AXA Equitable COI Settlement

What happened

AXA Equitable Life Insurance Company allegedly breached contracts with policyholders of Athena Universal Life II policies by imposing a cost of insurance (COI) rate increase announced in October 2015. Plaintiffs claim AXA Equitable concealed plans for this rate increase in policy illustrations since at least July 2006, and that the increases violated policy terms and caused damages. AXA Equitable denies wrongdoing and maintains its actions were consistent with policy terms and applicable law.

Do you qualify?

The settlement includes two nationwide classes: (1) all persons or entities who owned AUL II policies issued by AXA Equitable that were subjected to the COI rate increase announced October 1, 2015, on or after March 8, 2016, and their heirs or successors; and (2) all individuals who owned AUL II policies without a Lapse Protection Rider issued after July 10, 2006 and subjected to the COI rate increase. A separate New York subclass includes members of the second class residing in New York.

What you can claim

Read from the official settlement notice. Confirm the terms that apply to you on the administrator's site before filing.

• COI rate scale freeze

  AXA Equitable will not raise cost of insurance rate scales on policies covered by the Settlement for seven years from the settlement date (until May 16, 2030).

Who is in the class

All persons or entities who, on or after March 8, 2016, are or were registered owners of AUL II policies that were issued by AXA Equitable and subjected to the cost of insurance rate increase announced by AXA Equitable on or about October 1, 2015, as well as those persons' or entities' heirs, successors, or assigns. All individuals who, on or after March 8, 2016, are or were registered owners of an AUL II policy unaccompanied by a Lapse Protection Rider that was issued by AXA after July 10, 2006 and subjected to the COI rate increase announced by AXA on or about October 1, 2015, unless the registered owner of such policy is a securities intermediary, in which case the securities intermediary is not a class member but the entitlement holder with respect to that policy is. All members of the Nationwide Illustration-Based Claims Class who reside in New York.

Quoted from the settlement notice.

How to file

Class members do not need to take any action to receive payment if eligible; payments will be mailed automatically. The settlement was approved by the court on October 17, 2023, and the objection deadline was August 28, 2023. For more information, call 1-888-681-1196 or mail inquiries to AXA Equitable COI Litigation, c/o JND Legal Administration, PO Box 91238, Seattle, WA 98111.