Nice bit of the shell game, huh? Same thing happened with PHICO in Pennsylvania….in satisfying their obligations to their “owner/partner”, they depleted their reserves to the point of going belly-up. How could a business get away with that, especially in this business friendly environment where companies are supposed to have the same rights/privileges as persons? If I transferred my assets to another and plead empty pockets to my creditors, I would face criminal charges. Instead their obligations will be met by others, meaning all the other policyholders with solvent carriers. As I said, nice business model, very safe way to loan or invest…no risk involved at all. Sort of sounds more like cheating……
Isn’t that the same thing Tony Saprano and his guys did to the sporting goods store?
Nice bit of the shell game, huh? Same thing happened with PHICO in Pennsylvania….in satisfying their obligations to their “owner/partner”, they depleted their reserves to the point of going belly-up. How could a business get away with that, especially in this business friendly environment where companies are supposed to have the same rights/privileges as persons? If I transferred my assets to another and plead empty pockets to my creditors, I would face criminal charges. Instead their obligations will be met by others, meaning all the other policyholders with solvent carriers. As I said, nice business model, very safe way to loan or invest…no risk involved at all. Sort of sounds more like cheating……
I.Am.Shocked.To.Hear.This.
N.O.T!