LIMRA: Individual Life Falls to 50-Year Low
{August 31st, 2010} by N/A
Four in 10 U.S. Households with Children Would Have Immediate Trouble Paying Bills if the Primary Breadwinner Died Today ARLINGTON, Va., and WINDSOR, Conn., Aug. 30, 2010 — Despite the fact that most American families have less to fall back on financially than when the economic downturn began , ownership of individual life insurance […]
UNIFI to consolidate several operations
{August 30th, 2010} by Matt Olberding
UNIFI to consolidate several operations By MATT OLBERDING / Lincoln Journal Star | Posted: Friday, August 27, 2010 4:20 pm | UNIFI Companies plans to consolidate several functions in its life insurance operations, a move that will affect nearly 50 jobs companywide, an unknown number of which will be in Lincoln. Scott Stuckey, a spokesman […]
Clarification of the SEC's Rule 151A and FINRA's Notice to Members 05-50
{August 27th, 2010} by Sheryl J. Moore
Since the recent demise of the Securities and Exchange Commission’s Rule 151A, I have been receiving a slew of questions about the impact of this on the Financial Industry Regulatory Authority’s Notice to Members 05-50. A quick overview: The National Association of Securities Dealers (now known as the Financial Industry Regulatory Authority, FINRA) issued their […]
Clarification of the SEC’s Rule 151A and FINRA’s Notice to Members 05-50
{August 27th, 2010} by Sheryl J. Moore
Since the recent demise of the Securities and Exchange Commission’s Rule 151A, I have been receiving a slew of questions about the impact of this on the Financial Industry Regulatory Authority’s Notice to Members 05-50. A quick overview: The National Association of Securities Dealers (now known as the Financial Industry Regulatory Authority, FINRA) issued their […]
Aviva USA Completes Move to New U.S. Headquarters
{August 27th, 2010} by N/A
Project on time, on budget with all employees now in place WEST DES MOINES, Iowa–(BUSINESS WIRE)– All 1,300 of Aviva USA’s Des Moines-based employees and contractors are now occupying the company’s new U.S. operations headquarters at 7700 Mills Civic Parkway in West Des Moines. Capping a summer of highly orchestrated moves, Aviva relocated its staff […]
Response: The Truth About Equity-Indexed Annuities
{August 26th, 2010} by Sheryl J. Moore
PDF for Setting it Straight with Forbes ORIGINAL ARTICLE CAN BE FOUND AT: The Truth About Equity-Indexed Annuities Dear Forbes Editor, I recently had an article on your website forwarded to me, which is very misleading and inaccurate. “The Truth About Equity-Indexed Annuities,” by Mel Lindauer reflects poorly on Forbes because of the misinformation in the […]
Feds: Do What the NAIC Does
{August 26th, 2010} by Allison Bell
By ALLISON BELL Published 8/25/2010 Federal bank regulators say banks could consider emulating the National Association of Insurance Commissioners (NAIC) when they are trying to reduce reliance on credit ratings. The agencies are talking about that approach in a notice advising banks about upcoming changes in bank risk-based capital rules. The agencies — the Office of […]
Letters to the Editor for Aug. 15
{August 24th, 2010} by Willard Jenkins
Senators put Iowa, country first Willard Jenkins Former state representative WATERLOO – Thanks to Sens. Charles Grassley and Tom Harkin for their amendment to the recent financial reform bill – an amendment that was very important to Iowa and our insurance industry. Their amendment blocked the Federal Securities and Exchange Commission from treating fixed indexed […]
Response: An Annuity You Really Should Avoid
{August 24th, 2010} by Sheryl J. Moore
PDF for Setting It Straight with Kiplingers ORIGINAL ARTICLE CAN BE FOUND AT: An Annuity You Really Should Avoid The following email was sent to Kimberly Lankford of Kiplingers, in addition to her editors. Ms. Kimberly Lankford, I recently had the occasion to read an article that you authored for Kiplinger’s Personal Finance. “An Annuity You […]
Alfred Gross to Leave Virginia Bureau
{August 24th, 2010} by Allison Bell
By ALLISON BELL Published 8/23/2010 Alfred Gross plans to retire from his post as Virginia insurance commissioner Dec. 31. Gross, 64, the head of the Bureau of Insurance at the Virginia State Corporation Commission, has been with the bureau since 1981, and he has been commissioner since 1996. The Virginia bureau regulates about 2,500 insurance companies, […]
