The Virginia State Corporate Commission (SCC) approved a rehabilitation plan for Roanoke-based Shenandoah Life Insurance Co., which includes its acquisition by United Prosperity Life.

United Prosperity Life Insurance Co. has signed an definitive agreement to buy Shenandoah Life Insurance Co., a Roanoke, Va.-based insurer that has been in receivership over financial concerns since February 2009.

A life insurance company is interested in buying Shenandoah Life Insurance Co, which has been in receivership in Virginia since February 2009.

A federal jury in Washington state has issued a $19.3 million verdict against three individuals and their company for pocketing millions of dollars owed to financially troubled insurance company Cascade National.

An Oklahoma County District Court judge has ruled that an insolvent property-casualty company is now in the hands of state regulators.

The Texas State Securities Board has been granted receivership of a life settlements firm accused of fraud in collecting $65 million from investors and using deceptive practices in the sale of investments tied to insurance death benefits.

Nearly 30,000 policies provided through Florida-based Magnolia Insurance are set for cancellation on the heels of the company going into receivership.

The Missouri insurance director has been named receiver of National States Insurance Co., which Missouri’s Department of Insurance said is in hazardous financial condition.

Four employees of a now defunct non-profit company are facing time in prison after they allegedly enticed elderly people into trading in valuable insurance annuities for what prosecutors say are worthless “charitable gift” annuities.

Update: Virginia ends moratorium on Shenandoah Life policy payments

Virginia’s insurance regulators have taken control of Roanoke, Va.-based Shenandoah Life Insurance Co. as the company struggles with finances.

Alfred W. Gross

On Thursday …  Read →