National Heritage Life Insurance Company (NHL), formerly Omni Life Insurance Company was an insurance company based in Orlando, Florida in the United States. The company mainly sold annuities and some life insurance policies. In the late 1980s, the business was failing and they were threatened by regulators to be shut down. Due to fraud and bad business dealings they were liquidated in 1996.
Video National Heritage Life Insurance Company
History
National Heritage Life (NHL) headquarters located in Orlando Florida, specialized in the sale of tax-deferred annuities and interest-sensitive life insurance products. at the time of liquidation they had approximately 20,595 annuity contracts and 3,888 policies contracts from policyholders.
In the late 1980s, National Heritage reported an operating loss and 27% reduction of capital from a decline of sales, and in 1990, insurance regulators threatened to shut down the company if it did not raise additional capital.
A group of investors offered $4 million to satisfy regulators, in exchange for a controlling interest in National Heritage. The group provided a $4 million check, but once in control of National Heritage, transferred $3 million from National Heritage to help cover the check. This began a long series of schemes in which millions were stolen from National Heritage by the group of investors. Bad investments further depleted National Heritage capital. Three corporations and 13 individuals have been convicted
Liquidation
May 25, 1994, Rehabilitation and Injunction Order
June 27, 1994 Supplemental Rehabilitation Order
Nov. 21, 1995: Liquidation and Injunction Order
January 1, 1996: Date of Policy Assumption of (Metropolitan Life Insurance Company)
January 1, 1996: Date of Policy Assumption of Single Prem. Ord. Life (Madison National Life Insurance Company, Inc.)
June 12, 2009: Receiver's Third Recommendation Report and Petition
Maps National Heritage Life Insurance Company
References
Source of the article : Wikipedia
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