California Regulators Blast Accordia and Athene Over Policy Administration

[Northeast Agent]

California Regulators Blast Accordia and Athene Over Policy Administration | ThinkAdvisor

The California Department of Insurance said today that it wants to shut two life insurers down for a year because of problems with life insurance policy administration.

Department officials are accusing Accordia and Athene of failing to carry out the life insurance contracts in good faith.

 

[MisterSir]

I lived this nightmare! Accordia ran rough-shod all over my book of "Aviva" business, failing to collect premiums for MONTHS on end, then sneaking into client bank accounts and pulling massive, unauthorized "catch-up" drafts, without warning. Also failed to produce annual statements on cash accumulation policies, so that it was impossible to follow policy performance, or compare to original illustrations. Took endless phone calls to their "support" desk, before I was finally connected to legal department at Global Atlantic Financial, and secured a penalty-free departure for all IUL cases, which I x-fered via 1035 to other carriers. Take it from me... these guys SUCK. Place any business with Accordia, Athene, or Global Atlantic at your own risk!