MARKET CONDUCT EXAMINATION REPORT OF THE LIFE INSURANCE BUSINESS OF

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1 MARKET CONDUCT EXAMINATION REPORT OF THE LIFE INSURANCE BUSINESS OF THE BALTIMORE LIFE INSURANCE COMPANY RED RUN BOULEVARD OWINGS MILLS, MARYLAND NAIC CODE: REPORT NUMBER August 17, 2005 EXAMINATION PERIOD JANUARY 1, SEPTEMBER 30, 2000 STATE OF MARYLAND MARYLAND INSURANCE ADMINISTRATION ALFRED W. REDMER, JR., COMMISSIONER

2 ROBERT L. EHRLICH, JR. GOVERNOR ALFRED W. REDMER, JR. COMMISSIONER MICHAEL S. STEELE LIEUTENANT GOVERNOR JAMES V. MCMAHAN, III DEPUTY COMMISSIONER STATE OF MARYLAND MARYLAND INSURANCE ADMINISTRATION 525 St. Paul Place, Baltimore, Maryland P. TODD CIONI ASSOCIATE COMMISSIONER COMPLIANCE & ENFORCEMENT August 17, 2005 The Honorable Alfred W. Redmer, Jr. State Insurance Commissioner of Maryland Maryland Insurance Administration 525 Saint Paul Place Baltimore, Maryland Dear Commissioner: Pursuant to your instructions and authorization, a market conduct examination of the life insurance business of the THE BALTIMORE LIFE INSURANCE COMPANY, a Domestic Insurer, whose executive offices are located at Red Run Boulevard, Owings Mills, Maryland 21117, has been completed. The report of the examination is respectfully submitted herein. Sincerely, Signature on file with original P. Todd Cioni, Associate Commissioner Compliance and Enforcement

3 Table of Contents Page No. Executive Summary... 4 Scope of the Examination... 6 Definitions... 8 History of the Company Effects of Race-Based Pricing Practices Previous Adjustments Producer Materials and Rate Books Policy Application Review Death Claim Review Baltimore Life Insurance Company Acquired Business Summary of Findings Acknowledgment Appendices Appendix A Inforce Distribution Appendix B - Inforce Policy Count Distribution...32 BALTMORE LIFE FINAL REPORT NO PAGE 3

4 Executive Summary The Maryland Insurance Administration (hereinafter referred to as "MIA", or the "Administration") conducted a limited-scope market conduct examination of The Baltimore Life Insurance Company (hereinafter referred to as the Company ) regarding its life insurance business in Maryland. The Company was selected for examination because it responded affirmatively to the MIA's preliminary inquiry concerning its issue or acquisition of previously issued life insurance policies underwritten on a substandard basis according to the applicant's race. The examination included a review of the life insurance business directly issued by the Company as well as the life insurance business acquired by the Company as a result of assumptions, mergers, acquisitions, consolidations and purchases. The primary purpose of the examination was to determine the extent to which policies were issued on a race-based premium basis and the extent to which the Company has adjusted premiums or benefits to eliminate the effects of race-based pricing. The examiners were to: 1) determine the period of time in which race-based premium underwriting occurred; 2) determine the number of in force policies issued on a race-based premium basis; 3) determine the actions taken by the Company, if any, to adjust inequities in the premiums, benefits or face amounts of policies issued to non-white policyholders, and 4) assess the adequacy of those adjustments in relation to the standard established for similar adjustments. Additionally, the examination was to determine if the Company's operations were consistent with the public interest. The time period of January 1, 1900 through September 30, 2000 ( examination period ) was deemed by the Insurance Administration as the period raced-based underwriting practices occurred and for which suitable records would be retrievable for review by MIA examiners. The examination planning and testing methods follow standards established by the National Association of Insurance Commissioners ( NAIC ) and procedures BALTMORE LIFE FINAL REPORT NO PAGE 4

