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.
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Raymond J. Ohlson, CLU, CRC, is the CEO of SMP International LLC which owns safemoneyplaces.com. Mr. Ohlson is a licensed insurance agent in all states with the exception of New York. If you request information, regarding a product or service, you may be contacted by a life insurance agent licensed in your state.