AIG Contract Cancelled!

[djs]

I was furious due to the fact that no one at AIG had enough guts to tell me why they had cancelled my contract.

Take solace in the fact that if it had been anything due directly to you (other than production), you would know about it. No insurance company seems to answer questions when the cancellation is on their behalf.

Dan

 

[SportsNut]

I can't imagine ANY circumstance that I would currently put a client with AIG, especially after the disclosures made public the last few days.

And the news will be more plentiful for AIG going forward. The worst is yet to come for them, IMO. Just too much to overcome, even with their new partners; (you and me).

I still can't believe that there has been no criminal referral in all of this. If not AIG personnel, then regulators. Someone (or many) was exceptionally derelict in their duties.

 

[ims01]

American General is cancelling the contracts for agents that have not produced in the last twelve months. If you still want the contract then sign up again. Your IMO received notice a few months ago of the plan. They should have contacted you to see if you intend to do any business and let you know.

There is no reason to not sell American General. The parent AIG is partially owned by the US gov't. Would you buy T-bills? AGL will soon be sold and will continue to be viable and competitive. If there are any criminal charges, which I doubt, they will be at AIG and have nothing to do with American General.

For our team, the guys that whine about AGL are not submiting business. They guys that understand the situation are still doing a sizable amount of business with them.

 

[magagent]

I submitted my last AIG life policy in September, it was issued and I was paid about a month later on this policy. So that would be 4 months ago, so we can not blame the "12 month" rule on that one.

 

[bluemarlin08]

Who is going to buy AGL? My sources tell me there aren't any buyers out there, no one is going to go into debt and they aren't willing to part with cash in these times.
We are replacing all AIG policies if client hasn't had a change in health.

 

[ims01]

magagent: Do you have two numbers with them? Based on what we were told, you would not have been cancelled. Call your IMO.

bluemarlin08: No buyer has been announced, but there have been talks. True, cash is tight, but AGL is a cash cow. There will be a buyer. You may not want to announce you are replacing AGL polices. The NAIC put out notice that replacing AGL policies is not recommended. I think they call it "churning".