1991 0716 - The Index-Journal - Customers Try To Cash In After Insurance Takeover - [Mutual Benefit Life Insurance Co.]
- 1991 0716 - The Index-Journal - Customers Try To Cash In After Insurance Takeover - [Mutual Benefit Life Insurance Co.] --- [BonkNote]
- Worried customers rushed to redeem their policies with Mutual Benefit Life Insurance Co. after learning would ask the state to take it over.
- But they were sent away empty-handed.
- Mutual Benefit, with assets topping $13 Billion, is the nation’s 18th largest health and life insurer.
- Mutual Benefit remains solvent, but regulators became concerned in recent weeks as policyholders’ requests to withdraw funds mounted to $1 Billion.
- Maria De Brito tried unsuccessfully to cash in her $120,000 annuity.
- “I wanted to retire this year,” said Mrs. De Brito, who is 62.
- “Now I don’t know if I’ll be able to.”
- The federal government should regulate the insurance industry, Sen. Howard Metzenbaum, D-Chairman of the Senate Judiciary antitrust subcommittee, said in Washington.
- “This is a disaster waiting to happen for the American Economy,” he said, noting the industry controls $2 trillion in assets.
