We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (21,244)
  • Industry Conferences (2)
  • Industry Job Openings (35)
  • Moore on the Market (422)
  • Negative Media (144)
  • Positive Media (73)
  • Sheryl's Articles (804)
  • Wink's Articles (354)
  • Wink's Inside Story (275)
  • Wink's Press Releases (123)
  • Blog Archives

  • April 2024
  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • September 2008
  • May 2008
  • February 2008
  • August 2006
  • LIBRA Insurance Partners Protects Policyholders and Producers in Voya/Resolution Life Transaction in Colorado

    February 3, 2021 by LIBRA Insurance Partners

    LINTHICUM HEIGHTS, Md.Jan. 27, 2021 /PRNewswire/ — LIBRA Insurance Partners, one of the nation’s largest insurance marketing organizations, successfully petitioned the Colorado Department of Insurance to add restrictions and mandates to the Voya/Resolution Life transaction prior to approving the close of the transaction. These conditions were proposed in order to protect the rights of the policyholders of Voya products whose insurance policies would be included in the transaction, as well as the insurance agents who represented the Voya policies to their clients.

    In December 2019, Voya publicized its agreement to sell its Individual Life and other legacy non-retirement annuities businesses to Resolution Life.  LIBRA Insurance Partners subsequently took the unusual step of intervening in the Colorado regulatory proceeding as an “Interested Party” because, collectively, its partner agencies had written thousands of policies over the years with Voya, and its predecessor, ING Life.  LIBRA Insurance Partners joined Valmark Financial, a leading broker-dealer, as “Interested Parties” in the regulatory action to ensure their respective policyholders and agents/producers would be properly protected in the transaction.

    “LIBRA Insurance Partners collectively sold hundreds of millions of dollars of premium with Voya and its prior companies, representing thousands of policies. We have a great deal of business impacted by this transaction. Customers purchased these policies as a long-term promise and they deserve to be represented in a transaction such as this,” said William (Bill) Shelow, CLU®, ChFC®, CPCU®, LLIF, President and CEO of LIBRA Insurance Partners.  “Resolution Life is much less diversified as a company than Voya, and we were concerned with the future performance and serviceability of these products with a transfer of ownership. We wanted to ensure that Resolution Life maintained the capital required to service policyholders uninterrupted rather than pay dividends to shareholders.”

    LIBRA Insurance Partners, represented by James S. Bainbridge, Esquire of The Bainbridge Law Firm, LLC in Plymouth Meeting, Penn., was successful in petitioning the Colorado Department of Insurance to place, what some industry analysts refer to as unprecedented, restrictions on Security Life of Denver, the individual life unit Resolution Life purchased from Voya.  “We were extremely pleased that the Department of Insurance took the time to conduct a very thorough regulatory review and implement several important restrictions we collectively requested as Interested Parties,” Bainbridge stated.

    The restrictions include the following: (1) limiting upstream profits until the organization maintains a risk-based capital (RBC) that has exceeded 600 percent for the first four years after the transaction closed; (2) instituting a capital maintenance requirement of a minimum of 350 percent per year; (3) verification and monitoring of Resolution Life’s 100-million-dollar commitment for improvements to systems and processes for servicing policyholders; and (4) improving access to policy information and policy servicing for policyholders, advisors, agents and BGAs.

    Commenting on the restrictions, Shelow stated that “LIBRA Insurance Partners is proud to have been instrumental in providing additional access to policy information our partners and their advisors did not have access to originally.”  He added, “LIBRA Insurance Partners believes that our obligations to clients exist well after the sales process takes place, and we are committed to taking every step available to us to protect the policyholders and further ensure we deliver on the promises our partner agencies and their advisors and agents make to their clients.”

    About LIBRA

    LIBRA Insurance Partners is an insurance marketing organization that is dedicated to serving its partners and their brokers in navigating the marketplace. They differentiate themselves by offering industry-leading knowledge, resources and education in order to provide financial security for families and businesses. Formerly known as LifeMark Partners and BRAMCO Financial Resources, the united firm is committed to the ongoing development and enhancement of robust, proprietary resources for its partners that revolutionize the industry. The organization’s foundation is built on collaboration and sharing best practices; partners grow their agencies together through regular training, networking and educational opportunities. To learn more about becoming a LIBRA partner firm, visit www.LIBRAInsurancePartners.com or call (410) 837-3022.

    About The Bainbridge Law Firm, LLC

    James S. Bainbridge, Esquire is the founder and managing director of The Bainbridge Law Firm, LLC, a business litigation and counseling boutique that focuses on providing results-oriented legal representation that protects client resources. James regularly represents life insurance carriers, agents, broker-dealers, and in certain select cases insureds, in complicated coverage disputes.  He has litigated life insurance matters in courts across the country and both writes and speaks regularly on developments in the industry.  James was a regular contributor to the Association for Advanced Life Underwriting’s Essential Wisdom Series, a trusted source of actionable technical and marketplace knowledge for AALU members—the nation’s most advanced life insurance professionals.  The Wall Street Journal has also mentioned/quoted James in two recent articles, “Life Insurance Customers Push Back Over Surprise Cost Increases” and “Happy 100th Birthday! There Goes Your Life Insurance.”  To learn more about James or The Bainbridge Law Firm, visit www.thebainbridgelawfirm.com or call (484) 690-4542.

    SOURCE LIBRA Insurance Partners

    Related Links

    http://www.librainsurancepartners.com/

    Originally Posted at CISION PR Newswire on January 27, 2021 by LIBRA Insurance Partners.

    Categories: Industry Articles
    currency