New York Life Insurance Co. v. Miller

OPINION

BEA ANN SMITH, Justice.

This case involves a dispute between two life-insurance agents over a large commission. Michael Coffey, an agent of New York Life Insurance Company, was asked by financial advisors of the CEO of Mary Kay Cosmetics to help implement a complex set of estate-planning transactions that included a “split dollar conversion” of a $10 million New York Life term policy. This transaction generated a large commission for Coffey. Phillip Miller, another New York Life agent, was the permanent servicing agent on the policy. Both Miller and Coffey were obligated under their…