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) November 6, 1996
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Security-Connecticut Corporation
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(Exact name of registrant as specified in its chapter)
Delaware 001-12746 06-1383088
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
20 Security Drive
Avon, Connecticut 06001
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (860) 677-8621
(Former name or former address, if changed since last report) Not Applicable
Page 1 of 3 Pages
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Item 5. Other Events
Jacobson vs. Security-Connecticut Life Insurance Company, Security-Connecticut
Corporation and Lincoln National Life Insurance Company, Superior Court,
Judicial District of Hartford/New Britain at Hartford, Connecticut.
Plaintiffs filed a class action complaint in November 1995, seeking contractual
damages, attorneys' fees and the imposition of a constructive trust. Plaintiffs
alleged breach of contract, fraud and violation of Connecticut's Unfair Trade
Practices Act and claimed that Security-Connecticut Life Insurance Company
("SCL") improperly charged additional premiums to pay for the deferred
acquisition cost tax incurred by defendants Lincoln National Life Insurance
Company ("LNL") and Security-Connecticut Corporation ("SCC").
Plaintiffs have filed with the court a Request for Leave to Amend their
complaint. The proposed amendment withdraws the complaint against LNL and seeks
to bring a class action against SCL and SCC on behalf of all persons who
purchased a life insurance policy from SCL and thereafter had their premiums
increased. The proposed amended complaint alleges breach of contract, fraud,
fraud in the sale of insurance contracts, and violation of Connecticut's Unfair
Trade Practices Act. In the proposed amended complaint, Plaintiffs claim that
SCL misled purchasers about the cost of insurance and insurance rates and
improperly increased premiums for factors other than changes in mortality. The
proposed amended complaint does not allege that SCL charged additional premiums
to pay for the deferred acquisition cost tax. The proposed amended complaint
seeks contractual damages, punitive damages, attorneys' fees and the imposition
of a constructive trust as to any excess amounts allegedly paid by the
Plaintiffs.
SCC and SCL intend to oppose the Plaintiff's Request for Leave to Amend and will
vigorously defend this lawsuit.
Item 7.Financial Statements, Pro Forma Financial Information and Exhibits
a. Financial Statements
None
b. Pro Forma Financial Information
None
c. Exhibits
None
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SIGNATURE
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 hereto duly authorized.
SECURITY-CONNECTICUT CORPORATION
DATED: November 13, 1996 By: Robert J. Voight
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Name: Robert J. Voight
Title: Executive Vice President,
Financial Management
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