The officials in Florida have spoken out against the plan, voiding “significant doubts”.
Regulators of life insurance in Florida have now stated that they have “significant doubts” regarding an unconventional proposal that has been made by a consulting firm for providing teachers in the state with coverage that would be paid for by investors.
The offer had been being considered by the Pasco County School District.
The decision of that school district had been waiting on the Florida Office of Insurance Regulation’s opinion on the matter, back in May. Now that the office has completed its review, there have been several concerns that have been raised about this life insurance plan. Those were outlined in a letter that Pasco County school officials received at the tail end of last week. The opinion from the state was strikingly negative, said an official from the school district. That individual stated that the findings of the state officials “would preclude” the superintendent from being able to make any recommendations to proceed with the plan.
The proposal would use hundreds of millions in investor dollars to fund life insurance policies for district employees.
What the proposal entailed was the use of hundreds of millions of dollars from investors who were not identified. The Pollock Financial Group from Ohio would use those funds to take out insurance policies on the lives of employees of the Pasco County School District, including everybody from bus drivers to teachers to custodians. Should one of those individuals die, the benefits would be paid to the school district and to the beneficiaries of those who were insured by the policies.
The actual policies would be issued by an insurer that had yet to be identified, using the investors’ money. The representatives from Pollock Financial stated that the investors had been seeking out nontraditional methods of boosting the returns on their investments within the current economic environment that is presenting them with low interest rates.
Pollock Financial is not connected with another firm with that same name that is located in Northern California and that is in no way linked to this life insurance investment proposal.