Shenandoah Life Sales Suspended

[Russ]

I was just thinking the same thing if they stop paying commissions they will have agents replace all the good business and be left with people ready to die. Maybe this is why the might still pay agents. Its likely to late agents are not gona let other people replace their business so they will do it anyway now. Also any possible buyers of the company are gona be aware of this as well.

The company is in receivership, may wind up liquidated...what do they expect customers to do. Hang in with them? Probably too late with a majority of their more recent customers.
I should contact every Shenandoah customer I've got.....

 

[STIBROKER]

some how I think NAA had something to do with this......

 

[Joe Moore]

I wonder if it would be illegal or worthwhile to do a mailer in areas where shenandoah is big. Just a simple mailer stating the fact they are now in receivership and and to contact whoever about options they have. I would think this would get a lot of business in some areas. Any thoughts?

My thought is whoever did the mailings may be looking for a new job. Insurance Commissions would not even be close to allowing this to happen without serious repercussions.

You cannot target a company with negative advertising about them.
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some how I think NAA had something to do with this......

I don't think this really is a determining factor, but here is the public record:

http://www.ncbusinesscourt.net/TCDDotNetPublic/default.aspx?CID=3&caseNumber=08CVS1190

 

[ims01]

Shenandoah in Receivership

Today the state of Virginia forced Shenandoah Life into receivership.

Click here to read details from the Shenandoah website

 

[LifeAgent2]

Greetings folks,

I've been reading along in varies posts with much enjoyment. Primarily articles concerned with FE, and now the recent events concerning Shen Life.

Keep the posts coming and I hope to contribute when I have something intelligent to

 

[MedSuppPro]

AM Best is a joke!

 

[policy doctor]

With all the noise on these forums, perhaps no one caught my post, or just passed on commenting on it. I posted this in General Agent discussions, and am reposting because I think we may face this in the near future. Especially as more companies face financial difficulties...and get prepared, there will be more.

Insurance Tip #1: Your agent does not have to act in your best interest - WalletPop Blog

 

[Russ]

Policyholder gets letter about status of Shenandoah Life.....policyholder calls agent to ask what the deal is about their insurance...will it pay when I need it, in a timely matter? My past experience when a company was in receivership...it took a while for claim payments.

I have a hard time convincing myself NOT to change policyholders, if possible.

 

[G.Gordon]

One important detail is the fact that "inforce" life policies are an asset. Someone will buy the book and all will be fine. Of course the agent will most likely get screwed. Switching clients to another company when there is no stated risk to the client is unethical IMO.

As far as life renewals only the FE and Whole life products paid anything worth getting upset over and unless you produced 100's of thousands of AP for years upon years this isn't going to make a huge difference. The most I've ever produced in a year for them was $78k... over all the years my current renewals are about $100-120/mo. Not money I'd like to lose, but not money I'm going to run around and switch clients over.

 

[nka245]

Re: Shenandoah in Receivership

Virginia Places Insurer Under Receivership - Regulatory,Legislative and Tax Issues - Life and Health Insurance News