Preview
FILED: NEW YORK COUNTY CLERK 12/09/2019 08:46 PM INDEX NO. 655085/2017
NYSCEF DOC. NO. 284 RECEIVED NYSCEF: 12/09/2019
Exhibit
R
FILED: NEW YORK COUNTY CLERK 12/09/2019 08:46 PM INDEX NO. 655085/2017
NYSCEF
YSCEF DOC.
DOC . NO.
NO. 2 33
284 RECEIVED
RECEIVED NY SCEF:
NYSCEF: 10 / 2 B / 2 01
12/09/2019
New York LifeInsurance and Annuity Co.Tctsdan March 22, 2017
(A DelawareCorporation)
PO Box 6916
Your Agent:
ClevelandOH 44101-6916
ALVIN R BARNETT
(718) 286-n66
Call us at
1-800-695-9873
Monday toFriday,8am to 7pm ET.
We'lifindthebest way tohelp.
Visitus at w-w__enfwyprkhcorn/vsc
CHRISTIANA BRIDGEWATER
333 E 45TH ST APT12C
NEW Y ORK NY 10017-3417
Your beneficiary information is below.
PolicyNumber: 592
Insured: ChristianaBridgewater
Dear Christiana Bridgewater:
Recently, you requested a beneficim y change for the policy referenced above. Below you will
find the
bêñêficiaries now on record for thispolicy. If youown multiple policies with us, you willreceive a separate
letterfor each policyconfirming your beneficiaries.
Effective Date: March 21, 2017
Coverage: NYLIAC Protector Universal Life Insurance - CHRISTIANA BRIDGEWATER
PRIMARY BENEFICIARIES
BENEFICIARY SHARE RELATIONSHIP
CarolineM Shepherd 100% Niece
To make sure that your beneficiary's personal information remains private and confidential,information such
as SocialSecurity/Tax Identification numbers, dates of birth,addresses, and phone numbers do not appear in
this confirmation. Itis important for us to have this information, however, because itenables us to quickly
locate and authenticate your beneficiaries when the death benefit becomes payable.
Therefore, if youneed to provide or update a beneficiary's personal information, or if anyof the inforrnation in
this letter is incorrect,please visitus online or calla customer service representative. You can also view and
change your current beneficiaries online at any time.
FILED: NEW YORK COUNTY CLERK 12/09/2019 08:46 PM INDEX NO. 655085/2017
NYSCEF
SY S CE F DOC.
DOC . NO.
NO. 284
2 S3 RECE IVE
RECEIVED D NYSCEF: / 2 6 / 2 0 11
NY S CE F : 12/09/2019
10
Page 2 of 2
March 22, 2017
New York and Annuity
Life Insurance Corporation
If youdid not request this change, please contact your New York LifeAgent or calla customer service
representative as soon as possible at the number referenced at the top of this letter.
Thank you fortrusting us with your business.
On behalf of New York Life,
William P. Tate
Vice President
Our newccinrnsn::ãtions to tell you clearly what you need to know, what you need to do, sad how yes can take action. Tell us if we're
crc d:::gned
succeeding at www.newvorklife.com/cleartalk.
FILED: NEW YORK COUNTY CLERK 12/09/2019 08:46 PM INDEX NO. 655085/2017
NYSCEF DOC. NO. 284 RECEIVED NYSCEF: 12/09/2019
Dec 28 2817 15:17:52 EST 12125894421 MSG# 1681613673-886-1 Page 883 Of 847
E.
New York LifeInsuranceCompany
1 Rockwood Road
Sleepy Hollow,NY10591
Bus: 914 846-5597
Fax: 914-848-5497
Catherine M. Kahra
SeniorAssociate
December 20, 2017
New York State
Department of Financial Services
Consumer Assistance Unit
One State Street Plaze
New York, NY 10004
Re: Dept. File #: CSB-2017-123242
CaselD: 3087-2017
Insured: Christiana J. Bridgewater
Complainent: Caroline M. Shepherd
Contracts: 62 825 592
61110320
Issuing Co.: New York Life insurance and Annuity Corporation ("NYLIAC")
NAIC Code: 91596
Dear Sir or Madam:
This responds to your December 12, 2017 letter and Ms. Caroline M. Shepherd's filingwith
the Department of Financial Services, As explained below, NYLIAC received adverse claims
to the above-referenced policies and thus filed an interpleader complaint in New York
Supreme Court. Ms. Shepherd, as Executor of Ms. Bridgewater's Estate, is a party to the
action. The interpleader matter remains ongoing and is the appropriate forum for this
dispute to be resolved.
Policy 61 110 320 was issued es a $500,000 face amount Universal Life insurance policy
owned by and Insuring the lifeof Christiana J. Bridgewater with a policy date of December
28, 2010. The original beneficiary of the policy was the Estate of Christiana Bridgewater.
