial effect, today life insurance growth is largely driven by tax incentives.”

The current market conditions lend themselves to an increase in the industry, particularly in the annuity space, he said.

When it comes to life insurance, Zawacki noted that the middle market is under a lot of economic pressure given the high cost of groceries, gas, food, housing costs and other daily expenses.

“Younger people are under a lot of stress with rising home costs and student loan debt. There is a tendency among this group to view life insurance as a discretionary expense and it’s a tough environment for discretionary expenses,” he added.

“Despite this, life insurance products are well-positioned for growth, particularly among the mass affluent who are looking for tax gains. The industry, however, needs to look at how to attract younger consumers.”

What will the future hold for the industry?

“Looking ahead, as long as there isn’t a recession or a spike in unemployment, the dynamics are favorable for the industry to see continued growth in the mid-single digits,” Zawacki said.

Demographics are impacting the industry’s growth with more people in their 50s and 60s making it an attractive environment for retirement savings products.

“It all comes down to supply and demand, which has remained consistent over the last few years,” Zawacki said. “Middle market consumers are struggling while the mass affluent are looking for attractive rates with principal protection.”

The post Life insurers post modest gains following record 2024, S&P Global finds appeared first on Insurance News | InsuranceNewsNet.

RICHMOND — One of the nation’s biggest health and life insurance firms has been overcharging Virginians for its accident, dread disease and other supplemental health policies, a State Corporation Commission Bureau of Insurance review found.

As a result, Aflac — American Family Life Assurance Co. — is cutting premium rates on 16 different policies by as much as 35%, its filings with the bureau show.

The cuts will save more than 120,000 Virginia policyholders some $12.6 million a year, the filings show.

In addition, Aflac agreed to pay a $64,000 fine to settle the matter.

“This represents exactly the type of oversight work the Bureau of Insurance does every day to protect Virginia consumers,” said Scott White, commissioner of the bureau.

“When we discovered these supplemental health products weren’t delivering the value policyholders were paying for, we acted to secure premium rate reductions that resulted in real savings to them,” he said.

It started with one of the regular market analysis reviews that the bureau staff conducts to see how insurers do business.

In the review, bureau staff checked six specific Aflac policies that offered supplement coverage when policyholders suffer injuries from accidents, need cardiac care or need to pay a hospital bill.

They found four of the six policies they reviewed weren’t meeting a basic test of fair pricing.

The percentage of premium income Aflac was paying out in claims was low.

That percentage, claims divided by premiums, is called the loss ratio. When it is too low, regulators say it means premiums are too high.

As they asked Aflac about this, bureau staff found a total of 16 supplemental policies had loss ratios well below the minimum required. In addition to the four policies, there were other policies offering similar coverage, as well as policies offering dental, vision and short-term disability benefits.

In Virginia, these sorts of policies are supposed to have loss ratios of at least 50%. Less than half of the money Aflac collected from policyholders was used to pay claims.

Most had been running loss ratios averaging between 30% and 35% since 2019, a Richmond Times-Dispatch review of Aflac rate filings found.

In one year, the loss ratio on one so-called “dread disease” policy — covering organ transplants, heart attacks, strokes and coma — was as low as 14% and averaged 23% from 2019 through 2024. A vision policy’s loss ratio was just 18% one year, and a dental policy that more than 3,300 Virginians bought ranged from 23% to 24% for three years.

Aflac cut the dread disease premiums by 35%, bringing them down to an average of $159 a year. It cut the dental and vision policies’ rates by 20%.

Loss ratios on such supplemental health policies are the lowest set in state law or regulation. Affordable Care Act policies must be priced to produce at least an 80% loss ratio, as is the case for long-term care insurance. Medicare Supplement coverage has to have at least a 65% loss ratio.

Aflac senior vice president Thomas McDaniel said the company is cutting premium rates and paying the fine “solely for the purpose of a settlement and does not constitute, nor should it be construed as, an admission of any violation of law.”

In a statement, the company added: “As a leading supplemental insurer in the United States, we are committed to ensuring that our policyholders receive the benefits for which they are entitled. We continue to work with state regulators to ensure all standards are met.”

Dave Ress (804) 649-6948 dress@timesdispatch.com

The post Aflac overcharging Virginians, SCC finds appeared first on Insurance News | InsuranceNewsNet.

