Even though states evaluate the financial strength of annuity carriers, and FDIC evaluates the wherewithal of banks, neither releases ratings on financial soundness. However, independent rating services do evaluate both banks and carriers and issue ratings.
The bank customer will usually find out their bank failed when they get a letter stating that another bank has taken over the accounts. When a state determines that an insurer is insolvent the state guaranty associations are activated.
Safe Money Places® and this website are operated by SMP International LLC. Safe Money Places is a consumer website. Safe Money Places is not a licensed insurance agency and financial products cannot be purchased on this website. Safe Money Places® does not warrant anything on this website, although we strive to keep everything accurate and up-to-date.
We do not provide tax, legal, accounting, financial, or investment advice. You need to do your own homework and consult your own experts on your personal situation. This website is protected by applicable copyright laws. You may make or print one copy of any material for personal use, further copying or distributing is prohibited without prior written permission.
If you have an questions or concerns, please contact us at 1-877-844-0900 OR contact us by filling out our form.