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:
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1.
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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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