The Office of the Insurance Commissioner (OCI) is issuing this Consumer Alert to anyone who has purchased certain life insurance products and annuity contracts from Time Insurance Company (Time).
In 2020, Time was found to have become or was about to become insolvent within the meaning of Wis. Stat. §645.41(2). Earlier this month, OCI filed a motion to approve an assumption agreement between Talcott Resolution Life and Annuity Insurance Company (Talcott) and Time where Talcott will assume the life insurance policies and annuity contracts that it reinsures as direct fonts. For people who have life insurance and have received notifications and communications from the Prudential Insurance Company of America (Prudential), you will continue to work with Prudential on your policy. Talcott has reinsured this block of business since 2001 and many policyholders in this block have already received regular communications from Talcott or Prudential rather than Time. As such, this assumption is considered to be in the best interests of policyholders and causes the least disruption to affected consumers.
Talcott’s assumption of certain of Time’s life insurance business and annuity contracts will take effect on July 1, 2022. Approximately 48,000 policyholders are covered by this block of business. Within 60 days of the Dane County Circuit Court’s decision to approve OCI’s petition, affected policyholders will receive notice of this agreement.
If you have a life insurance policy or annuity contract originally issued by Time but now administered by Talcott, contact:
Talcott Resolution Life Insurance and Annuity Company
1 Griffin Road
North Windsor, CT 06095
(800) 862-6668
If you have a life insurance policy originally issued by Time but now administered by Prudential, contact:
The Prudential Insurance Company of America
PO Box 305033
Nashville, TN 37230-5033
Phone: (800) 243-5433
Fax: (844) 475-7018
