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Globe Life – FOIA Update

May 16, 2024 –Globe Life appears to be the target of an SEC investigation, per a withheld FOIA response from the SEC. The response, pertaining to a request submitted by Viceroy associates to the SEC, was withheld due to Exemption 7(A), which “protects from disclosure records compiled for law enforcement purposes”.

The FTC’s response to our FOIA request only searched for responsiveness to “Globe Life”, excluding its insurance subsidiaries and their agencies. Nonetheless the search turned up 466 complaints filed, with the number of complaints skyrocketing in 2023.

We are not surprised that Globe Life may be under investigation by the SEC given the company’s storied track record of run-ins with regulatory agencies over its practices. We further believe that Globe Life has insufficient provisions for agent receivables and has persistently understated the risk that it may carry fraudulently written policies on its books.

As always, more to come.