Copied of Letter to DOI

[walleyeb1]

I think you're talking apples to oranges here see link:
www.ilsos.gov/adminactionssearch/ad...C07B05839C1145918 A13C07B05839C114591 14 1051

But on the other hand in the Illinois case all the clients were also moved from one company. Not sure what company, I'd be interested in knowing which company it was. It appears the Illinois case was pretty flagrant, but we really don't have the whole picture yet.

 

[STIBROKER]

I would have ppl send them a scary letter stating until they can prove you rolled every single one that they need to cease and desist or you will sue them for harassment ...............

 

[walleyeb1]

Some more thoughts, if you are thinking about getting an attorney, the bar association is not where I would go. Kinda of like looking in the phone book for an insurance agent. Ask around find someone that's got a good reputation.

If these were your clients and you moved them you already have your list. If you made good case notes showing why you made the recommendations you did you should be ok.

Maybe a strongly worded letter from an attorney to the company with a copy to the DOI might be worth the expense.

I would have a hard time sitting and doing nothing, but that's just the way I am.

 

[Norwayguy]

Some more thoughts, if you are thinking about getting an attorney, the bar association is not where I would go. Kinda of like looking in the phone book for an insurance agent. Ask around find someone that's got a good reputation.

If these were your clients and you moved them you already have your list. If you made good case notes showing why you made the recommendations you did you should be ok.

Maybe a strongly worded letter from an attorney to the company with a copy to the DOI might be worth the expense.

I would have a hard time sitting and doing nothing, but that's just the way I am.

I don't exactly have the list...The number seems large to me, but they say these policies were surrendered to companies I was affiliated with...Meaning if Joe Blow rolls one of the policies I wrote to Midland and I am also appointed with Midland and so that would be part of the list...I think they do that to catch agents using another agent to submit business.

 

[bluemarlin08]

Did you flip 65 annuity holders to other annuities? I can only remember replacing 1 annuity that wasn't outside its surrender period in 30 years.

 

[Norwayguy]

Did you flip 65 annuity holders to other annuities? I can only remember replacing 1 annuity that wasn't outside its surrender period in 30 years.

These were not all in surrender period. They were 403(b) annuities so clients where of working age and in a lot of instances they had no other option than to surrender or exchange to another product base on the existing products lack of a declining surrender charge.

 

[AngelBand]

These were not all in surrender period. They were 403(b) annuities so clients where of working age and in a lot of instances they had no other option than to surrender or exchange to another product base on the existing products lack of a declining surrender charge.

Sounds like the carrier is sending a CYI letter, for their sake only. Also sounds like you have a valid defense if it ever goes any further.

Good luck.