UnumProvident reaches an agreement with the California Department of Insurance; The “change in landscape” can affect costs, the availability of disability insurance in the state (2005, October 3). It`s a little. investors.unum.com/File/Index?KeyFile=1939934 “We are pleased that global regulations protect the rights of affected employees to a fair and impartial review of their claims,” said Ann L. Combs, Assistant Secretary of the Laboratory for the Administration of Workers` Safety. Transaction agreements, which are essentially similar, require companies to: – a written reassessment of claims rejected or contracted since 1 January 2000 for reasons other than derase, death or benefit ceilings (approximately 215,000 claimants are in this population); Allow, on request, to reassess rights that were rejected or similarly concluded between January 1, 1997 and December 31, 1999; Changes to claims processing and assessment procedures set out in the agreements; Improve accountability and oversight of claims procedures in accordance with agreements; Strengthen corporate governance by expanding the board of directors to three directors with the insurance industry or regulatory experience. Insurance supervisors in Maine, Massachusetts and Tennessee have released their review of the claims processing practices of three unumProvident-owned disability insurers, as well as transaction agreements requiring companies to amend their claims settlements and reassess certain claims until 1997. In 2005, Unum and all subsidiaries (including Colonial, First, Provident, Starmount and Paul Revere) entered into a transaction agreement with the California Ministry of Insurance (CDI) following an investigation into the subsidiaries` claims handling practices. As a result, Unum has agreed to change its practices and guidelines to comply with California laws. Unum also paid an $8 million fine and amended several policy provisions, including the definition of “comprehensive disability” in their disability policy. Doubtful practices and illegitimate refusals date back more than a decade. In 2004 and 2005, the company was forced to enter into settlement agreements with victims: unUM Life Insurance Company of America (UNUM) is one of the largest providers of long-term disability insurance in the United States. But UNUM is not only known for its size.