by L.A.S.
Better check the name on that pre-need funeral policy of yours -- if you bought it from Memorial Life Insurance, it is now being liquidated by the state of Texas. Memorial Life Insurance sold funeral benefit contracts. After suffering a net loss of $2.3 million in 2008, the company was barred from accepting any more applications.
Fortunately your loss is protected under the Texas Life, Accident, Health and Hospital Service Insurance Guaranty Association Act. You must keep up the payments to maintain the policy in force, but check with the State of Texas insurance commissioner's office to see how to make out your checks.
Showing posts with label Texas. Show all posts
Showing posts with label Texas. Show all posts
Saturday, August 29, 2009
Friday, July 3, 2009
Texas Proposes Regulation of Annuity Schemes Aimed at Seniors
by L.A.S.
Texas bill HB 961 and SB 2650 would regulate maturity dates on all annuities sold to seniors. No longer can insurers set the maturity date as high as 115. Such unreasonable maturity dates force beneficiaries to pay high surrender charges in order to settle an estate.
The bill would also allow the Texas Department of Insurance to investigate any pattern of conduct by carriers that may violate this regulation, and empower the agency to issue 'cease and desist' orders.
Texas bill HB 961 and SB 2650 would regulate maturity dates on all annuities sold to seniors. No longer can insurers set the maturity date as high as 115. Such unreasonable maturity dates force beneficiaries to pay high surrender charges in order to settle an estate.
The bill would also allow the Texas Department of Insurance to investigate any pattern of conduct by carriers that may violate this regulation, and empower the agency to issue 'cease and desist' orders.
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