We received a Request for Transfer of ownership form dated May 14, 2014, bearing Ms.
the policy.2 Barnett
Bridgewater's signature, making Alvin R. Barnett the owner of Mr.
indicated Ms. Bridgewaterwas his cousin. A copy of the form is enclosed, (Exhibit l).
Alvin R. Barnettis a New York Lifeagent and soldthe policiesat issueto Ms. Bridgewater. Ms. Shepherd's
complaint erroneously referstoAMn R. Barnett,
J r.Mr. Barnett,Jr.(the son ofAlvinR. Barnett)is alsoa New
York Life agent but has no Involvement withthese policies.The Interpleader action named
originally Mr.
Barnett,Jr.as a defendant but thathas since been corrected.
..
FILED: NEW YORK COUNTY CLERK 12/09/2019 08:46 PM INDEX NO. 655085/2017
NYSCEF DOC. NO. 284 RECEIVED NYSCEF: 12/09/2019
Dec 28 2017 15:18:10 EST 12125894421 flSG# 1681613673-086-1 Page 884 Of 842
December 20, 2
CSB-2017-123242
Page 2
We received the enclosed Change of Beneficiary Request form dated June 18, 2014 making
Alvin R. Barnett the sole beneficiary ofthe policy, (Exhibit II).
On March 27, 2017, we received a Change of Beneficiary Request form dated March 23,
2017, making Ryan Barnett the sole beneficiary of the policy. The form reflected Ryan
Bemett was Ms. Bridgewater's god son. A copy of the form isenclosed, (Exhibit111).
Upon the death of the insured, death benefits for the policy Inthe amount of $500,000, plus
applicable interest, became due. Ms. Shepherd informed New York Life of her position that
the proceeds from this policy should be paid to the Estate of Ms. Bridgewater. Alvin R.
Bamett and Ryan Barnett have taken the position that Ryan Barnett is entitled to the
proceeds of the policy.
Policy 62 825 592 was a $250,000face amount Universal Life insurance policy owned by and
insuring the lifeof Christiana Bridgewater with a policy date of May 22, 2002. The Estate of
Christiana Bridgewater was originally designated as the beneficiary of the policy. On or
about July 12,2002, Ms. BridgewaterdesignatedAlvin R. Barnett as beneficiaryof the policy.
A copy of the form isenclosed, (Exhibit IV).
On March 21, 2017,we received the enclosed Power of Attorney dated December 22, 2014
appointing Caroline Shepherd as agent for Christiana J. Bridgewater. We also received the
enclosed Change of Beneficiary Request form dateil March 12, 2017, making Caroline M.
Shepherd the beneficiary of policy 62 825 592. Copies of both documents are enclosed,
(Exhibits V & VI).
Based on New York State Power of Attorney statues, N.Y. Ob. Laws. 5-1502F(1), effective
September 1, 2009, an attorney in fact does not have the authority to make beneficiary
designations, unless the authority isgranted ina Statutory Gifts Rider ("SGR") and itmust
be included wif&The Fower ef Attorney at issue. In addition, the Power of Attorney stated
in part "You (AIF] may not use the principal's assets to benefit yourself or anyone else or
make gifts to yourself or anyone else unless the principal has specifically granted you that
authority in the document [POA], which is either a Statutory Gifts Rider attached to a
Attorney."
Statutory Short Form Power of Attorney or a non-Statutory Power of Because
a SGR was not attached to the Power of Attorney submitted with the Change of Beneficiary
Request forrn, we determined the beneficiary of policy 62 825 592 should not be changed
and reinstated Alvin R. Barnett as beneficiary.
Upon the death of the insured, death benefits forthe policy in the amount of $250,000, plus
applicable interest, became due. Ms. Shepherd submitted a claim for the death benefits.
Alvin R. Barnett maintains that he is entitled to the proceeds of the policy.
FILED: NEW YORK COUNTY CLERK 12/09/2019 08:46 PM INDEX NO. 655085/2017
NYSCEF DOC. NO. 284 RECEIVED NYSCEF: 12/09/2019
Dec 29 2017 15 :18 :31 EST 12125894421 . MSG# 1681613673-086-1 Page 005 Of 847
..
December 20, 2
CSB-2017-123242
Page 3
Due to the adverse claims to the two policies, New York Life, as a neutral stakeholder,
determined that the appropriate course was to initiate an Interpleader action so a court
could decide to whom the proceeds should be paid.
The complaint in interpleader (which includes Alvin R. Barnett, Ryan Barnett and Ms.
Shepherd as Executor of Ms. Bridgewater's Estate as defendents) wasfiled on July 28, 2017,
and remains ongoing.
We trust the information in this letter is responsive to your request, Ifyou have any
questions, please contact me directly at 914-846-5697.
