Corridor Business Journal: Insurer Transamerica will pay $195 million to settle a lawsuit charging that it breached its obligations when it hiked premiums on some of its universal life insurance contracts in 2015 and 2016. Plantiffs in the suit were holders of the company’s adjustable universal life policies — essentially life insurance with an investment savings element and the ability to adjust the policy’s premium. They said that in August 2015, the Cedar Rapids-based company began instituting “sudden and unilateral” monthly premium increases of nearly 40 percent on approximately 70,000 universal life policies, breaching its obligations and violating California state law.