5 developed by the MIA and are consistent with the approach used to examine raced-based underwriting and premium rating practices of other insurers. Thus, results of the examination provide a credible basis for report findings and recommendations. The report documents that the Company has taken steps to identify and adjust policies that were subject to race-based premium underwriting. At the time the transactions occurred, Company practices were not against industry standards or specific statute or regulation. When those practices became unacceptable, the Company discontinued them. At various times noted in this report, the Company made adjustments described in the report to the benefits payable on the affected policies remaining inforce and to benefits on affected policies paid between 1992 and All adjustments recommended by the examiners were completed prior to July 1, BALTMORE LIFE FINAL REPORT NO PAGE 5

6 Scope of the Examination By letter dated December 1, 2000, the Maryland Insurance Commissioner solicited information from the Company about practices and procedures related to substandard rating and pricing of life insurance coverage based on the applicant s race. From the information provided by the Company, the Commissioner requested an examination of the Company. The examination included a review of the life insurance business directly issued by the Company as well as the life insurance business acquired by the Company as a result of assumptions, mergers, acquisitions, consolidations and purchases. MIA examiners reviewed Company practices and procedures related to race- based pricing of life insurance policies during the examination period January 1, 1900 through September 30, This time period was deemed by the Commissioner as the period such practices most likely occurred and for which records still exist. Specifically, the examiners wanted to determine if certain policyholders were charged a higher premium than similarly situated policyholders for the same plan and amount of insurance based solely on their race. The Company provided the examiners with advertising materials, rate books, field underwriting guidelines entitled How We Do It, a list of policies in force, a list of policies placed in nonforfeiture options, annual statements and a list of paid life insurance claims. The examiners reviewed all available advertising materials, annual statements, rate books, and field-underwriting guides (including the materials of acquired companies). The examiners randomly selected and reviewed samples of active policies, policies in nonforfeiture status, paid claims and surrendered policies. The number of applications, claims and other documents to be reviewed was based, in part, on the amount of premium for the various jurisdictions where the Company is active. Appendix A contains tables that indicate the distribution of premium in the various jurisdictions by the Companies and its acquisitions. The examiners also requested information on any race-based litigation. However, the Company stated that there is not now, nor has there been, any litigation filed against the Company for race-based pricing. BALTMORE LIFE FINAL REPORT NO PAGE 6

7 In reviewing material for the examination, the examiners relied primarily on the records of the Company, established mortality tables, information, and records, such as insurance company histories and company licensing, from the MIA. BALTMORE LIFE FINAL REPORT NO PAGE 7

8 Definitions For the purposes of this report the following words are defined as follows: Applicant -The individual applying for a life insurance policy. Application A form completed by the producer and/or the applicant for the purpose of obtaining life insurance. The application usually contains the name, date of birth, plan of insurance, amount of insurance, proposed premium, occupation, beneficiary, owner and health history of the applicant. Beneficiary Person(s) named to receive benefits from a life insurance policy. Cash Value The nonforfeiture benefit amount of a life insurance policy contained in a table within the policy to be paid in cash by the Company upon request by the owner. Claim A notice completed by a claimant to the Company for policy benefits. In a life insurance claim, the file would contain a death certificate, an election of settlement option and a beneficiary statement and may contain other documents as well. Debit The territory in which a producer sells industrial insurance and collects the premiums. Usually a Debit is a section of a city, town, county, or other geographical area serviced by a producer. Endowment Contracts Policies of life insurance designed to provide a stated sum of money due on a specified date if the insured survives, or to pay the face amount of insurance if the insured should die before that date. Extended Term The nonforfeiture benefit of a life insurance policy, which when the policy lapses for nonpayment of premiums, provides for the face amount of the contract BALTMORE LIFE FINAL REPORT NO PAGE 8

