Legal Question in Insurance Law in Virginia

Annuity misrepresentation by agent

Prior to purchasing annunities, I made it clear to the agents that I did not want an investment which had any degree of risk. The annuities subsequently sustained losses. Since no concessions were forthcoming from the agents, I filed a complaint with the Virginia Bureau of Insurance. The company response received by BOI implied that a potential loss had been explained to me prior to investing. It had not been, that is, until a loss had occurred. Since the agents statements and mine are contradictory, the BOI can take no action. Also, the Compliant Div of the company will not side with me as the investor because they believe their agents. Therefore, it appears that my losses totaling approximately $3000, may not be recoverable. The agents gave fraudalent statements in the company's response to the BOI, but I can not prove it. My brother-in-law can attest to the fact that I specifically requested investments which would not sustain any loss. I'm wondering if I have a case which if tried in court would prevent the agents from making false statements under oath to avoid committing perjury. I need the advice of an attorney on what course of action I should now take.


Asked on 10/12/03, 3:24 pm

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: Annuity misrepresentation by agent

You may have a basis to sue the seller of the annuities and his/her agent, but more facts are needed in order to make a reasonable determination of this matter.

Read more
Answered on 10/18/03, 11:22 pm


Related Questions & Answers

More Insurance Law questions and answers in Virginia