• Report: #596123

Complaint Review: Midland National Life Insurance Company

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  • Submitted: Sat, April 24, 2010
  • Updated: Sat, May 22, 2010

  • Reported By: Ralph Nader — United States of America
Midland National Life Insurance Company
One Sammons Plaza Sioux Falls, SD 57193 Internet United States of America

Midland National Life Insurance Company Midland Annuity Don't buy anything from Midland National Life Internet

*Author of original report: Kyle Brennan sells insurance for Midland National Life

*General Comment: Ralph Nader?

*Author of original report: The facts about Midland National Life

*General Comment: DO Trust Midland National Life

*Author of original report: Midland Annuity is connected to Midland National Life

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DON'T TRUST MIDLAND NATIONAL LIFE!

I just read this story about Midland screwed one of their former agents who reported them for ripping people off twenty years ago. 

http://www.businessweek.com/ap/financialnews/D9F71FFO0.htm

A little research and I found this web site that tells more of the story.

http://midland-national-life-review.com

With all the lawsuits filed against Midland I don't understand why ANYONE would buy anything from them.  If you have a Midland policy call your agent and see what other choices you have.

This report was posted on Ripoff Report on 04/24/2010 09:01 AM and is a permanent record located here: http://www.ripoffreport.com/r/Midland-National-Life-Insurance-Company/internet/Midland-National-Life-Insurance-Company-Midland-Annuity-Dont-buy-anything-from-Midland-Na-596123. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
3Author 2Consumer 0Employee/Owner
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#1 Author of original report

Kyle Brennan sells insurance for Midland National Life

AUTHOR: Ralph Nader - (United States of America)

Kyle Brennan is a life insurance agent for Midland National Life.  There could be many reasons for that.  Here are some possibilities.

Kyle Brennan seems to believe that selling annuity policies that won't begin paying out to senior citizens until they are 115 YEARS OLD is alright.  That was the California and Hawaii class action Federal lawsuits.  It was also the reason the Minnesota Attorney General filed suit.

Kyle Brennan seems to believe that an insurance company should be allowed to operate as a racketeer influenced and corrupt organization (RICO).  This charge was upheld in the Iowa lawsuit.

Kyle Brennan seems to believe that it's OK to threaten someone and their family in order to be able to continue cheating policy holders for over twenty years.  The South Dakota lawsuit (Midland has never denied it).

Kyle Brennan seems to believe an insurance company can refuse to honor their contracts because they have lots of lawyers.  The Wisconsin and South Dakota lawsuits.

Kyle Brennan seems to believe that big banks and big insurance companies can rip people off just because they can.

Kyle Brennan seems to believe that making money with Midland National Life is more important than what's in the best interest of his customers.  If Kyle Brennan doesn't believe all of these things are wrong he could cancel his contract with Midland and issue a press release on the internet declaring that his principals are more important than money.

Think carefully before you do business with Kyle Brennan.

Read about the lawsuits at www.midland-national-life-review.com

Kyle Brennan 6855 South Havana Street Centennial CO 80112
Kyle Brennan P.O. Box 3205 Englewood CO 80155
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#2 General Comment

Ralph Nader?

AUTHOR: Wylie - (USA)

Gee Ralph I would have thought that someone as intelligent as you might not just copy and paste a posting from a web site like Midland-national-life-review.com.  Word for word even.  If I didn't know better I would think that you and Eric the owner of that site are one in the same person!  Since you now are being viewed as someone willing to plagiarize a source that is less than credible, you may need to post something with some original and TRUE content!  If not, I can only guess that you are Eric the disgrunteled former agent who went to prison for kidnapping Midland's president who has put up the web site in an attempt to smear Midland National. 

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#3 Author of original report

The facts about Midland National Life

AUTHOR: Ralph Nader - (United States of America)

In the last five years Midland National Life has been sued in at least eight states for almost every kind of fraud there is.

A class action lawsuit has been filed in Iowa against Midland National Life Insurance Company alleging violations of RICO (Racketeer Influenced and Corrupt Organizations Act), conspiracy and unjust enrichment in that they knowingly used licensed agents that engaged in unfair, improper, and unlawful sales practices in connection with the solicitation, offering, and sale of deferred annuity products to senior citizens. Bendzak v. Midland Natl Life Ins. Co., 240 F.R.D. 449, 450 (S.D. Iowa 2007).