9 to be extended for a limited time period (term) specified in a table contained in the policy. Industrial Life Insurance A contract of life insurance with the term industrial or weekly premium printed on the policy as part of the brief description and in which the amount of insurance provided usually does not exceed $1,000 and the premium mode is weekly. Life Insurance A policy providing insurance coverage on the life of the insured individual for the term of the contract. Life Insurance Products Plans of insurance sold by insurers as base policies including Whole Life, Endowment Plans, Term Life, Limited Payment Life (e.g. 10 year pay life, 20 year pay life), or as riders to include Waiver of Premium, Payor Benefit, Children s Term Rider, etc. Limited Payment Life Insurance A Policy of life insurance with a limited premium paying period and providing insurance for the insured s lifetime provided all premiums are paid. Monthly Debit Ordinary (MDO) Life insurance providing for monthly premium payments. Mortality Table Foundation for reserve and nonforfeiture benefits (e.g. Commissioners 1941 Substandard Industrial Table) adopted by State Insurance Departments. Nonforfeiture Benefits Required benefits of a life insurance policy effective on termination of the contract for nonpayment of premium. Nonforfeiture options include Cash Value, Reduced Paid Up Insurance, and Extended Term Insurance. BALTMORE LIFE FINAL REPORT NO PAGE 9

10 Ordinary Insurance Life insurance other than industrial. Plan Code A four to six alpha, numeric or alphanumeric character group assigned to an insurance policy record. The code elements identify the product sold, the rate used and time period during which the policy was sold. Population An entire group of records of the same type. (e.g. All in force policies, or all matured endowments, or all cash surrenders, etc.) Premium Mode Premium payment frequency. Most of the life insurance products in this examination are weekly or monthly premium, though some payments were quarterly, semiannual or annual. Producer The agent, broker or person who proposes, sells, and/or collects insurance premiums on behalf of the insurer. Race-Based Premium Rating Premium Tables containing higher premiums based solely on the race of the applicant. Rate Book A card, chart, book or binder consisting of one or more pages published by an insurer containing underwriting guidelines and premiums for its products. Reduced Paid Up The nonforfeiture benefit of a life insurance policy providing for the continuation of a reduced amount in force for the term of the plan specified in a table contained in the policy following lapse for nonpayment of premium. Rider An amendment to a contract of insurance such as the addition of an accidental death benefit. Sample A statistically acceptable set of records selected without bias to permit a representation of a population without reviewing the entire population. BALTMORE LIFE FINAL REPORT NO PAGE 10

11 Standard Rating The basic premium charged for an applicant that represents no unusual or hazardous risk. Substandard Rating An additional premium added to an applicant s insurance premium because the risk of the applicant is deemed to be higher than average by the insurer. Term Insurance A policy of life insurance providing coverage if the insured dies during a limited time period specified in the policy. United States Includes the District of Columbia, and the 50 United States. The term sometimes is expanded to include territories such as Puerto Rico, Guam, American Samoa and the U.S. Virgin Islands. Whole Life Insurance A policy of life insurance providing coverage for the insured s lifetime. BALTMORE LIFE FINAL REPORT NO PAGE 11

12 History of the Company The Company was founded in 1882 and was initially known as The Mutual Aid Society of Baltimore City, Maryland. The Company assumed its current name in An affiliated subsidiary company, Life of Maryland, Inc., transferred all of its business and liabilities to the Company in Life of Maryland, Inc was dissolved in In 1964, Mutual Life Insurance Company of Washington, D.C. (hereinafter referred to as Mutual of DC ) merged with American Home Mutual Life Insurance Company of Washington, D.C. (hereinafter referred to as American Home ). By 1978, Mutual of DC merged with Delaware Mutual Life Insurance Company of Wilmington, Delaware (hereinafter referred to as Delaware Mutual ). In 1996, Home Mutual Life Insurance Company (hereinafter referred to as Home Mutual ) of Baltimore, Maryland merged with the Mutual of DC. Home Mutual had originally been known as the Home Friendly Society of Baltimore, Maryland, and then later, Home Friendly Insurance Company. In 1998, the Company merged with Home Mutual. Two separate business actions have affected the industrial life block of business unrelated to the subject of this examination. First, on November 1, 2001, the entire industrial block issued by the Company was reclassified as Paid Up. Second, the Company stated that, as of August 1, 2003, all industrial policies administered on the Home Mutual processing system and issued prior to January 1, 1968 were reclassified as Paid Up. In the year 2000, the sum of the annualized premiums for policies subject to these two actions was approximately $450,600. The Company s action to declare that industrial business as Paid Up was primarily motivated by economics. The prime consideration for the action was that some individual industrial life premiums were $0.05 weekly, and the price of a stamp for a monthly premium bill increased to $0.37. The Company is admitted to transact business in the District of Columbia and all states of the United States except New York. BALTMORE LIFE FINAL REPORT NO PAGE 12

