I imagine the volume writers of Stonebridge are getting tons of calls with this now. I wonder how you are advising clients with this. My main question/concern is getting into the block of business of Transamerica Premier vs Transamerica Life. I asked this question to broker support and they said that life v premier can have different rate increases in the future. I wonder which block is more stable and moving forward is the Transamerica Life block associated with. their endorsement plans (NRA, AMA, etc) which have been around for awhile whereas Premier is based off of 2 years of Stonebridge and claims experiemce moving forward. Am i reading into this too much? What are brokers advising clients on? I'm in Missouri for what it is worth. I'll post a recap in a lower thread.
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From the carrier
As previously stated, Stonebridge Life Insurance Company Medicare Supplement insurance policies are being transferred to Transamerica Premier Life Insurance Company (Transamerica Premier). One benefit of the change is the ability to leverage the highly trusted brand awareness that the Transamerica name brings, which further strengthens our position as a leading insurance company focused on protecting families.
As a result of this transfer, beginning June 1, 2015 (based on state approvals) your clients who currently hold a Medicare Supplement insurance policy with Stonebridge will be sent a Notice of Transfer Packet, explaining the transfer and asking for consent to move their policy to Transamerica Premier.
The Notice of Transfer Packet and communication will:
Require them to respond to either accept or reject the transfer.
Make clear that this transfer will not affect their benefits or premiums in any way.
Explain that if they accept the transfer, Transamerica Premier will mail an Assumption Certificate verifying the transfer of their coverage to Transamerica Premier and a new Medicare Supplement insurance identification card.
Communicate that if they reject this transfer, they will become policyholders of Transamerica Life Insurance Company later this year, as we continue our consolidation. Regulations do not require this same consent when Stonebridge merges with Transamerica Life as they do with transferring policies.
Direct your clients to contact you, their agent, with any questions they may have.
It's important to note that the effective date of this transfer is July 1st, 2015; however, it takes some time to obtain state approvals and to transfer the policies within our internal systems. During the transition period, your clients may receive correspondence with the name Stonebridge Life Insurance Company or the new name, Transamerica Premier Life Insurance Company.
----------
From the carrier
As previously stated, Stonebridge Life Insurance Company Medicare Supplement insurance policies are being transferred to Transamerica Premier Life Insurance Company (Transamerica Premier). One benefit of the change is the ability to leverage the highly trusted brand awareness that the Transamerica name brings, which further strengthens our position as a leading insurance company focused on protecting families.
As a result of this transfer, beginning June 1, 2015 (based on state approvals) your clients who currently hold a Medicare Supplement insurance policy with Stonebridge will be sent a Notice of Transfer Packet, explaining the transfer and asking for consent to move their policy to Transamerica Premier.
The Notice of Transfer Packet and communication will:
Require them to respond to either accept or reject the transfer.
Make clear that this transfer will not affect their benefits or premiums in any way.
Explain that if they accept the transfer, Transamerica Premier will mail an Assumption Certificate verifying the transfer of their coverage to Transamerica Premier and a new Medicare Supplement insurance identification card.
Communicate that if they reject this transfer, they will become policyholders of Transamerica Life Insurance Company later this year, as we continue our consolidation. Regulations do not require this same consent when Stonebridge merges with Transamerica Life as they do with transferring policies.
Direct your clients to contact you, their agent, with any questions they may have.
It's important to note that the effective date of this transfer is July 1st, 2015; however, it takes some time to obtain state approvals and to transfer the policies within our internal systems. During the transition period, your clients may receive correspondence with the name Stonebridge Life Insurance Company or the new name, Transamerica Premier Life Insurance Company.
