Shenandoah Life Leaving Receivership and Forgave My Commission Deficit

[keith48]

I talked to someone at Shenandoah Life today that told me that they are out of receivership as of last week. I had a single premium whole life policy I sold days before they went into receivership a few years ago and the client free-looked the policy when he heard. I knew that I was going to have to repay that eventually, but never heard anything from them about it. I was certainly willing to pay it since I owed it. But I was told today that as part of coming out of receivership, they are forgiving any outstanding commission debits that are owed to them! That was fantastic news to me, even though I felt a little guilty at first.

Shenandoah was the first FE company I licensed with as an independent agent when I left Bankers Life and Casualty in 1999. I certainly hope they can rebound. I always liked working with them.

 

[jdeasy]

I would be surprised that they would forgive debts from agents, but good on you if they do. I know they have paid me my renewal commissions every week while in receivership.

Here's some news;

https://www.shenlife.com/home/wcm/news/SLPressRelease050812.pdf



http://www.shenlife.com/home/wcm/news/050812_1002.pdf

 

[TDFnCali]

Whats receivership mean??

 

[VolAgent]

Whats receivership mean??

Think bankruptcy for insurance companies. The DOI steps in and runs things with an eye towards returning the company to being financially sound and profitable.

 

[HomeService]

I would be surprised that they would forgive debts from agents, but good on you if they do. I know they have paid me my renewal commissions every week while in receivership.

Here's some news;

https://www.shenlife.com/home/wcm/news/SLPressRelease050812.pdf



http://www.shenlife.com/home/wcm/news/050812_1002.pdf

If you look these guys up at Prosperity, they also own interest in Amerilife. Montemayor used to be our insurance commissioner here in Austin TX.

 

[Mark]

The question is will they start back selling products one day soon?

 

[TDFnCali]

Think bankruptcy for insurance companies. The DOI steps in and runs things with an eye towards returning the company to being financially sound and profitable.

Thanks Vol...learn something new everyday!

 

[DeaconBlues]

The question is will they start back selling products one day soon?

I called them today and was told they are evaluating what markets and where to go next. They are basically going to be starting over. But they were a good company with good products and good commission that had a bunch of bad investments in mortgage holdings. That's what hurt them the most. I also would love to see them come back strong.

 

[pcbinsurance]

Another good reason not to offer B rated carriers. Just over two short years ago Shenandoah went from a B++ AM Best rating to an E rating.....

 

[HomeService]

Another good reason not to offer B rated carriers. Just over two short years ago Shenandoah went from a B++ AM Best rating to an E rating.....

Clark Howard tells the public to look out for this.