Monday, May 14, 2007
Irving-based Enterprise Life Insurance Co. to refund $4.9 million in unearned premiums
Photo not provided by Enterprise, State Attorney General of Texas
Texas consumers best beware the ol' bait-and-switch
IRVING — According to this story in the Dallas Business Journal, it appears Irving insurance company Enterprise Life Insurance Co. has reached a settlement with Texas State Attorney General Greg Abbott. To stop any further investigation and litigation, the company has agreed to refund $4.9 million to nearly 21,000 Texas consumers.
According to the lawsuit, the insurance company profited from lump-sum auto loan policies, offering refunds to customers that paid their loans early - refunds the company then refused to pay out to said customers. The company denies the allegations but will pay the fees regardless.
Posted by Todd M.
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