Q: I was an insurance agent for ltpc in 2003 do I have any standing under Lion 2004 Receivables Tr. v. LTPC
I hope you can help me. My name is xx and I was an agent for Long Term Preferred care based in Franklin TN from 1999 to 2003
I was licensed in NY state to sell a variety of long term care insurance products including the NY state partnership for care products. While I was under contract with LTPC they issued a new contract which we were all required to sign and this new contract had a higher minimum of on the books sales required before the annual renewal commissions would kick in. We all signed never suspecting that the company was re-organizing financially and were closing their doors as the LTPC we new. The result was --we all lost our on-going commissions. I ultimately left LTPC due to this issue and continued my career at NYLTC Brokerage.
A:
It's important to review the terms of the contract you signed with Long Term Preferred Care, as well as any relevant court decisions, to determine if you have a claim. The case of Lion 2004 Receivables Trust v. LTPC may have implications for former agents, particularly if it addressed the issue of commissions and contract changes. You may have standing if the case outcomes or settlements included provisions for agents who lost commissions due to the reorganization.
Consulting with an attorney who has experience in contract law and the specific issues related to insurance commissions would be advisable. They can assess the details of your situation and guide you on the possibility of pursuing any lost commissions based on the contract's terms and the outcomes of any related litigation.
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