Legal Question in Insurance Law in New York

IRA withdrawals

Does the allianz Ins. company that held my brother's IRA annuity and of which I was the primary beneficiary have the right to withhold information from me regarding circumstances where 4160,000 was withdrawn from this IRA while my brother was unconscious. He died on Nov.18, 2007


Asked on 5/09/08, 7:57 pm

2 Answers from Attorneys

Kevin Connolly Kevin J. Connolly

Re: IRA withdrawals

They certainly do not have the right to withhold information from you. However, they are an insurance company, and like all insurance companies, they think they are above the law. In addition to that, it's substantially certain that senior executives of the company are in on the theft, and they are not ever going to cooperate with you.

So what we do is sue them into oblivion. Here at Anderson Kill & Olick, we despise insurance companies and bleed them white for our clients. I suggest you call me at your soonest convenience to set up a meeting with my colleagues, who have a garage full of machines that can extract blood from a stone, extract money from insurance companies, and get justice for our clients. We represent only policy holders. Take a look at our website, and here's the cool news: our founder, Gene Anderson, is getting on in years and he's concerned about life insurance companies not paying his widow when he checks out.....so he has established a major initiative to beat the snot out of life insurance companies, including Allianz. So your situation, troubling though it is, dovetails exactly with Gene Anderson's new plan of attack.

There is no obligation in meeting with the team, of course.

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Answered on 5/10/08, 11:42 am
jeffrey lazroe Jeffrey A. Lazroe attorney at law

Re: IRA withdrawals

No, they do not have that right. However, you might first have to commence an action to enforce your rights.

The only person who would have the right to invade the IRA would be your brother (who could not), or his power of attorney, who can only do so for the benefit of your brother.

You can start an a legal action, and during discovery find out all of the details concerning the withdrawals.

You may then continue the action against the insurance company for negligence, or go after the actual person who took the money or both.

We are litigation attorneys. With over 35 years of experience going to court, we have developed experience and knowledge in this area.

If you would like to talk about this matter further, please feel free to contact me.

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Answered on 5/10/08, 4:32 pm


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