One of the nation’s biggest health and life insurance firms has been overcharging Virginians for its accident, dread disease and other supplemental health policies, a State Corporation Commission Bureau of Insurance review found.

As a result, Aflac — also known as American Family Life Assurance Co. — is cutting premium rates on 16 different policies by as much as 35%, its filings with the bureau show.

The cuts will save more than 120,000 Virginia policyholders some $12.6 million a year, the filings show.

In addition, Aflac agreed to pay a $64,000 fine to settle the matter.

“This represents exactly the type of oversight work the Bureau of Insurance does every day to protect Virginia consumers,” said Scott White, commissioner of the bureau.

“When we discovered these supplemental health products weren’t delivering the value policyholders were paying for, we acted to secure premium rate reductions that resulted in real savings to them,” he said.

It started with one of the regular market analysis reviews that the bureau staff conducts to see how insurers do business.

In the review, bureau staff checked six specific Aflac policies that offered supplement coverage when policyholders suffer injuries from accidents, need cardiac care or need to pay a hospital bill.

They found four of the six policies they reviewed weren’t meeting a basic test of fair pricing.

The percentage of premium income Aflac was paying out in claims was low.

That percentage, claims divided by premiums, is called the loss ratio. When it is too low, regulators say it means premiums are too high.

As they asked Aflac about this, bureau staff found a total of 16 supplemental policies had loss ratios well below the minimum required. In addition to the four policies, there were other policies offering similar coverage, as well as policies offering dental, vision and short-term disability benefits. When policies pay less than a minimum loss ratio, it means premiums are too high.

In Virginia, these sorts of policies are supposed to have loss ratios of at least 50%. Less than half of the money Aflac collected from policyholders was used to pay claims.

Most had been running loss ratios averaging between 30% and 35% since 2019, a Richmond Times-Dispatch review of Aflac rate filings found.

In one year, the loss ratio on one so-called dread disease policy, covering organ transplants, heart attacks, strokes and coma, was as low as 14% and averaged 23% from 2019 through 2024. A vision policy’s loss ratio was just 18% one year, and a dental policy that more than 3,300 Virginians bought, it ranged from 23% to 24% for three years.

Aflac cut the dread disease premiums by 35%, bringing them down to an average of $159 a year. It cut the dental and vision policies’ rates by 20%.

Loss ratios on such supplemental health policies are the lowest set in state law or regulation. Affordable Care Act policies must be priced to produce at least an 80% loss ratio, as is the case for long-term care insurance. Medicare supplement coverage has to have at least a 65% loss ratio.

Aflac Senior Vice President Thomas McDaniel said the company is cutting premium rates and paying the fine “solely for the purpose of a settlement and does not constitute, nor should it be construed as, an admission of any violation of law.”

In a statement, the company added: “As a leading supplemental insurer in the United States, we are committed to ensuring that our policyholders receive the benefits for which they are entitled. We continue to work with state regulators to ensure all standards are met.”

Dave Ress (804) 649-6948 dress@timesdispatch.com

The post Virginia orders rate cuts for Aflac policies appeared first on Insurance News | InsuranceNewsNet.

Georgia-based American Family Life Assurance Co., better known as Aflac, charged Virginians too much for individual and group accident and sickness insurance, according to an analysis by the State Corporation Commission’s Bureau of Insurance.

To settle the matter, the Fortune 500 supplemental insurance company paid $64,000 in a settlement agreement, which does not constitute an admission of violating the law. Aflac waived its right to a hearing regarding the matter.

“As a leading supplemental insurer in the United States, we are committed to ensuring that our policyholders receive the benefits for which they are entitled,” an Aflac spokesperson said in a statement Monday. “We continue to work with state regulators to ensure all standards are met.”

The bureau found during a market analysis that Aflac overcharged policyholders of four plans. It studied six Aflac policies and found that four were not spending a large enough percentage of collected premiums on claims.

The bureau looks at loss ratios, which are the percentages of premiums paid to policyholders rather than used for administrative costs or profits.

Initially, Aflac proposed increasing benefits on the four policies; however, the bureau found that alone to be insufficient, according to a letter sent to Aflac on Oct. 29, 2025.

“The bureau and Aflac have discussed at length the sufficient and appropriate corrective actions that Aflac must take to ensure that the benefits available to the company’s current and future policyholders are reasonable in relation to the premiums being paid,” Julie R. Fairbanks, chief insurance market examiner of the Life and Health Market Regulation Division at the bureau, wrote in the letter.

