State regulators: Insurance plan offered to Pasco school district may be illegal
By Laura Kinsler, Tampa Tribune, Fla. | |
McClatchy-Tribune Information Services |
The proposal, which purports to carry a
"
<location value="LS/us.fl" idsrc="xmltag.org">Florida law prohibits anyone from procuring a life insurance policy on another individual "unless the benefits under such contract are payable to the individual insured or his or her personal representatives," she wrote.
Miller also included background checks on Olive, Pollock and
Both Stuifzand and Pollock filed for Chapter 7 bankruptcy in the last two years, she said.
In addition, Pollock Financial made a similar proposal to
Olive said the "Legacy Life" insurance was an "old program" that they were no longer trying to sell, and that Pollock had switched its emphasis to a new "benefit stabilization program." But the terms of that program still involved funding through "acquiring life insurance coverage on the lives of certain
Olive reached out to Pasco Assistant Superintendent
Gadd sent the following response late Thursday night:
"It is entirely possible that the new proposal could have merit. However, due to the constant changes in proposals, your shifting allegiance to various characters with purported expertise in the field and your failure to gain the trust and respect of staff and the board I am strongly recommending that you cease any further contact with our school system. I would be remiss if I did not point out that staff no longer trusts what you have to say or what you are proposing. This has been a long and arduous process that has yielded nothing of value with the possible exception that we are wiser from having met you. The school superintendent and board are public officials and you are of course free to contact them. My office, however, will not entertain any proposal from you or Pollack unless directed to do so by the superintendent."
Pollock Financial released a statement Friday saying the principals behaved ethically and "believed that the program was lawful and would have been beneficial to the underfunded pension and benefit plans." Olive said he would not attempt to sell either product in the state of
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