Connecticut Puts Phoenix Life and Annuity Issuer in Rehab

May 30, 2024 by Allison Bell

Connecticut Insurance Commissioner Andrew Mais has received approval from a state court in Hartford to put PHL Variable Insurance Co. — the insurer that once wrote the Phoenix Companies’ variable insurance policies and variable annuity contracts — in rehabilitation.

The rehabilitation order, which also includes two reinsurers controlled by PHL, limits benefits payments and cash withdrawals, and it raises the possibility that PHL could stop making trailing commission payments to agents after six months.

Click HERE to read the full story via Think Advisor. 

Wink’s Moore on the Market: And THIS is why you don’t put any more than the guaranty fund association limits into annuities with a single insurer. -sjm

Originally Posted at Think Advisor on May 22, 2024 by Allison Bell.