Instead, Aflac will file premium rate reductions and benefit enhancements on 16 products issued in Virginia, a list including two dental policies, a vision policy and a personal disability income protector policy.

Aflac must provide written notification to policyholders of the changes by early July, according to the bureau’s letter.

The premium reductions, when implemented, will result in total annual cost savings of about $12.6 million for about 120,228 policyholders in Virginia, according to a Jan. 8 letter from the bureau.

Aflac will have to submit annual loss ratio data on all products issued in Virginia for at least five years, beginning in 2027.

Aflac bis the largest provider of supplemental health insurance products in the United States. In 2025, Aflac’s total revenues fell 9.3% to $17.2 billion.

The post Aflac to cut rates for Virginia policyholders after SCC findings appeared first on Virginia Business.

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The following information was released by Oregon Business & Industry (OBI):

Following two years as vice chair of OBIs board of directors, Justin Delaney recently took over as board chair from Lori Olund (see her exit interview here). We asked Justin to talk about his new role, the challenges facing Oregons businesses and the value of OBI in addressing those challenges. His answers appear below.

Justin is senior vice president and associate counsel with The Standard, where he oversees external affairs, marketing and communications. He joined the company in 1997 following his graduation from Lewis and Clark Law School. He started out in the companys largest business, employee benefits, joining a team with a varied portfolio that included fraud investigations and complex claims scenarios.

Within a few years, Justin moved to the corporate side of the business as director of government and regulatory affairs. His portfolio has expanded steadily since then.

One of the things I love about The Standard is its history of encouraging people to move around and explore, he says.

Founded by Leo Samuel in 1906 as the Oregon Life Insurance Company, The Standard currently provides nearly every type of insurance except for medical, property and casualty. The companys largest insurance businesses are group life insurance, group disability insurance and ancillary products such as dental and vision insurance.

The Standard also oversees retirement plans, including pensions, 401(k) plans and pooled employer plans.

The Standard is known for its emphasis on civic engagement, paying employees for volunteer work and double-matching employee contributions of up to $5,000 in giving campaigns. The Standard also provides training to all employees interested in serving on nonprofit or civic boards. And in 2006, in recognition of its 100th anniversary, The Standard created a charitable foundation that focuses its work on people who have experienced disabilities or lost loved ones.

The Standard employs roughly 2,700 people in Oregon and 5,300 nationally.

When he isnt at work, Justin pursues his decades-long passion for baseball. During his sons younger years, he coached baseball teams for about a decade. Hes a devoted Seattle Mariners fan and has amassed what he calls a killer collection of Mariners bobbleheads.

Fun fact: As a college undergraduate, Justin became the University of Arizona mens Nintendo champion. His future wife placed among the top three on the womens side.

Q: What is something readers may not know about The Standard?

A: Probably the breadth of our businesses. We provide workplace benefits nationwide and in the U.S. territories. Life, disability, dental and vision insurance, absence and paid family and medical leave management, a wide range of voluntary benefits workers can choose from, pension and 401(k) plans, annuities and, last but not least, a large commercial mortgage business.

One fun thing? In his 1916 Oregonian obituary, our founder Leo Samuel was credited with giving Portland the name The Rose City.

Q: What motivated you to join the OBI board?

A: I was born with business in the blood, and it was my focus in law school. I believe that business is a force of good in society. I didnt actually join the OBI board, though. I was a board member at our two predecessor organizations Oregon Business Association and Associated Oregon Industries and dont remember being given an option to step off!

Q: What do you consider the most significant challenge facing businesses in Oregon?

A: Our tax system; its pushing companies and individual taxpayers away. The exodus of headquartered companies and wealthy individuals should concern everyone. Were seeing the results now in the form of local government and school district budget deficits.

Q: What are some things youd like OBI members to do over the next few years to help address this and other challenges?

A: Get to know the legislators in your district on a personal level. They represent you and your company. Tell them what your business needs to thrive, or at least stay in Oregon.

Q: Whats the best piece of leadership advice youve ever heard?

A: Talk less when you become the leader (I dont recall if it was Paul Kelly, Tom Kelly or John Russell who gave me that advice when I became the OBA board chair about 15 years ago, but it was one of them and it was wise).

Q: What, if anything, has surprised you during your time on OBIs board?

A: Not much surprises me these days. That said, the level of competition and the antics during the Oregon trivia game at each annual OBI board retreat are a spectacle not to be missed.

