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BGA distribution continued as First Colony Life's primary life insurance and annuity sales channel with a sales force of more than 135,000 independent life insurance agents and brokers. On January 1, 2007, First Colony Life Insurance Company merged into Genworth Life and Annuity Insurance Company, a Genworth Financial company. [citation needed]
Beginning with its first annuities business written in 1928, the company grew to offer products for mortgage insurance, lifestyle protection, and long-term care insurance. [5] In 1986, Life of Virginia was acquired by Combined Insurance for $557 million. [5] It became Aon in 1987. [5] In 1996, Life of Virginia was acquired by GE Capital. [5] [6]
On January 17, 2013, Governor Rick Snyder ordered that the Office of Financial and Insurance Regulation (OFIR) be transfer out of the Michigan Department of Licensing and Regulatory Affairs to form a new principal department, the Michigan Department of Insurance and Financial Services, effective March 19, 2013. [3]
To further complicate things, there are different types of agents. A captive insurance agent works exclusively with one insurer, selling only that company’s products (e.g., a State Farm agent ...
In 1820, there were 17 stock life insurance companies in the state of New York, many of which would subsequently fail. Between 1870 and 1872, 33 US life insurance companies failed, in part fueled by bad practices and incidents such as the Great Chicago Fire of 1871. 3,800 property-liability and 2,270 life insurance companies were operating in ...
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