California customers said Accordia Life & Annuity Co. and Athene Annuity & Life Co. weren’t providing electronic access to their accounts and double-billed customers.
California Insurance Commissioner Dave Jones received more than 100 complaints. And he thinks far more customers than that have had problems with Accordia and Athene, which have committed to service more than 50,000 life insurance policies in California.
The Insurance Department announced Tuesday that it is seeking to suspend Accordia’s and Athene’s certificates of authority, which would in effect stop the two companies from selling new policies in California. It also is seeking a cease-and-desist order and a demand that the companies correct all deficiencies.
Los Angeles Times