Update: Connecticut Commissioner Orders PHL Variable Insurance Into Rehabilitation
June 5, 2024 by AM Best
The Connecticut Insurance Department said the companies [of PHL Variable] are in a “hazardous financial condition.” In aggregate, their capital and surplus is approximately negative $900 million and assets are projected to be exhausted in 2030 with about $1.46 billion of policyholder liabilities projected to remain unpaid, the CID said in a court filing seeking the order.
Read the full story at AM Best HERE
Wink’s Moore on the Market: “Policyholders also won’t be able to receive surrender payments, withdrawals or policy loans, CID said.”
In an emailed statement, a spokesperson for Nassau pointed out that it and PHL are different companies.
“Nassau has provided PHL with administrative and investment services since the two companies separated in 2021,” the statement said. “We will continue in this role at the direction of the Commissioner of the Connecticut Insurance Department, who is appointed rehabilitator.” – sjm