Migliaccio & Rathod LLP is investigating whether Security Benefit and related reinsurance entities transferred policy reserves or obligations to offshore captive reinsurers without adequately disclosing the potential impact on policyholders.
Reported Issues
Policyholders report concerns about:
- Policy reserves or obligations being ceded to offshore or affiliated reinsurance entities.
- Not being given meaningful notice or consent rights.
- Not understanding how reinsurance affects policy security.
- Concern that guaranty-fund protections may be reduced or unclear.
- Concern that reserve transfers benefit the insurer while increasing policyholder risk.
Why Individuals Should Be Concerned
Potential claims include:
- Breach of policy terms
- Unfair insurance practices
- Failure to disclose reinsurance risks
- Reduced policyholder protections
- Misleading solvency representations
- Economic loss from increased policy risk
Signs You May Be Affected
- You own a Security Benefit life insurance, annuity, UL, or VUL product.
- You received notice of a reinsurance or reserve-transfer transaction.
- You were not clearly told what protections changed.
- You believe policy reserves were moved to an offshore or affiliated reinsurer.
- You were not given a meaningful opportunity to object.
If you have encountered these issues, we would like to hear from you. Please complete the contact form on this page, send us an email at [email protected], or give us a call at (202) 470-3520.