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Calif. regulator accuses 2 life insurers of failing to service policies

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Calif. regulator accuses 2 life insurers of failing to service policies

The California Department of Insurance has taken legal action against Accordia Life & Annuity Co. and Athene Annuity & Life Co. for allegedly failing to properly service more than 50,000 policies issued to consumers in the state.

The regulator said it had received several complaints from consumers who said they are not receiving their statutorily mandated annual reports or billing statements and are unable to pay premiums or access any policy benefits.

The department is seeking an order suspending both companies' certificates of authority for one year and demanding that they cease and desist from practices that harm California consumers.