Gerhart: U.S. Has a Good Story to Tell at the Global Insurance Symposium

By | April 17, 2014

  • March 28, 2016 at 2:29 pm
    David Montieth says:
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    To: Nick Gerhart, Chair, NAIC Life Insurance Committee

    I am a policyholder in two rather large Universal Life insurance policies purchased 28 years ago from Fidelity & Guaranty Life Insurance. As I’m sure you know they have recently been acquired by Anbang Insurance Company of China. It’s extremely disconcerting to know that my largest investment for cash value and/or inheritance for my children is now in the hands of the Chinese who have totally different values and ethics than the U.S. I would quickly do a 1035 transfer to a U.S. insurer except I have a pre-MEC policy that allows me to withdraw my cash surrender value if I need it for long term care or other emergencies and I also have a loan which makes it difficult to transfer.

    What assurances do I have from the NAIC that my policy is just as safe with the Chinese as it was with U.S. control? It’s also very disturbing that no communication to policyholders was apparently required when this transaction occurred. I understand that they required F&G to NOT communicate it – a convincing signal that they do not have the best interests of their policyholders in mind.

    I hope this topic is openly discussed at next month’s NAIC meeting. It’s one thing to have them purchase hotels where individuals such as Barak O’Bama can decide whether to patronize them but a totally different issue to allow them to purchase the life savings of American citizens without any assurances or even communications to those citizens.

    If you are unable to help me please let me know who I can contact.

    David Montieth
    Ridgefield, CT

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