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American Community Placed in Rehabilitation
Commissioner of the Office of Financial and Insurance Regulation (OFIR)
Named as Rehabilitator
On April 8, 2010, American Community was placed into Rehabilitation by the Ingham County Circuit Court and the Commissioner of Office of Financial and Insurance Regulation (OFIR) was named as the Company’s Rehabilitator. Rehabilitation is a corporate reorganization under Chapter 81 of the Michigan Insurance Code that will allow OFIR to assess American Community’s financial condition and implement steps to protect the Company’s policy/certificate holders. Our policy/certificate holders will continue to receive covered services and American Community will continue to pay for that care.
Click on the following links for additional information from OFIR:
Court Order of Rehabilitation
Information Sheet Regarding Rehabilitation
New Business Discontinued
As a result of being placed in a state of Rehabilitation, American Community has discontinued both Group and Individual new business sales, including Short Term, effective immediately. The following items will no longer be available on our Web site:
- · Individual Quote and Application System
- · Group Quote System
- · Product brochures, benefit charts and other forms related to Group and Individual new business (forms will remain for add-ons and administrative changes to in-force business only)
Please note the following regarding recently submitted business in all states:
- · Individual applications that were not submitted and activated by Thursday, April 8th
will not be processed.
- · Group business that we have not received a signed confirmation on by Thursday, April 8th will not be processed.
In-force Business
This change does not affect in-force business. American Community will continue to service and pay claims for all policy/certificate holders. We will process policy changes as follows:
Type of Change to In-force Business |
How Handled |
Rewrite to a different product. |
Will not be processed. |
Add-on to an existing Group policy (e.g., addition of new employee, birth of a child). |
Will be processed. |
Change to existing group policy |
Will be processed. |
Add-on to an existing Individual policy (e.g., birth of a child). |
Will be processed. |
Group conversion to an Individual policy. |
Will be processed. |
Individual transfer/conversion to separate policy with exact same benefits (e.g., divorced spouse transferring to own policy). |
Will be processed. |
Commissions
As licensed agents with American Community you will receive your commission payments for all commissions earned on or after April 8, 2010. Under the Rehabilitation Order, American Community is currently prohibited from paying commissions earned prior to April 8, 2010. You will be advised in a subsequent Field Bulletin of the procedures to submit your claims for payment of commissions earned prior to April 8, 2010 that have not yet been paid.
Who to Contact
For more informations, please contact your Rep at Stephens-Matthews Marketing, Inc.
National Marketing Directors |
| Dave Russell |
1-800-544-8250 x221 |
drussell@stephens-matthews.com |
| Ron Liddle |
1-800-544-8250 x118 |
ron@stephens-matthews.com |
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