Fraud Investigation Filed with the Texas Department of Insurance—Texas Annuities Cannot Be Offset- A petition was filed in the Texas courts last month against Transamerica Life Insurance Company for defaulting on an annuity contract.
Boynton Beach, FL, April 29, 2011 — Fraud Investigation Filed with the Texas Department of Insurance—Texas Annuities Cannot Be Offset- A petition was filed in the Texas courts last month against Transamerica Life Insurance Company for defaulting on an annuity contract. This attempt to withhold payout of funds threatens to effect future buyers and sellers of structured settlements if left unchallenged.
A petition was filed in the Texas courts last month against Transamerica Life Insurance Company for defaulting on an annuity contract. This attempt to withhold payout of funds threatens to effect future buyers and sellers of structured settlements if left unchallenged.
In the petition, Transamerica has been cited as attempting “to offset” against monies due an annuity holder to collect on the debt of an unrelated third party. Transamerica’s attempt to offset the annuity is both improper and unlawful, and would set a dangerous precedent for issuers of annuities.
Transamerica’s parent company, Aegon, is a foreign based insurer with headquarters in The Hague, the Netherlands, and the recipient of an almost $4 Billion government bailout in 2008 following the global economic crisis. As a result, Aegon was banned from making acquisitions.
Following the legal petition, a fraud investigation was filed with the Texas Department of Insurance, the applicable U.S. state agency responsible for protecting Texas annuitants from insurance fraud and protecting the interests of annuity holders from abuses of, in this case, a foreign-based insurer.
Calls for comment made to David Pybus, an attorney for Transamerica, went unanswered.
For further information, contact the Structured Settlement Institute (SSI) at (561) 880-0333, a not-for-profit organization established to educate sellers of structured settlements regarding fair and equitable industry practices.
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Contact:
Luke Johnson
Structured Settlement Institute (SSI)
Boynton Beach, FL
561-880-0333
[email protected]
http://www.rslfundingllc.com