RICO is a very serious charge because it implies intentional and ongoing criminal activity in the way Midland is doing business.

Midland National has a colorful history of civil and regulatory legal problems.  The Minnesota Attorney General's Office filed suit against Midland National Life Insurance Company, Sioux Falls, South Dakota in November, 2007 alleging the company was making inappropriate long-term annuity sales to seniors.  That action, involving Midland Nationals insurance sales practices, is similar to class action lawsuits filed against them in California, Hawaii, and Rhode Island; and has also been raised in a law suit filed in South Dakota by a former leading life insurance general agent for the company.
 
The Texas Department of Insurance (TDI) has an open enforcement case against Midland National Life Insurance Company based on their annuity sales and marketing, and TDI officials have confirmed this with The Associated Press.

An enforcement case is similar to other law enforcement investigations in that its focus is to determine whether Midland has committed any criminal or administrative violations of Texas law.

Midland has also been fined by Arizona twice in the last twenty years for their sales practices.

The Minnesota suit was settled in December, 2008; with Midland agreeing to policy holder refunds in the millions of dollars.

It is unknown whether these legal issues involving their sales practices contributed to Standard & Poor's reduction in December, 2008 of their outlook on Midland to negative from stable.

Midland National is part of the Sammons Financial Group and is affiliated with the North American Company for Life and Health and Midland Annuity.

There have been many complaints filed against Midland.  Google MIDLAND NATIONAL LIFE REVIEW or MIDLAND NATIONAL LIFE COMPLAINT to see other complaints.

I can't imagine any HONEST insurance agent that would defend this company much less sell products for them.

You can learn more about Midland National's legal problems at www.midland-national-life-review.com. 

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#4 General Comment

DO Trust Midland National Life

AUTHOR: Wylie - (United States of America)

The original report was authored by Eric , who has brought numerous lawsuits against Midland National Life.  In 1991 he was a disgrunteled agent who decided to take an employee  hostage at the Midland National home office and went to prison for the crime.  He owns and operates the web site midland-national-review.com and has posted the same false accusations on every other web site including this one.  The man is a kook and a convicted criminal.  He has never proved any of the accusations about Midland National.  His latest April of 2010 lawasuit is nothing more than an attempt to extort money from Midland National.  Do they have lawsuits?  Sure every company does, but Eric makes it sound as if this is unusual.  Midland National has a solid reputation and as a policyholder and agent I can attest that in my 34 years in the business, they are the best there is.
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#5 Author of original report

Midland Annuity is connected to Midland National Life

AUTHOR: Ralph Nader - (United States of America)

Midland National is part of the Sammons Financial Group and is affiliated with the North American Company for Life and Health and Midland Annuity.


The Minnesota Attorney General's Office filed suit against Midland National Life Insurance Company, Sioux Falls, South Dakota in November, 2007 alleging the company was making inappropriate long-term annuity sales to seniors.  This law suit, involving Midland Nationals insurance sales practices, is similar to class action lawsuits filed against them in California, Iowa, Hawaii, and Rhode Island.



Midland has also been fined by Arizona twice in the last twenty years for their sales practices.



The Minnesota suit was settled in December, 2008; with Midland agreeing to policy holder refunds in the millions of dollars.



It is unknown whether these legal issues involving their sales practices contributed to Standard & Poor's reduction in December, 2008 of their outlook on Midland to negative from stable.


http://www.ag.state.mn.us/consumer/pressrelease/071129midlandlife.asp



http://origin-minnesota.publicradio.org/display/web/2007/11/29/annuitysuit/






http://www.midland-national-life-review.com/Home_Page.php



 



http://www.hbsslaw.com/Midland_Life_Insurance_lawsuit.htm






Midland National Life Insurance Company
One Sammons Plaza
Sioux Falls, SD   57193




North American Company for Life and Health
525 West Van Buren
Chicago, IL 60607




Midland Annuity
4601 Westown Pkwy, Suite

300

West Des Moines, IA  50266




Sammons Financial Group
5949 Sherry Lane


Suite 1900

Dallas, TX 75225




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