Pete Adkins Named President, Agency Distribution For Transamerica Life & Protection
{August 23rd, 2010} by N/A
CEDAR RAPIDS, IOWA (June 14, 2010) Transamerica Life & Protection, has announced that Pete Adkins has been promoted to President, Agency Distribution. “Pete is an asset to our organization and will do a great job in leading our Agency Distribution business group,” said John Hunter, Chief Financial Officer for Transamerica Life & Protection. “Since joining […]
Pete Adkins Named President, Agency Distribution For Transamerica Life & Protection
{August 23rd, 2010} by N/A
CEDAR RAPIDS, IOWA (June 14, 2010) Transamerica Life & Protection, has announced that Pete Adkins has been promoted to President, Agency Distribution. “Pete is an asset to our organization and will do a great job in leading our Agency Distribution business group,” said John Hunter, Chief Financial Officer for Transamerica Life & Protection. “Since joining […]
Indexed Annuity Q2 Sales Jump 22.8%
{August 20th, 2010} by Sheryl J. Moore
August 15, 2010 Forty-three indexed annuity carriers participated in the 52nd edition of AnnuitySpecs.com’s Indexed Sales & Market Report, representing 99% of indexed annuity production. Total second quarter sales were $8.3 billion, down 0.1% from the same period last year. As compared to the previous quarter, sales were up over 22.8%. “This is definitely the […]
Fixed Annuity Sales Slump 37% Since 2009
{August 20th, 2010} by Steven A. Morelli
By Steven A. Morelli Senior Editor InsuranceNewsNet Aug. 16, 2010 — Fixed annuity sales in the first half of this year slumped 37 percent compared to the first half of 2009, erasing the meteoric rise in sales amid the flight to safety during the recession, according to LIMRA data released today. The drop brings FA […]
AnnuitySpecs: Indexed Annuity Sales Stay High
{August 20th, 2010} by NU ONLINE NEWS SERVICE
By NU ONLINE NEWS SERVICE Published 8/16/2010 The second quarter was another good quarter for U.S. sellers of indexed annuities. AnnuitySpecs.com, Pleasant Hill, Iowa, is reporting that indexed annuity sales totaled $8.3 billion during the second quarter, down just 0.1% from the total for the second quarter of 2009. AnnuitySpecs.com has based those figures on results from […]
FINRA Sticks With Securities in Suitability Proposal
{August 20th, 2010} by Allison Bell
By ALLISON BELL Published 8/19/2010 The Financial Industry Regulatory Authority (FINRA) is leaving “non-securities” products out of a proposed suitability rule update. The U.S. Securities and Exchange Commission has published a notice of the filing of the proposed FINRA Rule 2111 rule change today in the Federal Register. The SEC can take as little as 45 […]
Second-Quarter Sales of Equity-Indexed Annuities Dip Slightly; AIG Unit Re-Enters Market
{August 20th, 2010} by Fran Lysiak
August 17, 2010 | BestWire Services Total second-quarter U.S. sales of equity-indexed annuities stood at $8.38 billion, a dip of 0.1% from the same period a year ago but sales rose nearly 23% from the first quarter, according to AnnuitySpecs.com, a firm that tracks the data. It was the second-highest quarter ever for sales, as […]
Second Quarter 2010 Indexed Insurance Sales
{August 14th, 2010} by Sheryl J. Moore
Indexed Annuity AnnuitySpecs.com’s Indexed Sales & Market Report, 2nd Quarter 2010 shows second quarter 2010 indexed annuity sales were $8379 million compared with sales of $6819 million for the previous quarter. Second quarter sales were up nearly 23% when compared with the previous quarter and down less than 0.20% when compared with the same period […]
A.M. Best Downgrades Ratings of OM Financial Life Insurance Company and Its Subsidiary
{August 13th, 2010} by N/A
OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best Co. has removed from under review and downgraded the financial strength rating to B++ (Good) from A- (Excellent) and issuer credit ratings to “bbb+” from “a-” of OM Financial Life Insurance Company (Baltimore, MD) and its wholly owned subsidiary, OM Financial Life Insurance Company of New York (Purchase, NY) (together known […]
Aviva suspects will be tried together, judge says
{August 12th, 2010} by Tom Witosky
