Money, markets, and what matters today.

Tuesday, October 27

When the Agent Steals the Policy Money

Man in a suit escorted down courthouse steps in the rain

Most people buy life insurance or annuities through someone they trust: an agent, a broker, the advisor who helped their parents. That trust is usually well placed. Two stories from this month show what can happen when it isn’t, and what you can do to protect yourself.

The Maryland case: fake policies, real money

On Oct. 2, 2026, Gregory A. Maslow, a 72-year-old insurance agent from Owings Mills, Maryland, pleaded guilty in a scheme the Maryland Attorney General’s Office says ran for four years and netted him more than $100,000.

According to the Attorney General, Maslow used the identities of other agents and of customers to submit more than 75 fraudulent life insurance applications. He collected the commissions the insurers paid for those new policies, then stopped paying the premiums, letting the policies lapse.

The plea calls for 30 days in jail, five years of supervised probation, restitution, and revocation of his insurance license. Sentencing is set for Nov. 23, 2026.

It’s worth being precise here. Based on the official announcement, the money taken was commissions paid by insurance companies, not premiums pulled directly from customers’ bank accounts. But customers’ personal information was used to create policies they may not have known about. That’s identity misuse, and it can follow people into credit reports and insurance records.

The bigger fight: annuity buyers vs. Mark Walter’s insurers

The second story is larger and, so far, only allegations.

Retirement savers have filed proposed class-action lawsuits against Delaware Life Insurance Co. and Clear Spring Life and Annuity Co., their parent Group 1001, and related parties including Guggenheim Partners and billionaire Mark Walter, who also owns the Los Angeles Dodgers. One case was filed by Ira Rosner in September. Another, by Robert Kalinsky, was filed Oct. 7 in federal court in South Florida.

The suits claim buyers weren’t told how much of the insurers’ money was invested in businesses tied to Walter. According to InsuranceNewsNet, Delaware Life reported in its own corrected filings that affiliated investments made up about 42% of its general-account assets at the end of 2025 and about 39% by June 30, 2026. The insurers have said certain private credit investments had been wrongly labeled as unaffiliated. They have also disclosed grand jury subpoenas and a parallel SEC investigation.

Kalinsky says he paid $625,000 for three annuities and, after surrendering one, lost about $16,600 to surrender charges and a market value adjustment.

Group 1001 says it will fight. “No court has ruled that Group 1001 Insurance or Delaware Life Insurance Company did anything wrong, and we intend to defend the case vigorously,” a spokesperson said. No court has made any finding.

How to protect yourself

You can’t audit an insurer’s balance sheet. You can protect yourself from the most common problems:

  • Verify the agent’s license. Every state insurance department has a free lookup. Check for complaints or discipline.
  • Pay the insurer, never the agent. Premium checks or transfers should go to the insurance company, not to a person.
  • Call the insurer directly. Once a year, confirm your policies, beneficiaries, and payment status yourself, using the number on the company’s official site.
  • Watch for policies you didn’t buy. If you get a welcome letter or statement for coverage you don’t recognize, report it right away.
  • Ask where the money goes. For annuities, ask about the insurer’s financial strength ratings and read its disclosures. Ask about surrender charges before you sign.
  • Know your backstop. State guaranty associations protect policyholders if an insurer fails, up to limits that vary by state.

Most agents and insurers do right by their customers. A few simple habits make it much harder for the ones who don’t.

Sources and Further Reading

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