Colorado Bankers (CB Life)...

[scagnt83]

In my opinion the AM Best Rating system is designed more to sell ratings to insurance companies than it is to protect consumers with information they can easily understand.

It would translate better to the lay person (and to agents) if it followed our old school report card system that we are all familiar with.
A and A+ would be excellent. There is no need for an A++ or an A-. Those just add to the confusion.
B and B+ would indicate Good or better than average
C = average
D = Failing
F = Failed

That's all we need. They use A++, A+, A, A-, B++, etc. so by the time they get to C which should mean average it really means the boat is sinking. B- should mean above average but it really means This one is failing out.

It would hard to sell C-ratings to companies for a LOT of money. So they mix it up and sell them a B+ that really means average but most people can't figure that out. You even hear agents say they consider ANY thing in the A range (meaning A-) is all the same to them. Really? An AM Best A- is the same as an A+?

The whole goal of the AM Best rating system is to sell ratings to insurance companies at a hefty price tag. Maybe insurance companies should have to disclose on their website how much money they paid AM Best to be rated. That would help people understand the system they are relying on a little better.

This x1000. AMBest is designed to give insurers the best looking rating possible.

They consistently rate carriers with an A when others rate them as a B.

If an insurer only has an AMBest rating, there is a reason for that.

I wish the big insurers would just shun AMBest. If they took a stand and called out their bs ratings, maybe they would change their shady business practices. That might be a strong statement to call them shady... but when your ratings give the appearance of safety when others say its not... its shady.

Imo, Weiss is the easiest to understand. They use just A,B,C,D.

CB Life had a C.

 

[Dan T]

The Wall Street Journal wrote another article today about citizens, financial selling Colorado bankers life, annuities to customers….. too bad the Wall Street Journal requires a subscription thumbs down

 

[DHK]

Could still post the link:

[EXTERNAL LINK] - WSJ News Exclusive | Citizens Financial Unit Investigated for Sales of Savings Product Controlled by Troubled Financier Greg Lindberg

 

[scagnt83]

The Wall Street Journal wrote another article today about citizens, financial selling Colorado bankers life, annuities to customers….. too bad the Wall Street Journal requires a subscription thumbs down

[EXTERNAL LINK] - Thousands of Retirees Can't Withdraw Savings Invested in Firms Controlled by Indicted Financier Greg Lindberg | Flipboard

Pull it up in the flipboard mobile app, switch to "reader view" and you can see the article.

 

[Phyllis Christos]

This should open for everyone.

[EXTERNAL LINK] - WSJ News Exclusive | Citizens Financial Unit Investigated for Sales of Savings Product Controlled by Troubled Financier Greg Lindberg

 

[Dan T]

Mrs. Christos could you bring us up to date about your attempt to access Kroll interest payments… if your financial advisor recommended taking it ect please.
the reason i ask, im being stonewalled by my advisor who sold me this nightmare

 

[Phyllis Christos]

KROLL WEBSITE IS UP AND RUNNING.....FINALLY

 

[Allen Trent]

This should open for everyone.

[EXTERNAL LINK] - WSJ News Exclusive | Citizens Financial Unit Investigated for Sales of Savings Product Controlled by Troubled Financier Greg Lindberg

WOWZA---if this article is true, sounds like Citizens bank employees & brokers sold most, if not all, of the annuities for CBL. article says they alone sold 7,000 annuities. could have swore that CBL only had a total of like 15,000 total active nationally.

 

[ccwpc]

One thing that stands out to me as an agent with this mess.... so many people were sold these from banks!!

Us agents know how little training and how much sales pressure is put on bank reps. But the general public sees them as more reputable and a safer choice than an independent agent.

They assume the bank rep has lots of oversight.... the issue is the oversight they receive is to sell as much as possible and produce the most revenue possible for the bank.

Most are green to the industry and only know what the bank tells them. Im sure many are just repeating what their managers told them to repeat without even knowing it was illegal to say.

I will be shocked if a class action does not come out of this against the banks who pushed these products.

To all the consumers reading this, could you chime in and tell the forum if it was a bank you bought it through? So far, it seems that is most of the people posting if memory serves me correctly.

Yes. I'm one of those that bought a CB Life annuity though Citizens Bank in Philadelphia.

 

[Stephen Round]

Citizens ranks 13th on the List of largest banks in the United States as of Q4 2022 and is the 2nd largest bank in the New England region. As an added "kick in the teeth" they are offering 3% "hardship" loans to their customers who are in danger of eviction, can't pay their utility bills or having their kids kicked out of school - but only if they "qualify" for the loan.