Aviva suspects will be tried together, judge says By TOM WITOSKY • twitosky@dmreg.com • August 12, 2010 Marla Stevens will be tried at the same time as her spouse, Phyllis, on charges stemming from the alleged embezzlement of nearly $6 million from Aviva USA, a federal judge ruled Wednesday. U.S. Senior Judge Ronald Longstaff rejected […]
Allianz Life Names Suzanne Dowd Zeller as Vice President Human Resources
{August 11th, 2010} by N/A
August 10, 2010 | Investment Weekly News Allianz Life Insurance Company of North America (Allianz) has named Suzanne Dowd Zeller as vice president of Human Resources. She will report directly to Allianz President and CEO Gary C. Bhojwani, and functionally to Yvonne Franzese, chief HR officer of Allianz of America, the holding company of Allianz […]
Pennsylvania Commissioner Ario Steps Down
{August 11th, 2010} by N/A
Pennsylvania Insurance Commissioner Joel Ario has stepped down as the state’s top insurance regulator to take a position with the federal government as director of federal Office of Insurance Exchanges. Robert L. Pratter has been named acting insurance commissioner. He has served as the executive deputy general counsel for litigation with the state’s Office of […]
An Annuity:What No Well-Heeled Client Can Do Without
{August 10th, 2010} by Warren S. Hersch
By WARREN S. HERSCH Tell affluent client prospects about why an annuity is critical to a balanced portfolio for achieving financial planning objectives and their eyes are likely to roll. How, they might ask, can an annuity—a product commonly used by mid-income households to cover basic expenses in retirement—compare with the many alternative investments available […]
John Hancock Annuities Makes eDelivery Options Widely Available to Customers
{August 10th, 2010} by N/A
August 09, 2010 | PR Newswire US Copyright: unknown Source: PR Newswire US Wordcount: unknown BOSTON, Aug. 9 /PRNewswire-FirstCall/ — John Hancock Annuities has made eDelivery options for quarterly statements and confirmations available for all annuity contract owners who register on its award-winning web site, www.jhannuities.com. Owners who wish to receive their statements and […]
Annuity Valid Despite Missing Information, Rules U.S. District Court Judge
{August 10th, 2010} by Tom Egan
August 09, 2010 | Rhode Island Lawyers Weekly Copyright 2010 Dolan Media Newswires Rhode Island Lawyers Weekly August 2, 2010 Monday NEWS 1003 words Annuity valid despite missing information, rules U.S. District Court judge Tom Egan An insurance company could not terminate an annuity even though the applicant and beneficiary did not state their relationship […]
Old Mutual to Sell U.S. Life Business for $350 Million
{August 7th, 2010} by NU ONLINE NEWS SERVICE
By NU ONLINE NEWS SERVICE Published 8/6/2010 British insurer Old Mutual Group P.L.C. announced it has agreed to sell its U.S. life insurance operations to Harbinger Capital Partners L.L.C. for $350 million Old Mutual, London, says it will apply proceeds from the deal to reduce its debt. Harbinger Capital, New York, an investment fund, will pay […]
Rule 151A is Over – Now What?
{August 7th, 2010} by Sheryl J. Moore
By Sheryl Moore Published 8/6/2010 Two years ago, the Securities and Exchange Commission (SEC) proposed Rule 151A, which would have regulated indexed annuities as securities rather than insurance products. After a long battle, however, indexed annuities have secured their fixed insurance status of thanks to two final actions: The District of Columbia U.S. Court of Appeals […]
Allianz Life's annuity revenue a bright spot
{August 7th, 2010} by Dan Browning
Profits slipped in the second quarter, though premiums exceeded expectations. By DAN BROWNING, Star Tribune Last update: August 6, 2010 – 8:14 PM Allianz Life Insurance Co. of North America reported Friday that operating profits slipped in its second quarter due to the difficult economy, but its $2.6 billion in reported premiums for the quarter […]
Allianz Life’s annuity revenue a bright spot
{August 7th, 2010} by Dan Browning
Profits slipped in the second quarter, though premiums exceeded expectations. By DAN BROWNING, Star Tribune Last update: August 6, 2010 – 8:14 PM Allianz Life Insurance Co. of North America reported Friday that operating profits slipped in its second quarter due to the difficult economy, but its $2.6 billion in reported premiums for the quarter […]
Old Mutual Sells US Life Operations
{August 6th, 2010} by David Pilla