13 Effects of Race-Based Pricing Practices The practice of race-based underwriting is generally evidenced by different premium rates, risk classifications, along with unequal treatment with regard to dividends, benefits or other policy terms or conditions, based solely on the applicant s race. In some cases, non-whites may have received a reduced death benefit when compared to a white policyholder paying the same premium. In other cases, non-white policyholders may have been charged a higher premium for the same death benefit as a white policyholder. Additionally, required nonforfeiture benefits available to non-white policyholders when the required premium was not paid were generally lower than for white policyholders. One group of rate books used by American Home from 1942 to 1943 reviewed by the examiners set forth different premiums for non-whites and whites. The difference in premiums ranged widely with a median of 40%. In many cases the nonforfeiture benefits for race-based premium industrial life insurance policies issued on non-white policyholders were calculated on a substandard industrial mortality table which generally resulted in lower benefits. In most cases, nonforfeiture benefits for industrial life policies issued to white policyholders were calculated on a standard industrial mortality table. BALTMORE LIFE FINAL REPORT NO PAGE 13

14 Previous Adjustments Before 1988, the Company had converted all weekly premium policies to either a monthly, quarterly, semi-annual or annual premium mode. In 1988, the Delaware Department of Insurance sent an inquiry to each carrier doing business in that state regarding premium pricing practices related to plans issued to non-whites. The Company reviewed its files at that time and determined that prior to 1964 there were some insurance plans issued to non-whites using the 1941 SubStandard Industrial Mortality Table (referred to as SSI ) for the basis of premium rates and policy values. The SSI Table was commonly used to calculate premiums, nonforfeiture benefits, and reserves for life insurance plans issued to non-white applicants prior to The Company discontinued use of the SSI table as of January 1, 1964 for policies issued after that year but did not adjust premiums or benefits for SSI policies issued prior to On September 1, 1988 in response to the Delaware inquiry, Baltimore Life reduced premiums by 16% on all in force policies issued with rates based on the SSI mortality tables retroactively to October 1, The MIA was notified of the premium change at that time. In 2000, the Company increased the face amount of all in force SSI policies by 16% including those that had the 1988 premium reduction. The Company stated that the 16% increase was determined by the Company to be the differences in net premiums calculated by using the 1941 SSI Table and the 1941 Standard Industrial Table (SI). The Company also reviewed the policy files of the acquired companies of Home Mutual and found that prior to acquisition, Home Mutual and Mutual of DC had each responded to the 1988 Delaware inquiry. The Company found that American Home and Delaware Mutual had been acquired by Mutual of DC prior to the 1988 Delaware inquiry. The Company reviewed business and found that SSI policies issued by American Home were issued to nonwhites as a race-based premium underwriting process. After an analysis of existing rate books the Company adjusted the face amount of all SSI policies issued by American Home by 33%. BALTMORE LIFE FINAL REPORT NO PAGE 14

15 In 2002, the Company also determined that Home Mutual had issued a small number of ordinary life insurance policies to non-white applicants using a substandard ( Table A ) rating. The Company identified less than 200 of such policies issued between 1957 through No health condition or occupational reason seemed to justify these ratings. Therefore the Company concluded that the ratings were race based, and the face amount for these policies was increased by 10%. The examiners verified that the Table A rating was approximately 10% higher than the standard rate. During 2002, the Company reviewed its SSI paid life claims and the SSI claims on policies issued by Mutual of DC and American Home. The Company retrieved records of its own SSI paid claims back to 1992 and additional payments of 16% of the face amount were made for those claims paid between 1992 and 2000, the date adjustments were made to in-force SSI policies. The Company could only retrieve SSI claim records of American Home and Mutual of DC back to Correspondingly, additional payments were made to beneficiaries of American Home and Mutual of DC life policies paid between 1996 and The Company attempted to pay beneficiaries additional proceeds at the same rate in force policies had been adjusted. Not all beneficiaries could be located. Because Home Mutual had adjusted its SSI death benefits in 1988 and no claims records existed for claims paid prior to that time, no additional death benefits were paid on Home Mutual policies. In 2002, the Company mailed a notification to the owner/beneficiary of the SSI claim informing him/her of the adjustment to their policy. In the event that mail was returned to the Company, a public records search was conducted in order to make every attempt to locate the owner/beneficiary. Except for the conversion of its weekly premium policies to a monthly, semiannual, or annual premium mode, all of the above Company actions and adjustments in policy values appear to have been in response to the Delaware Department of Insurance s inquiry in Because premiums charged to non-white applicants for life insurance were approximately 33% higher than the premiums for the same plan and amount of life insurance for white applicants, the examiners concluded that the Company s initial action in 1988 of lowering life insurance premiums for non-white applicants by 16% was BALTMORE LIFE FINAL REPORT NO PAGE 15

