Colorado Bankers (CB Life)...

[Mary Combs]

Yes....The statements/overstatements/mis-statements/lies about how the Mass Guaranty Association works and the limits as well the misinformation about how to write the policy/contract in our best interest are all at the crux of our complaint against the Citizens Securities agent.
Thank you for your input.
So helpful to discuss this matter on a public forum because we have been seething about it privately for a year now ever since we found out about the rehabilitation.
We feel so duped! So powerless! And we’re pissed at ourselves and the crook in charge of CBLife as well as Citizens...it’s just bad all around on so many levels!
would love to figure out how to find other Citizens customers this guy “misinformed”...obviously we know we were not the only ones!!

 

[Mary Combs]

Was his name Erik Wilcox?
Another thing that bothers me these guys should not be allowed to do business at Citizens Bank if Citizens takes no responsibility for them.
It’s misleading to the public who thinks their money is safe in a bank.
Absolutely hate that we have no recourse.

 

[Allen Trent]

Yes....The statements/overstatements/mis-statements/lies about how the Mass Guaranty Association works and the limits as well the misinformation about how to write the policy/contract in our best interest are all at the crux of our complaint against the Citizens Securities agent.
Thank you for your input.
So helpful to discuss this matter on a public forum because we have been seething about it privately for a year now ever since we found out about the rehabilitation.
We feel so duped! So powerless! And we’re pissed at ourselves and the crook in charge of CBLife as well as Citizens...it’s just bad all around on so many levels!
would love to figure out how to find other Citizens customers this guy “misinformed”...obviously we know we were not the only ones!!

Many local communities have Facebook forums for their area to share info, current events, referrals, etc. Maybe you could make a very short & vague post asking if any other local community members have purchased an annuity from citizens & were told about protection similar to FDIC. You wouldn't want to use rep names & would not want to have it be more than a sentence or 2 merely to see if others were possibly told inaccurate information. You would have to tread lightly to merely attempt to then have follow up private conversations to possibly gain support for a case to prove by several witnesses they were told X, Y or Z

 

[Phyllis Christos]

Again -- many thanks for the good advice found here!

 

[scagnt83]

Only in public schools and woke colleges (and insurance company ratings I gather) is a B++ grade less than average.

"They just use the numbers carriers give to regulators". Thanks for the info that reenforces my claim that the ratings are of minimal use. An objective rating company would do independent research and rate accordingly. (They might have been able to discover and publicize the malfeasance in siphoning off the 40% that NC allowed at the time and was likely the reason that the **** moved the companies to NC.) If they did that and knew, the little 'u' appended to the rating seems like a CYA move.

Yeah, I'm bitter.

Its unfortunate you are going through such a tough time. I would be bitter as well.

But a "B" rating being subpar is not new in the financial world. And has nothing to do with "woke" anything. Its been that way for over 50 years now.

"B" rated Bonds are called "Junk Bonds", just to give a very common example...


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Financial Ratings are not audits. They are not perfect by any means. But State Regulators perform audits. Blame them if you want to blame industry oversight, because they are the ones legally responsible for catching issues such as this.

 

[scagnt83]

Even Best says there is very little difference in a B++ and an A rating.

Huh? Id love to see where they say that. S&P certainly does not say that about their B rating.

I've never seen an E&O policy that covers B rated carriers. How can one say it's "safe" when most all professional liability carriers say otherwise?

Again, we are talking about the bottom 40% of all insurers... most in that category are tiny piece of crap regional carriers.

 

[rousemark]

Huh? Id love to see where they say that. S&P certainly does not say that about their B rating.

I've never seen an E&O policy that covers B rated carriers. How can one say it's "safe" when most all professional liability carriers say otherwise?

Again, we are talking about the bottom 40% of all insurers... most in that category are tiny piece of crap regional carriers.

E&O policies will cover B carriers for all claims except those arriving out of insolvency. I know that is what is being discussed here but a lot of people are under the impression that B carriers are not covered at all. Id the B that S&P is concerned with, the Financial Strength rating or the AM Best credit rating.

 

[rousemark]

My E&O says otherwise.

"There are companies that fall within the B++ category but are still considered excellent by AM Best. A carrier with an alphabetical rating of B or less is considered to be vulnerable."
AM Best Ratings: What Do They Mean And How Do I Evaluate Them? - Parker, Smith & Feek – Business Insurance | Employee Benefits | Surety – Northwest & Beyond (psfinc.com)

 

[DHK]

NAILBA E&O policy will cover B++ (or whatever top B rated company rating) for insolvency.

 

[scagnt83]

E&O policies will cover B carriers for all claims except those arriving out of insolvency. I know that is what is being discussed here but a lot of people are under the impression that B carriers are not covered at all. Id the B that S&P is concerned with, the Financial Strength rating or the AM Best credit rating.

Coverage for non-insolvency issues (agent related issues) varies from policy to policy. Some cover B+ carriers but not B, some dont cover it at all, some offer it as a Rider, etc.

But as you pointed out, we are talking about insolvency. Which is something I have never seen in any policy I have reviewed coverage on.