According to MassMutual, its role is limited to issuing the Policies, and it did not make any promises or representations regarding the financing arrangement. They also point out that no one claims the Policies did not function, as intended.
It is also noted the policies were issued in Nevada. And question why Florida law is being applied.
According to the insurance company Hugo Tomasio’s comments regarding interest rates and dividends on the policy do not affect MassMutual.
“Mr. Tomasio is an independent broker affiliated with Southport Compass, LLC as a principal. As an independent broker, Mr. Tomasio represents the interests of his clients and exercises independent judgment in how he conducts his business.”
“ Furthermore, it is well understood that an agent cannot hold an insurer bound by the acts, contracts, or representations of an agent, which are beyond the agent’s authority, as known either actually or circumstantially to him. Hughes v. Pierce, 141 So. 2d 280 (1st DCA 1961).”
Buyer’s Remorse
MassMutual recounts that they “expressly provided, and the Trust acknowledged, that potential dividends reflected in the illustrations were non-guaranteed values.” And that regardless of what Mr. Tomasio told the principle about guarantees and dividends it does not bind MassMutual.
