SERVING PORT ST LUCIE and the Treasure Coast!
Wednesday, April 10, 2013
Get Your Wholelife Insurance Quote/Policy NOW! - Port St Lucie, FL
SERVING PORT ST LUCIE and the Treasure Coast!
Get Your Life Term Insurance Quote/Policy NOW - Port St Lucie, FL
You've heard it all by now, but if you want honest, no nonsense advice call Odie Anderson at 772-249-8526. We work with 14 "A" rated insurance companies who have options for Mortgage/Income Protection, Final Expense and Children's Life Insurance. We understand you may be on a fixed or limited budget so we have tailored programs for most financial situations. Don't delay call us at 772-249-8526 or got to www.affordablelifeproducts.com and fill out the appointment form.
SERVING PORT ST LUCIE and the Treasure Coast!
SERVING PORT ST LUCIE and the Treasure Coast!
Inexpensive Life Insurance for Smokers? - Port St Lucie, FL
Well it may seem like an oxymoron but we are fortunate to have a carrier who offers non-smoking rates to those who occasionally smoke cigars and pipes. It can be a savings of up to 50% on your life insurance premium. So if you do smoke cigars and pipes, give us a shout. Whether need coverage or if you want to save some money on you existing policy we can HELP. Hope to hear from you soon!
Call 772-249-8526 or go to www.affordablelifeproducts.com to set up an appointment.
Call 772-249-8526 or go to www.affordablelifeproducts.com to set up an appointment.
Monday, April 8, 2013
Allianz Subsidiary Fraud Case
Posted on Mon, Apr. 08, 2013
State says Allianz insurance subsidiary committed fraud
Florida
regulators have filed a lawsuit accusing financial services giant
Allianz of gutting a Miami property insurer, falsifying its documents
and then cashing in on more than $20 million in fees as the company
plunged into insolvency.Coconut Grove-based Magnolia Insurance
Company went belly up in 2010, just two years after it began taking
100,000 policies out of Citizens Property Insurance Corp.
Taxpayers ultimately picked up the tab, and the Department of Financial Services is trying to recoup some of the money from the Munich-based multinational Allianz.
According to a lawsuit filed late last month, subsidiaries of Allianz played a major role in the demise of Magnolia, charging the upstart company excessive fees and misreporting its financial status even as it was going under.
Allianz “intentionally participated in the misreporting and/or misrepresentation of the financial condition of Magnolia,” the lawsuit says, for the purpose of “prolonging the existence of the insurance company to continue to secure collection of fees and payments.”
Allianz has firmly denied accusations made against it and its subsidiary, Allianz Risk Transfer.
“These claims are totally unfounded,” said Hugo Kidston, head of communications for Allianz Global Corporate & Specialty. “We’ve got a hard earned reputation to protect, and we fully intend to do so.”
Taxpayers have chipped in more than $50 million to cover Magnolia’s claims since 2010.
The Department of Financial Services and the Chief Financial Officer’s office say Allianz provided a questionable loan to Magnolia, charged “exorbitant” fees, and then began stripping the company of its worth until it eventually folded.
As the company’s finances began to deteriorate, Allianz allegedly participated in a scheme to misreport its financial status and keep it afloat, the lawsuit claims.
Kidston denied the allegations in the complaint as “completely false,” and said Allianz actually lost millions of dollars on the loan.
Magnolia went belly up despite the fact that there were no hurricanes in Florida between 2008 and 2010 when it was in operation. Its downfall, and the ensuing lawsuit, call into question the practice of allowing smaller “takeout” companies to take over policies from state-backed Citizens.
The goal of the takeouts is to get risk out of Citizens, and reduce the likelihood that homeowners will have to pay “hurricane taxes” after a storm. But in several cases, including Magnolia’s, taxpayers have had to pick up the tab anyways, acting as a backstop after smaller private companies become insolvent.
Takeout companies like Poe Financial Group, Northern Capital and HomeWise Insurance all went bust after taking over large chunks of Citizens’ policies. The insolvencies cost taxpayers tens of millions of dollars and the policies have often ended up back with Citizens.
Takeouts have intensified in the last year, as a handful of private insurers have taken over more than 300,000 Citizens policies. None of those companies have folded yet and most Citizens takeouts do not end up in bankruptcy or litigation.