16 inadequate. However, in 2000, the Company increased the face amount of insurance by 16% in addition to lowering the premiums by the same percentage to bring the amount of life insurance and premiums for non-whites in line with the amount of life insurance and premiums for white applicants for the same plan and amount of insurance. The examiners were not informed of the Company s recent actions regarding the premium and amount of insurance adjustments made to policies issued to non-whites until they arrived at the Company. The fact that the Company had already made adjustments in the race-based premium policies did not alter or change the examiners examination methodology but did in some situations confirm the examiners findings relative to the plans issued on a race-based premium basis. Although the Company has made adjustments to all of the in force race-based premium policies and to some of the claims for the period of 1992 to 2000, the amount of adjustments is subject to review and possible modification by the Commissioner. The following is a summary of the premium and face amount adjustments as of December 31, 2002 for the race-based premium policies issued by Baltimore Life and/or its acquired insurers: Baltimore Life 1988-Company identified in force race-based premium SSI policies and reduced premiums by 16% on an ongoing basis Company increased the face amount of all in force SSI policies by 16% including the policies that had premiums reduced in Company began the process of paying additional proceeds plus interest on SSI policy death claims paid during the period of on SSI policies for which no other race-based policy face amount adjustments had been made. All policies in which claims were paid after 2000 were increased as a result of the face amount adjustments described above. Mutual Life of D.C. (Merged with Home Mutual in 1996) 1988-Mutual of D.C. took no action to adjust policies issued using SSI mortality tables since all of its policies issued to white and non-white policyholders were BALTMORE LIFE FINAL REPORT NO PAGE 16

17 issued on the same SSI mortality table until 1966 when the Company began using the SI mortality table Notwithstanding that there was no evidence that Mutual Life of D. C. used race-based underwriting, Baltimore Life increased the face amount of all in force SSI policies by 16% Baltimore Life began the process of paying additional proceeds plus interest on SSI policy death claims paid during the period of on SSI policies for which no other race-based policy face amount adjustments had been made. All policies in which claims were paid after 2000 were increased as a result of the face amount adjustments described above. Home Mutual (Merged in to Baltimore Life in 1998) 1988-Home Mutual increased the face amount of all in force SSI policies based on comparison of SSI and SI net premiums No changes Baltimore Life increased the face amount of less than 200 rated ordinary life policies issued using Table A by 10%. It appears that these policies were rated according to race. Baltimore Life paid additional death proceeds plus interest on any policy in which a death claim was paid prior to American Home (Merged in to Mutual Life of D.C. in 1964) 1988-Acquired by Mutual of D.C. prior to No action taken to adjust SSI policies Face amount of all SSI policies increased by 33% Company began the process of paying additional proceeds plus interest on SSI policy death claims paid during the period of on SSI policies for which no other race-based policy face amount adjustments had been made. All policies in which claims were paid after 2000 were increased as a result of the face amount adjustments described above. BALTMORE LIFE FINAL REPORT NO PAGE 17

18 Delaware Mutual (Merged in to Mutual of D.C. in 1976) 1988-Acquired by Mutual of D.C. prior to No action taken to adjust SSI policies No evidence found that Delaware Mutual used race-based underwriting No evidence found that Delaware Mutual used race-based underwriting. BALTMORE LIFE FINAL REPORT NO PAGE 18

