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If Colorado Bankers wasn't bad enough of fraud & lack of oversight, saw these 2 articles that make me concerned that over half the industry is using private equity run reinsurers in Bermuda & Cayman Islands as it allows more aggressive accounting & investment practices.
Think Sentinel & Atlantic Coast are tied up with one that is being pursued for fraudulent activities & buying pretty aggressive assets.
www.bermudareinsurancemagazine.com
I wonder if agents will be accused by clients, like happens with CBL sales, that they should have known the carrier was involved in such things. With best interest & possibly fiduciary rule, it might require an agent to ask carriers about their reinsurance & investment policies. Especially if the consumer came to the product for "safety "
Think Sentinel & Atlantic Coast are tied up with one that is being pursued for fraudulent activities & buying pretty aggressive assets.
Bermuda firms benefit from surge in annuity reinsurance
Bermuda firms benefit from surge in annuity reinsurance
www.bermudareinsurancemagazine.com
I wonder if agents will be accused by clients, like happens with CBL sales, that they should have known the carrier was involved in such things. With best interest & possibly fiduciary rule, it might require an agent to ask carriers about their reinsurance & investment policies. Especially if the consumer came to the product for "safety "
