Kentucky Announces Agent Advisory For Lincoln Memorial Life Insurance Company
Frankfort, KY (Comp News Network) - The Office of Insurance Kentucky announced, in a more efficient manner on March 26, the Lincoln Memorial Life Insurance Company, Texas, insurers are not writing new business more in the Commonwealth. The mandate of the Office of the Insurance suppose Lincoln Memoria Certificate Authority, insurance operations, in writing prohibits the company from new business, everything is still the company’s existing services business Lincoln Memorial and prohibits the appointment of a new agent to represent the company.
Lincoln Memorial has a right to appeal the order. Any request for an appeal must be received by the Service of the insurance industry within a period of 60 days from the date of entry into force of the order. In the case of a company, a complaint to the effect of the order is stayed pending the outcome of the hearing, a course of the administrative proceedings in the case.
On March 17, the Texas Department of Insurance Director Lincoln Memorial to cease underwriting new contracts, citing “hazardous financial condition” as support for the directive. After a complaint from the directive, Texas, the Texas Commissioner of Insurance reiterated that the measures taken, and the directive was adopted, with effect from March 21. Mar. 18, Iowa Securities Administrator, the seller preneed suspended the license of the National Prearranged Services Inc. (NPS), a related company in Missouri Lincoln Memorial, and banned future sales.
Most of the company focuses on small life insurance policies for the financing of prepaid funeral contracts, and are sold primarily by the funeral apartments and independent agents.
If you are an agent, who sold policies for funding by the Lincoln Memorial preneed contracts / NPS, the Office of Insurance recommends that all records of all transactions of the Lincoln Memorial or National Prearranged Services. Agents it is recommended to terminate in writing, of any new activity Lincoln Memorial.
Consumer protection and licensing is an important part of the mission of the Kentucky Office of Insurance. In this case, we are more updates. If you have any questions about this action, please call 800-595-6053 and ask KOI after Vicky in the Horn of the Office of Legal Services.
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