19 Producer Materials and Rate Books The Company provided the examiners with rate books and producer materials used during the examination survey period. Below is a chart that summarizes the examiners findings: Company Number of Rate Books Reviewed Number of Rate Books With Race-Based Notations American Home Mutual 8 8 Life Insurance Company Baltimore Life Insurance Company Delaware Mutual Life 6 0 Insurance Company Home Mutual Life 10 4 Insurance Company Mutual Life Insurance 22 0 Company of DC Total Materials provided to the examiners spanned a period from 1900 through All eight rate books of the American Home Mutual Life Insurance Company contained premium differentiation based on race. Separate rate pages are contained in those rate books for white and non-white applicants. None of the Delaware Mutual Life Insurance Company or Mutual Life Insurance Company of the District of Columbia materials contained racial references. Fifteen of the thirty-seven Baltimore Life Insurance Company rate books, all used prior to 1964, contained some reference to race-based premiums. The examiners received and reviewed five rate books issued by Home Mutual Life Insurance Company and five by Home Friendly Insurance Company. The five Home Mutual rate books contain lettered classifications that are not clearly defined. However, it appears from the examiners review of applications and claim files that some lettered classifications were applicable only to non-whites. BALTMORE LIFE FINAL REPORT NO PAGE 19

20 Policy Application Review The examiners randomly selected samples of life insurance policy applications processed during the examination survey period. The objective of reviewing these applications was to record the type and amount of coverage, age, gender, race and premium charged each applicant. For each non-white applicant, the examiners compared the premium charged to the premium for the same coverage that would have been charged to a white applicant. However, certain life insurance plans were not always sold to both white and non-white applicants (for example a life insurance plan available to a white applicant may have been whole life while the plan for non-whites may have been life paid up at age 75). Therefore, premium comparison could not be made in every case. Next the examiners determined the amount(s) of adjustment made if any to the amount of coverage for the non-white applicant. Then the examiners compared the actual amount of adjustment made to the original amount of life insurance applied for. Current policy status sheets were reviewed to verify the amounts of insurance adjustments and the amounts of dividends accumulated (either as accumulations with interest or used to purchase paid up additional insurance). In some cases, the examiners found it difficult to assess the prior adjustments made for race-based pricing because of the adjustments made due to dividends. The selected samples are summarized in the following list. Abbreviations used in the list are defined as follows. INF-In force MAT-Matured SUR-Surrendered: Company Policy Type Policy Status Population Sample Non-White American Industrial INF 1, Home American Ordinary INF Home Baltimore Ordinary & Mat 18, Life Industrial Baltimore All SUR 13, Life Baltimore Life Ordinary INF 18, BALTMORE LIFE FINAL REPORT NO PAGE 20

21 Company Policy Type Policy Status Population Sample Non-White Baltimore SubStandard INF 8, Life Industrial Baltimore Standard INF 59, Life Industrial Delaware Industrial INF Mutual Delaware Ordinary INF Mutual Home Industrial INF 12, Mutual Home Ordinary INF 6, Mutual Home All SUR 4, Incl Mutual Mutual of Industrial INF 2, DC Mutual of Ordinary INF DC TOTAL 145,383 1, The samples included 369 ordinary life applications and 1,614 industrial life applications from the total population of 145,383 applications for review. Because of record retrieval problems, not all applications selected for review could be located. The examiners reviewed 1,530 of the total of 1983 (77.2%) applications selected for review, 635 of which were for non-white applicants. In response to the examiners inquiry as to why the Company could only produce 77.2% of the applications requested, the Company responded that most of the missing applications belong to insurers acquired by the Company and the missing applications probably had been misfiled or lost when mergers occurred between Home Mutual and the issuing company and, therefore, had never been received by the Company. Based on the information obtained from the applications provided by the Company, the examiners concluded that the retrieval of the missing applications would require a considerable amount of the Company s and examiners time and resources and would not alter the examiners findings. Consequently, the examiners did not require the production of the missing applications. BALTMORE LIFE FINAL REPORT NO PAGE 21

FOR IMMEDIATE RELEASE

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