Q: What do you wish elected officials in Oregon understood about businesses?

A: Two things. First, a business is just a group of people voters and taxpayers. I shudder when I hear elected officials use big business or corporations as scapegoats. Second, while we all embrace our small business ecosystem in Oregon, that ecosystem cant thrive without large local companies who buy their goods and services. While we dont have many, Oregon is fortunate to have large headquartered companies like Nike, Columbia and The Standard, to name a few. Headquartered companies bring a tremendous amount of revenue into the state and have higher payrolls, all of which is taxed to the benefit of all Oregonians.

Q: What would you tell a business that was on the fence about joining OBI?

A: Just do it (sorry Nike). Even if youre entirely apolitical and dont engage in the goings-on in Salem which Id encourage you to do if youre a business leader the knowledge and network you gain by participating in OBI is worth the price of membership alone.

Q: What makes you optimistic about Oregons future as a place in which to run a business?

A: Its a clich, but this state sells itself. Natural beauty, volcanoes, skiing, beaches and great food. It takes a significant effort to screw this state up. Well come back.

The post QANDA WITH OBI BOARD CHAIR JUSTIN DELANEY appeared first on Insurance News | InsuranceNewsNet.

Protective and Greenwald Research uncover insights to help financial professionals integrate Medicare into holistic retirement strategies

BIRMINGHAM, Ala.–(BUSINESS WIRE)–
Protective Life Corporation a U.S. subsidiary of Daiichi Life Group, Inc. (Daiichi Life, TSE:8750), today announced the release of a new whitepaper based on proprietary research conducted by its principal subsidiary Protective Life Insurance Company (Protective) in partnership with Greenwald Research. The findings reveal that significant knowledge gaps exist among both consumers and financial professionals regarding Medicare, highlighting the need for targeted education and guidance to improve decision-making and retirement security.

The research, conducted in fall 2025 and based on online surveys of 1,210 consumers ages 55-75 and 501 financial professionals, shows that both groups overestimate their understanding of Medicare. Consumers averaged fewer than 4 correct answers out of 10 on a Medicare quiz, while financial professionals averaged 6. Yet nearly 80% of consumers want help with coverage, timing and costs, and only 15% have discussed Medicare with their financial professional.

Emotional factors also play a major role: confusion and anxiety dominate before enrollment, while relief and security rise afterward. Misconceptions persist, with 7 in 10 consumers incorrectly believing Medicare covers long-term care underscoring the need for early education and integrated planning.

“Medicare planning isn’t just about health coverage, it’s about protecting retirement plans and deepening client relationships,” said Aaron Seurkamp, President, Protection & Retirement Division at Protective. “This research shows that when financial professionals start the Medicare conversation, they ease client stress, build trust and uncover new opportunities to deliver holistic retirement solutions.”

The white paper, titled “Medicare planning: why it matters — and why financial professionals can’t ignore it”, shares four practical steps to help financial professionals confidently integrate Medicare into their practice, turning complexity into clarity and positioning themselves as indispensable partners in building holistic retirement strategies.

Protective’s goal in commissioning this research is to equip financial professionals with insights that help clients avoid costly mistakes, protect retirement plans and feel confident about their choices.

Financial professionals seeking deeper insights into the findings are invited to visit our portal to access the whitepaper. For immediate access, the whitepaper is also available for direct download here.

About Protective

Protective has helped people achieve protection and security in their lives for 119 years. Through its subsidiaries, Protective offers life insurance, annuity, asset protection and employee benefit solutions and is helping nearly 32 million people protect what matters most. Protective’s more than 3,800 employees put people first and deliver on the company’s promises to customers, partners, colleagues and communities – because we’re all protectors. With a long-term focus, financial stability and commitment to doing the right thing, Protective Life Corporation, a subsidiary of Daiichi Life Group, Inc., has approximately $142 billion in assets, as of Dec. 31, 2025. Protective is headquartered in Birmingham, Alabama, and is supported by a robust virtual workforce and core sites in the greater Cincinnati area and St. Louis. For more information about Protective, visit protective.com.

About Greenwald Research

Greenwald Research is a consultative partner to health and wealth leaders that leverages industry expertise, access to experts, and a custom, collaborative approach to produce trusted insights and meaningful connections that drive understanding and inform strategic action. For more information, please call (202) 686-0300 or visit www.greenwaldresearch.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260407385512/en/

Media Contact:

Corporate Communications

media@protective.com

Source: Protective Life Corporation

The post New Research Highlights Critical Gaps in Medicare Planning and Opportunities for Financial Professionals appeared first on Insurance News | InsuranceNewsNet.

