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Funeral Directors Life Insurance Company to Assume Requia Life Insurance Policies
Friday, March 8, 2013
Madison, WI - Requia Life Insurance Company (Requia), located in Madison, WI, has entered into an agreement with Funeral Directors Life Insurance Company (FDLIC), located in Abilene, TX, for FDLIC to acquire the existing life insurance and annuity polices of Requia, effective April 1, 2013.
Requia's Board of Directors and its sole shareholder, the receiver of the Wisconsin Funeral Trust, approved the transaction with FDLIC. Requia and FDLIC filed documents for review and approval with the Office of the Commissioner of Insurance (OCI). The transaction has been approved by the OCI and is awaiting receivership court approval.
The Wisconsin Funeral Trust, which owns Requia, went into receivership in September of 2012 after it was determined that the Trust had a shortfall of at least $21 million. The sale of Requia's insurance and annuity policies to FDLIC is part of the Receiver's plan to resolve the shortfall issue with the Wisconsin Funeral Trust.
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