American General Life Insurance Company (“AGL”) has notified the State Bar of California that it is terminating its participation as the Insurer of the State Bar's Sponsored Group Life Insurance Program (the “Program”) effective November 1, 2018. The State Bar’s insurance broker, Mercer Health and Benefits Insurance Services LLC, has been working with the State Bar of California to arrange for a reputable and financially strong life insurance company to replace AGL. After careful vetting, New York Life Insurance Company has been selected as the underwriting carrier for your Group Plan effective November 1, 2018. New York Life, a recognized leader in the association group insurance field, has consistently received among the highest ratings currently awarded to any life insurer for financial strength from all four major rating agencies: A.M. Best (A++), Fitch Ratings (AAA), Standard & Poor’s (AA+) and Moody’s Investor Service (Aaa)*. (Third Party Rating Reports 8/1/18).
Your existing Group Policy coverage with American General, Group Policy will be transferred to New York Life effective November 1, 2018. New York Life has confirmed that your existing group coverage terms, benefit level and rates will not be changed solely as a result of this transfer. You will be receiving more detailed information in the mail about this transfer.
Interested in applying for new or additional coverage with New York Life? The application will be available on this page soon.
*Mercer Consumer, a service of Mercer Health & Benefits Administration LLC, makes no representations or warranties, expressed or implied, concerning the financial condition or solvency of any insurers. A.M. Best, Standard & Poor's (“S&P”) and Moody's ratings are under continuous review and subject to change and/or affirmation. For the latest Best's Ratings and Best's Company Reports (which include Best's Ratings), visit the A.M. Best website at www.ambest.com. See Guide to Best's Ratings for explanation of use and charges. For the latest S&P ratings and reports, visit the S&P website at standardandpoors.com. For the latest Moody's ratings and reports, visit the Moody's website at www.moodys.com.
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