For a lapse / overloan dispute about a Universal Life policy, which state's insurance commission has jurisdiction?

Asked about 3 years ago - Silver Spring, MD

Policy was purchased with a single premium in the 1980s by insured's parents, who lived in Wisconsin at the time, and later moved to Florida.

Several years after purchase, policy was turned over to ownership of insured, who lived in Pennsylvania then, but lives in Maryland now (with a 6 year stop in New Jersey in between).

Seller's letterhead (at tme of sale, I think) indcated they were in Illinois. Their current successor-company corresponds w/insured from offices (call centers?) in Tennessee and Alabama.

Which state or states have any official say in this matter? Should insured contact their Insurance Commissions? Better Business Bureaus? Other agencies?

Time is of the essence, as insurer is demanding a loan repayment of almost $9,000 by end of grace period, Jun 17 2011

Attorney answers (2)

  1. Christian K. Lassen II

    Pro

    Contributor Level 20

    1

    Lawyer agrees

    Answered . You can contact the insurance department in your state.

    Click on name or picture to see profile page.
  2. Pamela Koslyn

    Contributor Level 20

    Answered . It doesn't matter where you live or where the company is. Read your policy. Near the end of it it should ave a governing law/dispute resolution c;ause that says which state's law governs the contract's interpretation and enforcement.

    PLEASE READ THIS BEFORE YOU COMMENT, EMAIL ME OR PHONE ME. I'm only licensed in CA. This answer doesn't make me... more

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