- 17,048
You have a link to that info? I think you must be confusing cemetery with actual preneed life insurance policies.
State Guaranty funds is what eventually came through with the settlement. At least that’s what the letters they sent out said.
Any update on the Bankers Life Rehab?
- Thread starter AnnuityGuy63
- Start date
State Guaranty funds is what eventually came through with the settlement. At least that’s what the letters they sent out said.
- 10,711
- 10,711
SECTION 32-7-60. Preneed Funeral Loss Reimbursement Fund established; disposition of funds; reimbursement procedures; advertising restrictions in sales of preneed contracts.
“There is established the Preneed Funeral Loss Reimbursement Fund which must be administered by the department. The purpose of the fund is to reimburse the estates of beneficiaries of preneed funeral contacts, or in the absence of an estate filing, the purchaser or applicant with payment jointly to the funeral home providing services or merchandise or both, who have suffered financial loss as a result of the misfeasance, fraud, default, failure, or insolvency of a South Carolina funeral home or South Carolina funeral director.
(B) From the service charge for each preneed contract as required by Section 32-7-50(C), the department shall deposit into the fund that portion of the charge as established by the department. The department may suspend or resume deposits into the fund at any time and for any period to ensure that a sufficient amount is available to meet likely disbursements and to maintain an adequate reserve. The maximum amount of the service charge to be allocated to the Preneed Funeral Loss Reimbursement Fund as required by Section 32-7-50(C)(2) may not exceed the amount of five dollars for each preneed contract.
(C) All sums received by the department pursuant to this section must be held in a separate account maintained by the Office of State Treasurer to be used solely as provided in this section. All interest or other income earned on the fund must be retained by the fund.
(D) Reimbursements from the fund may not exceed the total payment made for preneed funeral services or merchandise or both. Interest or future graduated insurance benefits must not be reimbursed. Upon the death of the beneficiary and the applicant's compliance with all applicable rules of the department, reimbursement from the fund may be made to the estate of the beneficiary, the purchaser, or applicant with payment jointly to the funeral home providing services or merchandise or both only to the extent to which losses are not bonded or otherwise covered. If the department makes payments from the fund under this section, the department is subrogated in the reimbursed amount and may bring an action against a person, including a preneed licensee. The department may enforce claims it may have for restitution or otherwise and may employ and compensate from the fund consultants, legal counsel, accountants, and other persons it considers appropriate to ensure compliance with this section.”
“There is established the Preneed Funeral Loss Reimbursement Fund which must be administered by the department. The purpose of the fund is to reimburse the estates of beneficiaries of preneed funeral contacts, or in the absence of an estate filing, the purchaser or applicant with payment jointly to the funeral home providing services or merchandise or both, who have suffered financial loss as a result of the misfeasance, fraud, default, failure, or insolvency of a South Carolina funeral home or South Carolina funeral director.
(B) From the service charge for each preneed contract as required by Section 32-7-50(C), the department shall deposit into the fund that portion of the charge as established by the department. The department may suspend or resume deposits into the fund at any time and for any period to ensure that a sufficient amount is available to meet likely disbursements and to maintain an adequate reserve. The maximum amount of the service charge to be allocated to the Preneed Funeral Loss Reimbursement Fund as required by Section 32-7-50(C)(2) may not exceed the amount of five dollars for each preneed contract.
(C) All sums received by the department pursuant to this section must be held in a separate account maintained by the Office of State Treasurer to be used solely as provided in this section. All interest or other income earned on the fund must be retained by the fund.
(D) Reimbursements from the fund may not exceed the total payment made for preneed funeral services or merchandise or both. Interest or future graduated insurance benefits must not be reimbursed. Upon the death of the beneficiary and the applicant's compliance with all applicable rules of the department, reimbursement from the fund may be made to the estate of the beneficiary, the purchaser, or applicant with payment jointly to the funeral home providing services or merchandise or both only to the extent to which losses are not bonded or otherwise covered. If the department makes payments from the fund under this section, the department is subrogated in the reimbursed amount and may bring an action against a person, including a preneed licensee. The department may enforce claims it may have for restitution or otherwise and may employ and compensate from the fund consultants, legal counsel, accountants, and other persons it considers appropriate to ensure compliance with this section.”
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- 17,048
I don’t think that excludes pre-need life insurance policies from being included in state guarantee funds. That is describing of more of a blanket fund the covers funeral home failures or frauds or embezzlements and all sorts of things that are often not involving Life Insurance.
But it probably does have something to do with how they settled that case out of St. Louis. I do remember that the funds were supposedly placed in the life insurance policies but the family that owned the company that was selling the Preneed policies also owned the insurance company. And they had embezzled all the money out of it. They were running a pyramid scheme and paying claims in the later years out of premiums they were collecting on new policies until it all collapsed on them. So it’s likely that the portion of the claims that never even made it into a life insurance policy were settled by that that you are linking to.
But it probably does have something to do with how they settled that case out of St. Louis. I do remember that the funds were supposedly placed in the life insurance policies but the family that owned the company that was selling the Preneed policies also owned the insurance company. And they had embezzled all the money out of it. They were running a pyramid scheme and paying claims in the later years out of premiums they were collecting on new policies until it all collapsed on them. So it’s likely that the portion of the claims that never even made it into a life insurance policy were settled by that that you are linking to.
- 4,908
looks like the Aspida company that aquired some of the Global Bankers carriers & appears to have leadership that came over from Global Bankers must be promoting & marketing their current annuities. Saw a guy posting locally their current MYGA rates of 3.4% for 3 year over $100k.
Not sure which carriers Aspida bought that were included in the Global Bankers deal, but according to Blueprint Income web site, Aspida is paying 100K deposit, 4.30% for 3 years, 4.65% for 5 years and 4.80% for 7 years.
These rates are the highest or next to highest I can find being offered. I think they are trying to use the good? reputation of ARES, the ultimate parent.
Since I'll never live long enough to get my $$ back from Colorado Bankers, I wouldn't touch these with a 100 foot pole. Fool me once... you know.
These rates are the highest or next to highest I can find being offered. I think they are trying to use the good? reputation of ARES, the ultimate parent.
Since I'll never live long enough to get my $$ back from Colorado Bankers, I wouldn't touch these with a 100 foot pole. Fool me once... you know.
caryl baff
Expert
- 49
Shame shame on the attys, accountants and other "dignitaries" who have picked the bones of our ins policies in this case. After trying to decifer the quarterly report, I am totally in shock and without my funds. I hope there is a good God in heaven, payback's a touch cookie but we will be justified some day. Remember, they STOLE our money and got away with it.
caryl baff
Expert
- 49
What a shame/sham. Wonder how much $ they paid to start up this new co. They just keep getting away stealing peoples money timeand time again. We are still waiting for a settlement. Wouldnt be surprised if they used our monies somehow. If wishes could come true they wouldnt be around.
Canvas already does this and has better ratings.
No reason to go with either though, IMO. There are many more higher rated, longer established carriers with slightly lower rates.
