Monitor Life has been selling international life and health insurance products. In 2017, the company took responsibility for about 4,300 life insurance policies issued by a program offered by the United Nations Federal Credit Union. New York state regulators ruled that the program did not meet state standards.
Monitor Life now has authority to operate in 27 states and the District of Columbia, according to Crum & Forster.
New Products May Be Coming Soon
Crum & Forster says it’s applying for the certificates of authority Monitor Life needs to operate in other lines of business.
Crum & Forster’s accident and health unit already offers products such as pet insurance, overseas travel medical insurance and international student coverage.
Gary McGeddy, president of the accident and health unit, said in the Monitor Life acquisition announcement that the unit hopes to use Monitor Life to extend Crum & Forster’s line of medical insurance products in ways that will appeal to insurance agencies.
“We are in the product development phase, evaluating which A&H products to make available on Monitor Life paper, and are looking forward to a formal launch later this year,” McGeddy said.
Source: Google | Insurance News