SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 7, 1996
Protective Life Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-12332 95-2492236
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) dentification No.)
2801 Highway 280 South, Birmingham, Alabama 35223
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (205) 879-9230
N/A
(Former name or former address, if changed since last report.)
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Item 5. Other Events
On October 7, 1996, Registrant issued a press release announcing it
will make voluntary refunds to certain of its cancer insurance
policyholders and will reduce premium rates charged to such policyholders.
Item 7. Financial Statements and Exhibits
(c). Exhibits
The following exhibit is included herein:
Exhibit 99: Press Release dated October 7, 1996
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PROTECTIVE LIFE CORPORATION
BY/s/Jerry W. DeFoor
Jerry W. DeFoor
Vice President and Controller
Dated: October 7, 1996
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Exhibit Index
Exhibit Number Description Page Number
99 Press Release Dated October 7, 1996 4
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Exhibit 99
October 7, 1996
For Immediate Release
PROTECTIVE ANNOUNCES REFUND TO POLICYHOLDERS
Birmingham, Alabama: Protective Life Corporation (PL:NYSE) announced today that
Protective Life Insurance Company will make voluntary refunds to certain of its
cancer insurance policyholders and will reduce premium rates charged to such
policyholders.
Cancer sales brochures distributed by the Company to its sales force nationwide
from 1989 through 1991 stated that premium rates can be raised only after
approval by the policyholder's state insurance department. That statement was
correct in most states in which the brochures were used. However, in twelve
states in which the brochures were used, rate increases were filed with the
state insurance departments, but no approval was required for the rate increases
to become effective. The Company is notifying affected policyholders and will
make refunds and rate roll backs where appropriate.
John D. Johns, Protective's President and Chief Operating Officer, commented:
"The advertising material in question was last distributed to our sales force in
1991 and did not show up in recent compliance audits we have made of our
advertising materials. We believe that our cancer rates are reasonable and
consistent with our policy forms and were increased in compliance with state
rate-setting regulations. We apologize to our policyholders for this mistake. We
sincerely regret this and we will correct the error."
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