shenandoah life insurance company

Posted: Sun Oct 10, 2010 10:40 am Post Subject:

Thank you for admitting your mistake.

You didn't say WOULD and you didn't say COULD. You said that it was LIKELY that she would lose money. It's possible, but without more details, it is not correct to say LIKELY.

Max, as the only person who have posts information here, you have a responsibility to be correct. Someone, maybe, possibly, might, read this once.

Posted: Sun Oct 10, 2010 10:42 am Post Subject:

By the way, the reason why I don't waste time answering questions is because question askers don't come back for answers.

Posted: Sun Oct 10, 2010 01:42 pm Post Subject:

The reason I choose to answer posts is that someone, like any of my insurance/securities students, had a question they believed was important to ask, and they deserve an answer. What they do or don't do with that answer is up to them. Others stumble onto the thread and see the responses, which may help them.

Now, when an insurance company becomes insolvent and is liquidated if rehabilitation is not possible, it's the remaining assets of that company that are first transferred to the Guaranty Association to pay claims, then anything that remains is used to entice other insurers to step up to the plate and acquire policies in an attempt to prevent further losses to policyholders. Sometimes contracts are assumed at face value, sometimes not. And as the Executive Life insolvency demonstrates, everyone lost value -- those who "opted in" received new policies of lesser value and those who "opted out" agreed that they would take whatever the regulators could get for them (or that they could get on their own if they chose to sue as individuals).

California, as primary regulator of ELIC, has been very successful at recovering money, but not even come close to providing 100% restitution due to the expense of litigation. New York, as regulator of ELNY, is so far behind, it's not funny anymore. None of the "opt outs" will ever be fully "indemnified".

I don't seem to find any real information about the size of the Shenandoah insolvency (it was caused when they lost some $50 million on their FNMA investments) other than a February, 2009 news release that states:

Virginia Commissioner of Insurance Alfred W. Gross has been appointed deputy receiver in an effort to rehabilitate the company. A moratorium has been placed on the payment of claims and benefits, except for accident & health claims, death claims, and periodic annuity payments, until the deputy receiver completes his evaluation of Shenandoah Life’s financial condition. The company currently will no longer issue new insurance policies.

Posted: Mon Dec 06, 2010 04:06 pm Post Subject: Policy No. 000677150

I want to "cash out" this policy. What do I need to do?

Posted: Tue Dec 07, 2010 05:57 pm Post Subject:

As of December 1, 2010, the sale of Shenandoah to Prosperity Life was still in negotiations. Until the negotiations are completed, the only way to obtain money from Shenandoah is to die. The beneficiary will be paid the death benefit.

Posted: Fri Mar 18, 2011 10:58 pm Post Subject: UPDATE

ANY NEWS ON SHANENDOAH LIFE?

Posted: Sat Mar 26, 2011 06:53 am Post Subject:

Still in receivership through the Virginia Dept of Insurance. Contact them for more information.

Posted: Mon Apr 25, 2011 03:01 am Post Subject: shenandoah life

i also have an annuity with shenandoah life and can't get my money i wonder how many people is in the same situation as i am

Posted: Mon Apr 25, 2011 04:29 am Post Subject:

Still in receivership. There was an exclusivity agreement with Prosperity Life Group that was extended in 2010, but apparently never consummated. There are no significant updates on the Shenlife.com website. The company can be reached at the following phone number, and you may be able to get better information by calling them:
1-800-848-5433

Posted: Fri Aug 01, 2014 07:31 pm Post Subject: Term policy

I have a policy with them I just wanted to know if it was good :?: :?