Coventry Sues John Hancock

Update:

NY officials require insurance policy conversions - WSJ.com

"New York officials have ordered an insurance company to convert a client's term life insurance to permanent policies that she can resell in the growing secondary market.

Insurance Department Counsel Paul Zuckerman told John Hancock in a letter that it faces disciplinary action otherwise. The company must also give her adequate time to pay any differences in premiums, he wrote.

State law prohibits taking out life insurance on strangers, essentially betting on their deaths, but permits policyholders to sell theirs after two years. The woman, who wasn't named publicly, filed complaints after the insurer refused to convert policies with a face value of $11 million that she planned to sell to settlement company Coventry First LLC."
 
So how long do you think it will take John Hancock to change their conversion privilege to block this on new policies?
 
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