Phil Cannella – Phillip Cannella News: Phil Cannella, when researching the insurance industry, was skeptical of their promises and guarantees. How could an industry make such statements? As Phil Cannella’s says, “but I wondered, how can insurance companies give guarantees? What if they went out of business at the time you needed your insurance to pay out?”
This mirrors the sentiments of so many consumers who are very wary of the promises and marketing statements insurance companies put out. Phil Cannella dug deeper; “In the course of my intense studies I learned that the insurance industry operates under a statutory accounting system. In other words, by law, any state licensed insurance company in our great nation must abide by legal reserve rules. This is a unique and exclusive aspect of the insurance industry. An insurance company by law is obliged to reserve dollar for dollar any investment monies taken from consumers for financial instruments or products to cover anticipated payments, or they must reinsure their policy contracts (nursing home insurance, life insurance, etc.) with a reinsurance company. Insurance companies insure us, and reinsurance companies insure the insurance companies’ accounts.”
As Phil Cannella recognized that the insurance industry did indeed offer a solution that was safe and sound, he pursued a career within this field. With now almost 40 years in the industry, Phil Cannella can proudly look back at his contributions to this industry as one of the leading pioneers.