States representing more than 86 percent of the American General policyholders that paid race-based life insurance premiums have ratified a multi-million-dollar penalty and restitution settlement negotiated by Florida Insurance Commissioner Bill Nelson. Ratification of the settlement by insurance regulators from 26 states and the District of Columbia completes the first of two steps needed before $206 million in refunds and other relief will be distributed by American General Life and Accident Insurance Company to millions of policyholders or their heirs. Still needed—and anticipated later this summer—is approval by a federal court judge in Tennessee of a related settlement of a class-action lawsuit against the Nashville-based company.
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