I have a letter from Wang Labs Inc.giving me monthly annuity payment but I have not found anything information
Posted by MarkOct 9
Wang labs filed for chapter 11 and Connecticut General Ins. co. was handling it. Phone numbers are disconnected and could not find any answers on the internet
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Insurance Companies is regulated by each separate state.
In most states, it is mandatory for insurance companies to contribute to a pool of money used by the state to insure the insurance companies in that state in the event one of them goes "insolvent" or bankrupt.
Annuity is a form of insurance which is a "promise". So when companies cannot keep that promise, that state can step in. So I definitely recommend going to your state Insurance Commissioners website and look up insurance company solvency and it should explain there how the state protects its people from insurance company failures. There is a good chance your Insurance Commissioners office has an advocate representative to help you work with insurance companies going broke.
I wish you the best
Connecticut General Insurance Company is one of the predecessors of CIGNA Corporation. Here is their site. It might be a good starting point. They may have sold off that annuity business, but should be able to direct you to the right place.