Q:

Who accused Bankers Life and Casualty Company of being a scam?

A:

Quick Answer

In April 2013, policyholders in Oregon filed a class action lawsuit against the company, accusing it of elder abuse for denying and delaying claims. In December 2013, the Oregon Insurance Division similarly fined Bankers Life and Casualty Co. $115,000 for dozens of insurance violations in the state.

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Full Answer

The penalty issued in December 2013 is the second largest amount given by the Oregon Insurance Division to the Bankers Life and Casualty Co. since 2008. In that year, the fine amount was $150,000 for selling unsuitable annuities. Records from the Oregon Insurance Division show Bankers as having the highest rate of consumer complaints associated with long-term insurance providers from 2005 to 2012.

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