Still, the Allianz case highlights the risks involved in shrinking Citizens, even as the company considers providing hundreds of millions dollars in incentives to encourage more takeouts.
The state is seeking more than $20 million in damages from Allianz and has hired counsel from the law firm of Hinshaw & Culbertson to handle the case.
Taxpayers ultimately picked up the tab, and the Department of Financial Services is trying to recoup some of the money from the Munich-based multinational Allianz.
According to a lawsuit filed late last month, subsidiaries of Allianz played a major role in the demise of Magnolia, charging the upstart company excessive fees and misreporting its financial status even as it was going under.
Allianz “intentionally participated in the misreporting and/or misrepresentation of the financial condition of Magnolia,” the lawsuit says, for the purpose of “prolonging the existence of the insurance company to continue to secure collection of fees and payments.”
Allianz has firmly denied accusations made against it and its subsidiary, Allianz Risk Transfer.
“These claims are totally unfounded,” said Hugo Kidston, head of communications for Allianz Global Corporate & Specialty. “We’ve got a hard earned reputation to protect, and we fully intend to do so.”
Taxpayers have chipped in more than $50 million to cover Magnolia’s claims since 2010.
The Department of Financial Services and the Chief Financial Officer’s office say Allianz provided a questionable loan to Magnolia, charged “exorbitant” fees, and then began stripping the company of its worth until it eventually folded.
As the company’s finances began to deteriorate, Allianz allegedly participated in a scheme to misreport its financial status and keep it afloat, the lawsuit claims.
Kidston denied the allegations in the complaint as “completely false,” and said Allianz actually lost millions of dollars on the loan.
Magnolia went belly up despite the fact that there were no hurricanes in Florida between 2008 and 2010 when it was in operation. Its downfall, and the ensuing lawsuit, call into question the practice of allowing smaller “takeout” companies to take over policies from state-backed Citizens.
The goal of the takeouts is to get risk out of Citizens, and reduce the likelihood that homeowners will have to pay “hurricane taxes” after a storm. But in several cases, including Magnolia’s, taxpayers have had to pick up the tab anyways, acting as a backstop after smaller private companies become insolvent.
Takeout companies like Poe Financial Group, Northern Capital and HomeWise Insurance all went bust after taking over large chunks of Citizens’ policies. The insolvencies cost taxpayers tens of millions of dollars and the policies have often ended up back with Citizens.
Takeouts have intensified in the last year, as a handful of private insurers have taken over more than 300,000 Citizens policies. None of those companies have folded yet and most Citizens takeouts do not end up in bankruptcy or litigation.
Still, the Allianz case highlights the risks involved in shrinking Citizens, even as the company considers providing hundreds of millions dollars in incentives to encourage more takeouts.
The state is seeking more than $20 million in damages from Allianz and has hired counsel from the law firm of Hinshaw & Culbertson to handle the case.
Thursday, March 28, 2013
The ALLIANCE: Foresters Waives E&O Requirement for Strong Founda...
The ALLIANCE: Foresters Waives E&O Requirement for Strong Founda...: The Alliance proudly announces Foresters has waived its errors and omissions requirement for sales of simplified issue Strong Foundation...
Wednesday, March 27, 2013
Tuesday, March 26, 2013
Term & Whole Life Insurance with a Personal Touch - Port St Lucie, FL
Life Insurance with
at Personal Touch!
Are you tired of the automated service you get from most
companies today. Well I will admit I use an answering machine, forgive me for that,
but when we talk, you will have the undivided attention of a professional. I
will give it to you straight and will deliver on my promises. Our agents meet
with you and your significant other face to face to complete the initial
consultation. We also have options for every budget. I don’t consider myself a salesman because if I SELL it to you today I
will have to CONTINUE to sell it tomorrow. I am a broker who will work to
get you qualified for the appropriate life insurance and will make sure it fits
into your budget. We are also in contact with you through the process and will
personally deliver and review your policy when it is approved. If you want a
personal touch in Port St Lucie/Treasure Coast look no further. Call (772)
249-8526 or visit www.affordablelifeproducts.com
to sign up for a quote.
Subscribe to:
Posts (Atom)