Copyright: A.M. Best Company, Inc. Source: BestWire Services Wordcount: unknown London-listed financial services group Old Mutual plc announced it will sell its U.S. life insurance operations as it released a strong earnings report for the first half of 2010. Old Mutual said it agreed to sell the U.S. operations to affiliates of Harbinger Capital […]
AIG Posts 2Q Loss Of $538M On Restructuring Costs
{August 6th, 2010} by Eileen AJ Connelly
AIG posts 2nd-quarter loss of $538M on restructuring charges; adjusted profit beats views Eileen Aj Connelly, AP Business Writer, On Friday August 6, 2010, 12:34 pm EDT NEW YORK (AP) — The insurance giant AIG on Friday reported a $538 million loss in the second quarter due to charges related to selling assets to repay […]
The Phoenix Companies, Inc. Reports Second Quarter 2010 Results
{August 6th, 2010} by N/A
HARTFORD, Conn., Aug 05, 2010 (BUSINESS WIRE) — –Phoenix Life statutory surplus rises 24 percent from year end 2009 –Investment portfolio demonstrates improved market value, net investment income and credit impairments The Phoenix Companies, Inc. /quotes/comstock/13*!pnx/quotes/nls/pnx (PNX 2.19, -0.22, -9.13%) today reported net income of $10.3 million, or $0.09 per diluted share, for the second […]
Annuity Issuers Eye Dodd-Frank Act
{August 6th, 2010} by Katharine Rose
By KATHARINE ROSE Published 8/5/2010 The Dodd-Frank Wall Street Reform and Consumer Protection Act could increase the cost of the derivatives that insurers use in annuity programs, an executive says. The topic came up during a second-quarter earnings teleconference focusing on Prudential Financial Inc., Newark, N.J. (NYSE:PRU). Prudential reported $1.1 billion in total net income for […]
Nationwide's profits up 45 percent in first half of 2010
{August 5th, 2010} by Karen Mracek
By KAREN MRACEK • kmracek@dmreg.com • August 3, 2010 Nationwide Mutual Insurance Co. reported a drop in second-quarter profits, due mostly to investment losses this year compared with a year ago. The Columbus, Ohio, insurance and financial services company reported a net income of $88 million for the three months ended June 30, compared with […]
Nationwide’s profits up 45 percent in first half of 2010
{August 5th, 2010} by Karen Mracek
By KAREN MRACEK • kmracek@dmreg.com • August 3, 2010 Nationwide Mutual Insurance Co. reported a drop in second-quarter profits, due mostly to investment losses this year compared with a year ago. The Columbus, Ohio, insurance and financial services company reported a net income of $88 million for the three months ended June 30, compared with […]
Aviva sees profits jump in U.S.
{August 5th, 2010} by Karen Mracek
Updated 2:27 pm By KAREN MRACEK • kmracek@dmreg.com • August 5, 2010 Aviva PLC reported an increase in profits for the first half of the year, with strong results from its U.S. operation based in Des Moines. Aviva North America, which includes Aviva USA, doubled its operating profits for the first six months of 2010, […]
American Equity Reports Record Operating Earnings of $29.2 Million or $0.48 Per Diluted Common Share for the Second Quarter 2010
{August 5th, 2010} by N/A
WEST DES MOINES, Iowa, Aug 04, 2010 (BUSINESS WIRE) — American Equity Investment Life Holding Company /quotes/comstock/13*!ael/quotes/nls/ael (AEL 10.95, +0.13, +1.20%) , a leading underwriter of index and fixed rate annuities, reported record operating income(1) of $29.2 million, or $0.48 per diluted common share for the second quarter of 2010, a 35% increase over 2009 […]
Bank Annuity Sales Rise
{August 5th, 2010} by NU ONLINE NEWS SERVICE
By NU ONLINE NEWS SERVICE Published 8/4/2010 Strong demand for variable annuities (VA) helped lead to a 6% overall increase in sales of annuities in banks in May. Total premium revenue from sales of VA contracts and fixed annuities (FA) increased to $3.9 billion, up from $3.7 billion in May 2009, according to Kehrer-LIMRA, a unit […]
SEC 151 faces a double-whammy in Washington
{August 3rd, 2010} by Andy Stonehouse
BY Andy Stonehouse Published 8/1/2010 After two years of debate, political action and some serious soul-searching on behalf of advisors across the country, the controversial SEC 151A ruling was given the one-two punch in separate moves in the nation’s capital. On July 12, a federal appeals court announced that it had opted to side with plaintiffs […]
