Robert Rikard

  • 2024 0626 – insurancenewsnet.com – Attorney rips insurers, agents over ‘incredibly complex’ IUL-focused plans – [Robert Rikard], by John Hilton – [link]
    • Attorney Robert Rikard – “Almost all of these people are either retired or about to retire,” Rikard said of his clients. “This plan was sold to them as a retirement plan.
      • They were encouraged to move money out of qualified retirement accounts to the IUL as a retirement vehicle.
      • And the policies have either lapsed or are on their last leg at this point because they can’t afford to make more premium payments and the policy charges and expenses are wiping out their cash value. “
    • IUL sales are sealed with illustrations and efforts continue to clean up the practice.
      • The combination of agents who often don’t fully understand the product and an unrealistic illustration is frustrating regulators and consumer advocates alike.
    • “These products are just incredibly complex,” Rikard said. “When you get into the weeds with these agents, they really don’t understand how these products work. They’re simply relying on the illustration to sell the product and the illustration is the best-case scenario if every single thing in that illustration works correctly.”
    • [Bonk: South Carolina, Oregon, Pacific Life, Agent, FIP – Future Income Payments – Doug Andrew]
  • Rikard, Robert G (aty) 8:2021cv01293 Blohm et al v. Shurwest LLC South Carolina District Court 04/30/2021 03/07/2022
  • Rikard, Robert G (aty) 3:2021cv01444 Stegelin et al v. Shurwest LLC et al South Carolina District Court 05/13/2021 03/18/2022
  • RIKARD, ROBERT G (aty) 2:2021bk06723 SHURWEST, LLC Arizona Bankruptcy Court 08/31/2021 11/03/2023
  • Rikard, Robert G. (intv) 6:2019cv01112 In re: Receiver for Scott A Kohn and Future Income Payments LLC South Carolina District Court 04/15/2019
  • Rikard, Robert G. (aty) 2:2021mc00159 In re: Receiver for Scott A Kohn and Future Income Payments Utah District Court 03/16/2021 04/05/2021
    • IUL Insiders
    • Document 2 – Here, according to the Utah Department of Commerce, IUL is a company owned or managed by members of the Andrews family. The Andrews are defendants in a $8.5 million clawback action (Civil No. 6:20-CV-01357-BHH) related to an underlying Ponzi scheme. The requested information is not protected by privilege nor is the request unreasonable, oppressive, annoying, or embarrassing. Importantly, the information sought is within the control of IUL Document 13 Filed 04/05/21 – … moves to compel Defendant IUL Insiders, LLC to produce documents in response to a Subpoena (the “Subpoena”) issued on February 17, 2021 out of the United States District Court for the District of South Carolina. (ECF No. 2-1); Fed. R. Civ. P. 45. 
  • Rikard, Robert G. (intv) 2:2021mc00159 In re: Receiver for Scott A Kohn and Future Income Payments Utah District Court 03/16/2021 04/05/2021
  • Rikard, Robert G (aty) 8:2018cv01208 Kolette A. Page et al v. Minnesota Life Insurance Company et al California Central District Court 07/09/2018 08/08/2022
  • Rikard, Robert G (aty) 3:2014cv03804 Builders Mutual Insurance Company v. Coastal Pi LLC et al South Carolina District Court 09/29/2014 10/26/2015
  • Rikard, Robert G (aty) 3:2016cv03590 Scott et al v. Transamerica Life Insurance Company South Carolina District Court 11/09/2016 05/02/2017
  • Rikard, Robert G (aty) 3:2017cv02633 July v. Colonial Life & Accident Insurance Company, a Corporation South Carolina District Court
  • Rikard, Robert G (aty) 3:2003cv00535 Singleton, et al v. Liberty Life Ins Co South Carolina District Court
  • Rikard, Robert G (aty) 3:1999cv00238 Edge v. State Farm Insurance, et al South Carolina District Court
  • Rikard, Robert G (aty) 4:2000cv02487 Campbell, et al v. Liberty Mutual Ins, et al
  • Rikard, Robert G (aty) 3:2021cv01611 Wright v. John Hancock Life Insurance Company (USA) et al South Carolina District Court