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AMENDMENT TO REGULATORY SETTLEMENT AGREEMENT

Settlement Agreement

AMENDMENT TO    REGULATORY SETTLEMENT AGREEMENT | Document Parties: UNUMPROVIDENT CORP | Provident Life and Accident Insurance Company  | Provident Life and Casualty Insurance Company  | The Paul Revere Life Insurance Company  | Unum Life Insurance Company of America  | First Unum Life Insurance Company You are currently viewing:
This Settlement Agreement involves

UNUMPROVIDENT CORP | Provident Life and Accident Insurance Company | Provident Life and Casualty Insurance Company | The Paul Revere Life Insurance Company | Unum Life Insurance Company of America | First Unum Life Insurance Company

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Title: AMENDMENT TO REGULATORY SETTLEMENT AGREEMENT
Date: 11/7/2005
Industry: Insurance (Accident and Health)     Sector: Financial

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Exhibit 10.1

 

AMENDMENT TO

 

REGULATORY SETTLEMENT AGREEMENT

 

On November 18, 2004, four substantially identical regulatory settlement agreements (each an “RSA”) were entered into among Provident Life and Accident Insurance Company and Provident Life and Casualty Insurance Company (“Provident”), The Paul Revere Life Insurance Company (“Revere), Unum Life Insurance Company of America (“Unum”) (the “Companies”) and First Unum Life Insurance Company (“First Unum”), their domestic insurance regulator (the “Lead Regulator”), the domestic insurance regulators of the other Companies (the “Lead Regulators”), the United States Department of Labor (“DOL”), and the chief insurance regulators of forty-five other states and the District of Columbia (the “Participating Regulators”). The definitions and terms used in the RSA are applicable to this Amendment, which is deemed to be an amendment to each RSA.

 

WHEREAS, the Companies and First Unum have given due consideration to the Lead Regulators’ requests that they provide notice to certain claimants eligible to participate in the RSA Claim Reassessment Process who are not currently entitled to notice of their eligibility under the terms of the RSA, which does not presently provide for written notice to eligible claimants whose claims were denied or terminated during the period from January 1, 1997 through December 31, 1999, and have considered certain other related matters;

 

WHEREAS, the Companies believe that the categories of eligible claimants who are not currently entitled to notice and should be reconsidered and provided notice of their eligibility are those claimants whose disability policies were written by Provident and Revere, since Unum Corporation, the parent of Unum and First Unum, did not merge with Provident Companies, Inc. until June 30, 1999, and claim handling practices were not generally made uniform throughout the merged company until after January 1, 2000. January 1, 2000 is the beginning date for eligible claimants who are entitled to receive notice under the terms of the RSA;

 

WHEREAS, the Companies also propose to inform claimants in writing of the circumstances under which they are entitled, as a result of the terms of the RSA, to an independent medical examination as part of the review of their claim;

 

WHEREAS, the Companies confirm the weight that it provides in handling disability claims to the opinion of an attending physician; and

 

NOW, THEREFORE, pursuant to the amending provision of each RSA, each of Provident, Revere, Unum and First Unum, their Lead Regulator, the Lead Regulators and the DOL hereby agree as follows:

 

1.

Section B.2.b of the RSA is amended to provide for the mailing of a notice substantially in the form of that set forth in Exhibit 1, Attachment A-1 or Attachment A-2, as appropriate, to claimants referred to in Section B.2.b.2 of the RSA whose claims were made under disability insurance policies written by Provident or Revere; provided, however, this notice provision shall not apply to such claimants residing in any state that has not joined the RSA and that has a separate settlement agreement with the Companies addressing the notice issue for claimants in that state. The notice provided for in this paragraph shall be modified in content to reflect any provisions of the RSA applicable to Reque


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