On behalf of New York Life,
Catherine M. Kahrs
Corporate Compliance Department
Enclosures
ce: Akram Abbassi
Quentin Huang
Alvin Barnett
Preview
FILED: NEW YORK COUNTY CLERK 12/09/2019 08:46 PM INDEX NO. 655085/2017 NYSCEF DOC. NO. 284 RECEIVED NYSCEF: 12/09/2019 Exhibit R FILED: NEW YORK COUNTY CLERK 12/09/2019 08:46 PM INDEX NO. 655085/2017 NYSCEF YSCEF DOC. DOC . NO. NO. 2 33 284 RECEIVED RECEIVED NY SCEF: NYSCEF: 10 / 2 B / 2 01 12/09/2019 New York LifeInsurance and Annuity Co.Tctsdan March 22, 2017 (A DelawareCorporation) PO Box 6916 Your Agent: ClevelandOH 44101-6916 ALVIN R BARNETT (718) 286-n66 Call us at 1-800-695-9873 Monday toFriday,8am to 7pm ET. We'lifindthebest way tohelp. Visitus at w-w__enfwyprkhcorn/vsc CHRISTIANA BRIDGEWATER 333 E 45TH ST APT12C NEW Y ORK NY 10017-3417 Your beneficiary information is below. PolicyNumber: 592 Insured: ChristianaBridgewater Dear Christiana Bridgewater: Recently, you requested a beneficim y change for the policy referenced above. Below you will find the bêñêficiaries now on record for thispolicy. If youown multiple policies with us, you willreceive a separate letterfor each policyconfirming your beneficiaries. Effective Date: March 21, 2017 Coverage: NYLIAC Protector Universal Life Insurance - CHRISTIANA BRIDGEWATER PRIMARY BENEFICIARIES BENEFICIARY SHARE RELATIONSHIP CarolineM Shepherd 100% Niece To make sure that your beneficiary's personal information remains private and confidential,information such as SocialSecurity/Tax Identification numbers, dates of birth,addresses, and phone numbers do not appear in this confirmation. Itis important for us to have this information, however, because itenables us to quickly locate and authenticate your beneficiaries when the death benefit becomes payable. Therefore, if youneed to provide or update a beneficiary's personal information, or if anyof the inforrnation in this letter is incorrect,please visitus online or calla customer service representative. You can also view and change your current beneficiaries online at any time. FILED: NEW YORK COUNTY CLERK 12/09/2019 08:46 PM INDEX NO. 655085/2017 NYSCEF SY S CE F DOC. DOC . NO. NO. 284 2 S3 RECE IVE RECEIVED D NYSCEF: / 2 6 / 2 0 11 NY S CE F : 12/09/2019 10 Page 2 of 2 March 22, 2017 New York and Annuity Life Insurance Corporation If youdid not request this change, please contact your New York LifeAgent or calla customer service representative as soon as possible at the number referenced at the top of this letter. Thank you fortrusting us with your business. On behalf of New York Life, William P. Tate Vice President Our newccinrnsn::ãtions to tell you clearly what you need to know, what you need to do, sad how yes can take action. Tell us if we're crc d:::gned succeeding at www.newvorklife.com/cleartalk. FILED: NEW YORK COUNTY CLERK 12/09/2019 08:46 PM INDEX NO. 655085/2017 NYSCEF DOC. NO. 284 RECEIVED NYSCEF: 12/09/2019 Dec 28 2817 15:17:52 EST 12125894421 MSG# 1681613673-886-1 Page 883 Of 847 E. New York LifeInsuranceCompany 1 Rockwood Road Sleepy Hollow,NY10591 Bus: 914 846-5597 Fax: 914-848-5497 Catherine M. Kahra SeniorAssociate December 20, 2017 New York State Department of Financial Services Consumer Assistance Unit One State Street Plaze New York, NY 10004 Re: Dept. File #: CSB-2017-123242 CaselD: 3087-2017 Insured: Christiana J. Bridgewater Complainent: Caroline M. Shepherd Contracts: 62 825 592 61110320 Issuing Co.: New York Life insurance and Annuity Corporation ("NYLIAC") NAIC Code: 91596 Dear Sir or Madam: This responds to your December 12, 2017 letter and Ms. Caroline M. Shepherd's filingwith the Department of Financial Services, As explained below, NYLIAC received adverse claims to the above-referenced policies and thus filed an interpleader complaint in New York Supreme Court. Ms. Shepherd, as Executor of Ms. Bridgewater's Estate, is a party to the action. The interpleader matter remains ongoing and is the appropriate forum for this dispute to be resolved. Policy 61 110 320 was issued es a $500,000 face amount Universal Life insurance policy owned by and Insuring the lifeof Christiana J. Bridgewater with a policy date of December 28, 2010. The original beneficiary of the policy was the Estate of Christiana Bridgewater. We received a Request for Transfer of ownership form dated May 14, 2014, bearing Ms. the policy.2 Barnett Bridgewater's signature, making Alvin R. Barnett the owner of Mr. indicated Ms. Bridgewaterwas his cousin. A copy of the form is enclosed, (Exhibit l). Alvin R. Barnettis a New York Lifeagent and soldthe policiesat issueto Ms. Bridgewater. Ms. Shepherd's complaint erroneously referstoAMn R. Barnett, J r.Mr. Barnett,Jr.