PHL Variable Insurance Company Rehabilitation
PHL Variable Insurance Company and its subsidiaries, Concord Re, Inc. and Palisado Re, Inc. (collectively, “PHL”) entered rehabilitation proceedings in the Connecticut Superior Court on May 20, 2024. The proceedings were initiated by the Connecticut Insurance Department in response to PHL’s hazardous financial condition.
Specifically, the Court appointed the Connecticut Insurance Commissioner as the Rehabilitator of PHL. The Rehabilitator assumed control of PHL’s assets and will administer them under the Court’s supervision and is empowered to take the necessary or appropriate actions approved by the Court to rehabilitate PHL.
The goal of the rehabilitation proceeding is to develop a plan of rehabilitation that maximizes the value of PHL’s assets and equitably administers the PHL business for the benefit of all policy and annuity holders. That plan will be developed over the next twelve months.
The moratorium does not have any immediate effect on recurring payments and death benefits for most policy and annuity holders. Life insurance and annuity holders will receive a letter detailing any restrictions on their policies.
Policy and annuity holders, as well as other stakeholders, can get answers to questions by calling 1-877-800-2445.
Please be advised that in response to this initial mailing, the PHL in Rehabilitation Call Center is experiencing an unusually high volume of calls. As a result, you may experience longer wait times than usual. We apologize for any inconvenience this may cause and appreciate your patience during this period.
The Department will continue to update this page as information becomes available.
Important Information
- The Department’s Press Release posted on May 20, 2024.
- PHL Frequently Asked Questions (“FAQs”), which will be periodically updated. Last updated: 05/23/2024.
- Notice of (I) Rehabilitation Order, (II) Moratorium Motion, (III) Temporary Moratorium Order, and (IV) All Other Matters
- Summary of Temporary Moratorium Order
- Hardship Request for Exemption from Moratorium
- The Department’s Insurance Company Receiverships information webpage.
Court Documents:
NOTE: Only certain court documents are directly linked below. All court filings can be accessed under the linked docket.
- Order of Rehabilitation and Appointment of State Insurance Commissioner as Rehabilitator
- Rehabilitator's Motion for a Moratorium on Certain Benefit Payments and Transactions
- Temporary Moratorium Order
- In the matter of PHL Variable Insurance Company, Inc., et al.
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