Colorado Bankers (CB Life)...

[ccwpc]

Has anyone actually talked to someone from the SGA in their own state? If so, what do they say they think will happen and when?

I'm pretty sure nobody at any SGA knows what's going to happen. And if they did say anything, it would be their opinion or speculation.

 

[Newby]

I’ve seen this forum for a few yrs and read some notes here or there . This has brought to lite the trillions in annuity’s is not safe . I always thought $300k or under the state takes over and your principal is paid back within a yr or so . Same with Life policy’s . This Colorado Bankers has been going in for 6 or more yrs. Why has the state not paid the $300k or less principal back to annuity holders? Could this happen to death claims of a company taken over on claims less than $300k? I’ve never heard of death claims in a bankrupt insurer not paid in a timely fashion .

Why would “the state” meaning us taxpayers pay for it? The state never guaranteed it. In fact many of the federal regulators wanted to create an FDIC type of protection for the insurance industry and the insurance industry pushed back hard and said they will just create something themselves where they protect policyholders without all the expense of the state or federal government actually doing it.
The insurance companies have to do it. But of course no one wants to until they have no other choice. They are still waiting out the process.

 

[DonP]

Why would “the state” meaning us taxpayers pay for it? The state never guaranteed it. In fact many of the federal regulators wanted to create an FDIC type of protection for the insurance industry and the insurance industry pushed back hard and said they will just create something themselves where they protect policyholders without all the expense of the state or federal government actually doing it.
The insurance companies have to do it. But of course no one wants to until they have no other choice. They are still waiting out the process.

Executive life , Kentucky central life,Jefferson National all taken over by state and all paid out . Recently columbian and Phoenix seized . Matter of fact I got a late payment email from columbian today on 8 yr old policy . I trust no company . Security national STOLE my vestation 8 yrs after I’ve been licensed with them for persistency . I called them . I said I haven’t been licensed with you in 8 yrs . How could you be tracking 8 yr persistency ? They said you must maintain 60% persistency anytime in the 10 yrs . I laughed in their face and said that’s impossible as people die or cash there policy in over 10 yrs . I called them thieves, scum and crooks . They stole about $230 a month from me . I bet you kskj will do the same thing to termed agents

 

[Allen Trent]

. I called them thieves, scum and crooks . They stole about $230 a month from me . I bet you kskj will do the same thing to termed agents

While this may be true, might not be the right thread for you complaining about $230 a month as a still working insurance agent when most of the consumers in this thread are retired & may lose hundreds of thousands in addition to not having access to their money for 5-7 years

 

[jdeasy]

Executive life , Kentucky central life,Jefferson National all taken over by state and all paid out . Recently columbian and Phoenix seized . Matter of fact I got a late payment email from columbian today on 8 yr old policy . I trust no company . Security national STOLE my vestation 8 yrs after I’ve been licensed with them for persistency . I called them . I said I haven’t been licensed with you in 8 yrs . How could you be tracking 8 yr persistency ? They said you must maintain 60% persistency anytime in the 10 yrs . I laughed in their face and said that’s impossible as people die or cash there policy in over 10 yrs . I called them thieves, scum and crooks . They stole about $230 a month from me . I bet you kskj will do the same thing to termed agents

None of them were taken over by the state. They were either bought by other companies or the other insurance companies paid their share so the SGA could make people partially whole. Or fully whole if they had less than $300K at risk.

I seriously doubt KSKJ will stop paying. I've never had a company stop paying me. I report about $5K every year to the IRS over what I have 1099's for. That's money from companies paying me less than $599 and don't 1099. Hell, I get a deposit from 5 Star every month and I haven't written a 5 Star since 2013.

I'm even getting paid by SNL again after the stole off what they wanted. But SNL is the only company I've ever seen stop paying agents based on rules they enacted after the fact. No, I take that back. Americo stopped paying me after my renewals were under $500/yr. But that rule wasn't in effect when I contracted with them.

I never wrote that many policies with AmAM but I never once got a renewal deposit from them.

There's other companies at the bottom of that barrel. SNL is just at the very bottom.

 

[Newby]

Executive life , Kentucky central life,Jefferson National all taken over by state and all paid out . Recently columbian and Phoenix seized . Matter of fact I got a late payment email from columbian today on 8 yr old policy . I trust no company . Security national STOLE my vestation 8 yrs after I’ve been licensed with them for persistency . I called them . I said I haven’t been licensed with you in 8 yrs . How could you be tracking 8 yr persistency ? They said you must maintain 60% persistency anytime in the 10 yrs . I laughed in their face and said that’s impossible as people die or cash there policy in over 10 yrs . I called them thieves, scum and crooks . They stole about $230 a month from me . I bet you kskj will do the same thing to termed agents

Don I can promise you, no state paid a single penny out on Executive Life, Kentucky Central or Jefferson National. Those policies were paid by the insurance carriers that bought up the remains of those companies and possibly with funds assessed from the other insurance companies.

States do not pay for failed insurance companies.

 

[DonP]

Don I can promise you, no state paid a single penny out on Executive Life, Kentucky Central or Jefferson National. Those policies were pad by the insurance carriers that bought up the remains of those companies and possibly with funds assessed from the other insurance companies.

States do not pay for failed insurance companies.

So are you telling me when the state takes the company over the claims or paid out of the CO’s reserves ? Phoenix life was taken over by the state . Will claims be paid out of their reserves till a company buys them ? So in essence the state will entice someone to buy Phoenix even if they have to fire sale at a lose ? The state will simply make all the other insurance CO’s chip in with increased fee’s to pay for it ? The state is simply a facilitator

 

[jdeasy]

So are you telling me when the state takes the company over the claims or paid out of the CO’s reserves ? Phoenix life was taken over by the state . Will claims be paid out of their reserves till a company buys them ? So in essence the state will entice someone to buy Phoenix even if they have to fire sale at a lose ? The state will simply make all the other insurance CO’s chip in with increased fee’s to pay for it ? The state is simply a facilitator

They are not taken over by the state. They might be administered by the state to liquidate and see that the other companies pay into the SGA. The state will appoint a trustee to finalize and shutter the company.

 

[jdeasy]

They are not taken over by the state. They might be administered by the state to liquidate and see that the other companies pay into the SGA. The state will appoint a trustee to finalize and shutter the company.

But no state monies are spent on it. Other than the salaries of the employees that they are already paying.

 

[Allen Trent]

But no state monies are spent on it. Other than the salaries of the employees that they are already paying.

even then, I dont believe the SGA employees are employed as state employees, they are employed by the association or even the national association of Guaranty Associations