(the son ofAlvinR. Barnett)is alsoa New York Life agent but has no Involvement withthese policies.The Interpleader action named originally Mr. Barnett,Jr.as a defendant but thathas since been corrected. .. FILED: NEW YORK COUNTY CLERK 12/09/2019 08:46 PM INDEX NO. 655085/2017 NYSCEF DOC. NO. 284 RECEIVED NYSCEF: 12/09/2019 Dec 28 2017 15:18:10 EST 12125894421 flSG# 1681613673-086-1 Page 884 Of 842 December 20, 2 CSB-2017-123242 Page 2 We received the enclosed Change of Beneficiary Request form dated June 18, 2014 making Alvin R. Barnett the sole beneficiary ofthe policy, (Exhibit II). On March 27, 2017, we received a Change of Beneficiary Request form dated March 23, 2017, making Ryan Barnett the sole beneficiary of the policy. The form reflected Ryan Bemett was Ms. Bridgewater's god son. A copy of the form isenclosed, (Exhibit111). Upon the death of the insured, death benefits for the policy Inthe amount of $500,000, plus applicable interest, became due. Ms. Shepherd informed New York Life of her position that the proceeds from this policy should be paid to the Estate of Ms. Bridgewater. Alvin R. Bamett and Ryan Barnett have taken the position that Ryan Barnett is entitled to the proceeds of the policy. Policy 62 825 592 was a $250,000face amount Universal Life insurance policy owned by and insuring the lifeof Christiana Bridgewater with a policy date of May 22, 2002. The Estate of Christiana Bridgewater was originally designated as the beneficiary of the policy. On or about July 12,2002, Ms. BridgewaterdesignatedAlvin R. Barnett as beneficiaryof the policy. A copy of the form isenclosed, (Exhibit IV). On March 21, 2017,we received the enclosed Power of Attorney dated December 22, 2014 appointing Caroline Shepherd as agent for Christiana J. Bridgewater. We also received the enclosed Change of Beneficiary Request form dateil March 12, 2017, making Caroline M. Shepherd the beneficiary of policy 62 825 592. Copies of both documents are enclosed, (Exhibits V & VI). Based on New York State Power of Attorney statues, N.Y. Ob. Laws. 5-1502F(1), effective September 1, 2009, an attorney in fact does not have the authority to make beneficiary designations, unless the authority isgranted ina Statutory Gifts Rider ("SGR") and itmust be included wif&The Fower ef Attorney at issue. In addition, the Power of Attorney stated in part "You (AIF] may not use the principal's assets to benefit yourself or anyone else or make gifts to yourself or anyone else unless the principal has specifically granted you that authority in the document [POA], which is either a Statutory Gifts Rider attached to a Attorney." Statutory Short Form Power of Attorney or a non-Statutory Power of Because a SGR was not attached to the Power of Attorney submitted with the Change of Beneficiary Request forrn, we determined the beneficiary of policy 62 825 592 should not be changed and reinstated Alvin R. Barnett as beneficiary. Upon the death of the insured, death benefits forthe policy in the amount of $250,000, plus applicable interest, became due. Ms. Shepherd submitted a claim for the death benefits. Alvin R. Barnett maintains that he is entitled to the proceeds of the policy. FILED: NEW YORK COUNTY CLERK 12/09/2019 08:46 PM INDEX NO. 655085/2017 NYSCEF DOC. NO. 284 RECEIVED NYSCEF: 12/09/2019 Dec 29 2017 15 :18 :31 EST 12125894421 . MSG# 1681613673-086-1 Page 005 Of 847 .. December 20, 2 CSB-2017-123242 Page 3 Due to the adverse claims to the two policies, New York Life, as a neutral stakeholder, determined that the appropriate course was to initiate an Interpleader action so a court could decide to whom the proceeds should be paid. The complaint in interpleader (which includes Alvin R. Barnett, Ryan Barnett and Ms. Shepherd as Executor of Ms. Bridgewater's Estate as defendents) wasfiled on July 28, 2017, and remains ongoing. We trust the information in this letter is responsive to your request, Ifyou have any questions, please contact me directly at 914-846-5697. On behalf of New York Life, Catherine M. Kahrs Corporate Compliance Department Enclosures ce: Akram Abbassi Quentin Huang Alvin Barnett