Does Anyone Have a Shenandoah Life Update?

[MoneyMan]

Does anyone have an update on the receivership of Shenandoah Life and the availability of funds for policy holders? I have run into many prospects who have purchased Shenandoah Life policies over the years and the money seems to be "frozen". Any suggestions?

 

[Mark]

Shenandoah Life, its policyholders battle over cash - Roanoke.com

 

[Crabcake Johnny]

Which is why annuities are only as good as the carrier.

 

[jacobtn]

yeah it's frozen, it's called Receivership. Surely you knew this.

 

[insuranceexec]

Which is why annuities are only as good as the carrier.

Which is why ALL INSURANCE is only as good as the carrier.

 

[0b1kanobee]

What was this companies rating before it went into receivership? Oh I finally found it.

 

[MoneyMan]

Of course I know what receivership is, they do have a hardship clause. Also, if they are bought out it will release the funds. Just looking for update if anyone had one.

 

[Duncan Biggios]

A little birdie told me that the SCC is having incredible trouble finding anyone interested in buying those particular assets and that the company spending a ton of money operating while the policy holders will, at this point, probably suffer a horrible loss. The SCC, I am told, is unlikely to announce their continued failure to be able to sell the company (or the life related assets). Apparently, they are content to keep the employees of the company all employed for as long as possible and until the company is finally allowed to go bankrupt or otherwise liquidate. It sounds like a story of the government abusing the public trust.