Any tips for transferring funds out of Atlantic Coast?
- Thread starter rc26
- Start date
- Thread starter
- #2
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I'll bite, Why?
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Utah issues order for A-Cap insurers to stop doing business due to reserving concerns
Utah Insurance Commissioner Jonathan Pike signed an order barring Sentinel Security Life from writing new business in the state after Dec. 31.
insurancenewsnet.com
AtlanticnCoast under same umbrella
- 4,961
Yeah. That is kind of old news. There were articles 8-10 months ago about their private equity startup offshore reinsurers being aggressive with illiquid investments like buying a professional soccer team, etc7
Article from 9 months ago. [EXTERNAL LINK] - US regulators push insurers to cut exposure to Everton bidder 777 Partners
Article from 9 months ago. [EXTERNAL LINK] - US regulators push insurers to cut exposure to Everton bidder 777 Partners
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So the Carrier, and the 2 reinsurers they utilize... are all owned by the same company.
I cant imagine what could go wrong with that situation
That being legal to do, is completely batsh*t crazy.
I cant imagine what could go wrong with that situation
That being legal to do, is completely batsh*t crazy.
Sheryl J Moore
Expert
- 84
Good luck getting business out of there now. The first thing an insurance commissioner is going to do is put a minimum six-month moratorium on funds leaving the company. sjm
- 30,513
Got this today. Pitched their supplies last week.
"Effective immediately, the Commissioner of the Utah Insurance Department has issued an Emergency Order requiring Sentinel Security Life Insurance Company, Haymarket Insurance Company, and Jazz Reinsurance Company ("A-CAP") to cease writing new business by or before December 31, 2024, due to A-CAP insurers' "hazardous financial condition" according to the Department. Any new policies or annuities issued after December 31, 2024, will be canceled. The Emergency Order does not affect renewal policies at this time.
Western Marketing will continue to monitor the situation and provide you with any important updates regarding the companies, the Emergency Order, or the issuance of any subsequent orders.
In light of this action taken by the Utah Commissioner, Western Marketing requires that you immediately suspend all sales of any products offered by A-CAP insurers, including both Sentinel Security Life Insurance Company and Atlantic Coast Life Insurance Company. Integrity companies are no longer accepting new business from A-CAP insurers given this development.
We also strongly recommend that you immediately reach out to your clients who have pending applications for any products offered by A-CAP insurers to ascertain if your clients either (1) want those applications to be suspended/terminated (and whether that can be accomplished if the transfer of funds has already been initiated); or (2) want to continue the application process. We also strongly advise you get your clients' responses in writing or documented and retain those communications.
We will reach out to you with any further developments."
"Effective immediately, the Commissioner of the Utah Insurance Department has issued an Emergency Order requiring Sentinel Security Life Insurance Company, Haymarket Insurance Company, and Jazz Reinsurance Company ("A-CAP") to cease writing new business by or before December 31, 2024, due to A-CAP insurers' "hazardous financial condition" according to the Department. Any new policies or annuities issued after December 31, 2024, will be canceled. The Emergency Order does not affect renewal policies at this time.
Western Marketing will continue to monitor the situation and provide you with any important updates regarding the companies, the Emergency Order, or the issuance of any subsequent orders.
In light of this action taken by the Utah Commissioner, Western Marketing requires that you immediately suspend all sales of any products offered by A-CAP insurers, including both Sentinel Security Life Insurance Company and Atlantic Coast Life Insurance Company. Integrity companies are no longer accepting new business from A-CAP insurers given this development.
We also strongly recommend that you immediately reach out to your clients who have pending applications for any products offered by A-CAP insurers to ascertain if your clients either (1) want those applications to be suspended/terminated (and whether that can be accomplished if the transfer of funds has already been initiated); or (2) want to continue the application process. We also strongly advise you get your clients' responses in writing or documented and retain those communications.
We will reach out to you with any further developments."