Response: The Disadvantages of Fixed Index Annuities
{August 3rd, 2010} by Sheryl J. Moore
PDF for Setting It Straight with FinanceCove ORIGINAL ARTICLE CAN BE FOUND AT: The Disadvantage of Fixed Index Annuities The following comment was submitted to the blog author at www.financecove.doodig.com. I am an independent market research analyst who specializes exclusively in the indexed annuity (IA) and indexed life markets. I have tracked the companies, products, marketing, […]
Response: Fixed Indexed Annuities are almost out of the SEC's claws
{August 3rd, 2010} by Sheryl J. Moore
PDF for Setting it Straight with Lisa Cintron ORIGINAL ARTICLE CAN BE FOUND AT: Fixed Indexed Annuities are almost out of the SEC’s claws The following email was sent to Lisa Cintron of AdvisorWorld.com in addition to the editors and legal team at Examiner.com regarding the article below. Lisa and Examiner.com Staff, I recently had the […]
Response: Fixed Indexed Annuities are almost out of the SEC’s claws
{August 3rd, 2010} by Sheryl J. Moore
PDF for Setting it Straight with Lisa Cintron ORIGINAL ARTICLE CAN BE FOUND AT: Fixed Indexed Annuities are almost out of the SEC’s claws The following email was sent to Lisa Cintron of AdvisorWorld.com in addition to the editors and legal team at Examiner.com regarding the article below. Lisa and Examiner.com Staff, I recently had the […]
Should Your Clients Be Using Indexed Universal Life to Diversify Risk and Market Exposure?
{August 3rd, 2010} by Marian Sole
By Marian Sole Published 8/2/2010 None of us have been immune to the global economic crisis. Whether it’s through a lost job, lost assets, or lost innocence about asset allocation, we have all been altered in some way. The market conditions of the past two years have exposed unimagined vulnerabilities. Now, many of your clients may […]
Good News! On Monday, July 12, the United States Court of Appeals for the District of Columbia completely vacated 151A.
{August 3rd, 2010} by Sharon Chace
Broker Words Sharon A. Chace & Stephen P. Howard So, what does this mean? It means that the court effectively settled 151A. As far as the judicial branch is concerned, there is not sufficient evidence to suggest that indexed annuities should be regulated as securities. The court also reissued the entire ruling with the new […]
Aviva USA Names Christopher Welp to Lead Insurance Operations
{August 3rd, 2010} by N/A
DES MOINES, Iowa, Aug 02, 2010 (BUSINESS WIRE) — Aviva USA, part of Aviva plc, the world’s fifth largest insurance group, has named Christopher R. Welp executive vice president / insurance operations for the Des Moines-based company. Welp currently serves as chief operating officer for ING’s annuity operations and site manager for ING’s Des Moines […]
Response: It's Right for the SEC to Regulate Annuity Products
{August 2nd, 2010} by Sheryl J. Moore
PDF for Setting it Straight with Christopher Cox ORIGINAL ARTICLE CAN BE FOUND AT: It’s Right for the SEC to Regulate Annuity Products The following comment was posted on www.wsj.com in response to the Letter to the Editor below and submitted as its own Letter to the Editor: Dear Christopher Cox, I am sorry to […]
Response: It’s Right for the SEC to Regulate Annuity Products
{August 2nd, 2010} by Sheryl J. Moore
PDF for Setting it Straight with Christopher Cox ORIGINAL ARTICLE CAN BE FOUND AT: It’s Right for the SEC to Regulate Annuity Products The following comment was posted on www.wsj.com in response to the Letter to the Editor below and submitted as its own Letter to the Editor: Dear Christopher Cox, I am sorry to […]
The Minutemen
{August 2nd, 2010} by Bill Coffin
When the SEC issued rule 151A, it thought it had an open and shut case against the fixed indexed annuity industry. It thought By BILL COFFIN Published 7/26/2010 Eric Marhoun can still remember the moment when his summer vacation fell apart in 2008. He had just brought his family up to their cabin in Brainerd, Minnesota […]
Broker Words
{August 2nd, 2010} by Sharon A. Chace and Stephen Howard
Good News! On Monday, July 12, the United States Court of Appeals for the District of Columbia completely vacated 151A. Click HERE to read the full story via Broker World. Is the securities status of indexed annuities settled for good? According to Sheryl Moore, Advantage Group Associates, Inc., “No. Remember, the Securities and Exchange […]