A court-appointed special master is recommending that victims of a massive insurance fraud scheme tied to Greg Lindberg receive about $1.6 billion in restitution, according to a detailed memorandum filed Friday.

The memo describes a years-long conspiracy in which Lindberg and affiliated entities allegedly diverted policyholder funds, misrepresented financial conditions to regulators, and used insurance company assets for personal gain.

In November 2024, Lindberg pleaded guilty to engineering a $2 billion fraud. Lindberg was convicted for a second time in May 2024 of trying to bribe North Carolina Insurance Commissioner Mike Causey.

Lindberg has been held at the Gaston County Jail since Nov. 12, 2024. The U.S Attorney’s office is not objecting to a request by Lindberg’s attorneys to separate the sentencing hearing from the restitution hearing(s).

In February, a judge ordered Lindberg to pay $526 million to policyholders in a civil lawsuit originally filed in October 2019 by life insurers he formerly owned: Southland National Insurance Corp., Bankers Life Insurance Co., Colorado Bankers Life Insurance Co., and Southland National Reinsurance Corp.

The special master’s report seeks to narrow which parties qualify for restitution and how losses should be calculated, aiming to streamline the upcoming sentencing proceedings.

Fraud scheme and losses

Lindberg’s scheme centered on moving funds from insurance companies into entities controlled by Lindberg while masking those transactions. The memo says the conduct led to major financial shortfalls at multiple insurers, harming policyholders, creditors and related entities.

The special master concluded that restitution should focus on companies and policyholders directly impacted by the conduct described in the indictment. Others who made claims for restitution, the memo states, include Lindberg’s ex-wife, “one or more” girlfriends, creditors, former partners, and “disgruntled” investors.

“Although Defendant agreed to full restitution … some nexus must exist between the harm
complained of by the person seeking restitution and the conduct described in the Indictment,” the memo says. “These other persons seeking restitution have failed to demonstrate a connection between their alleged damages and the crimes described in the Indictment (or any crime at all).”

Among the most affected were Lindberg’s North Carolina-based insurers placed into rehabilitation or liquidation:

• Colorado Bankers Life Insurance Co. reported a deficit exceeding $1 billion.
• Bankers Life Insurance Co. showed a shortfall of roughly $240 million.
• Southland National Insurance Co. had a deficit of about $144 million.

The memo also details significant losses among Bermuda-based insurers tied to Lindberg’s business network, including Northstar Financial Services, Omnia Ltd. and PB Life and Annuity Co.

Policyholder liabilities total about $2.8 billion. That breaks down to $1.8 billion for the North Carolina Insurance Companies as of Feb. 16, and $1 billion for the Bermuda Insurance Companies as of Dec. 31, 2025, according to the memo.

“Policyholder claims not entitled to statutory benefits from the Guaranty Associations have been fully paid by the Special Master in the amount of approximately $157 million from Primary
Restitution Assets and are excluded from the noted $2.8 billion policyholder liability figure,” the memo states.

The memo also highlights an ongoing dispute over payment priority. Entities tied to Bermuda-based insurers argue they should be paid after all other victims are fully compensated, while guaranty associations representing policyholders contend they should share equal priority.

Restitution terms outlined

The special master rejected several competing approaches to calculating losses and instead recommended using unpaid loan balances, described as “affiliate investments,” plus a “time value of money” interest component.

That method produces an estimated restitution total of about $1.625 billion, broken down among major recipients:

• Colorado Bankers Life: $821 million
• PB Life and Annuity (including obligations tied to Universal Life Insurance Co.): $406 million
• Northstar Financial Services: $159 million
• Southland National Insurance: $131 million
• Smaller amounts to other affiliated entities

Lindberg disputes the inclusion of interest in the calculation, according to the filing.

To satisfy restitution, the filing estimates that primary assets under court control could yield between $1.16 billion and $1.88 billion, though the total may fall short of covering all losses.

The special master is asking the court to issue a preliminary restitution order identifying eligible victims and their losses, while leaving questions about payment priority and distribution for later.

Interested parties will have 30 days to file objections. Additional rulings on how restitution payments will be allocated are expected closer to sentencing.

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