Op risk data: conduct risk losses top $600 billion since 2010
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The largest operational loss in October was a $205 million settlement reached between Aegon subsidiary Transamerica and a class of US life insurance policy-holders. The insurer allegedly increased the monthly deduction rate adjustment on its universal life insurance policies between 2015 and 2016 to recoup past losses. The lawsuit began in early 2016.
According to the court, increasing the monthly deduction rate to recoup past losses constituted breach of contract. Transamerica had notified
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