Policyholders vs Nassau: Looting Accusations at Hartford Insurer
Hartford News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Policyholders of PHL Variable Insurance Company, acquired by Nassau Financial Group in 2016, are accusing the firm of looting the company, charging exorbitant fees, and engaging in fraudulent activities. The states acting insurance commissioner, Joshua Hershman, has decided to liquidate the insolvent firm after failed sale attempts. Policyholders, particularly those with coverage exceeding the $300,000 guaranty limit, fear significant losses. Their lawyers have filed a motion to intervene in the court case, alleging self-dealing, fraud, and shady reinsurance deals. The case is currently before a judge in Waterbury Superior Court.
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