Is Occupy Wall Street an Opportunity for Annuities?
{October 13th, 2011} by Daniel Williams
October 10, 2011 By Daniel Williams As a journalist, I’m not an optimist by nature. My eye’s trained to look for the dark side of the story—you know, the old motto: “If it bleeds it leads.” But I can’t help but see a silver lining for annuities in this whole Occupy Wall Street business. Ah, […]
A Long Tail, Getting Longer
{October 13th, 2011} by Bill Coffin
October 12, 2011 By Bill Coffin Watch those tails, people. I was a bit surprised when I checked out industry data from the Insurance Information Institute earlier this year that had pegged industry earnings for 2010, because for the first time that I can remember, life insurance became the smallest sector in this business. Annuities […]
NAIC Issues Bulletin Against Stranger-Originated Annuities
{October 13th, 2011} by Elizabeth Festa
October 12, 2011 By Elizabeth Festa The National Association of Insurance Commissioners (NAIC) adopted several items at its met via conference call Tuesday evening, held to replace the cancelled Summer National Meeting in Philadelphia, one of which is a bulletin on stranger-originated annuity transactions (STOAs). The bulletin encourages insurance companies to establish safeguards to prevent […]
Can Annuities Solve The Retirement Crisis?
{October 12th, 2011} by Linda Koco
October 06, 2011 Linda Koco AnnuityNews.com A government study is drawing accolades from professionals in the insurance and financial community—a rare event, given that government and financial interests are often at odds. The 79-page document issued by the U.S. Government Accountability Office (GAO) says experts are recommending use of income annuities to generate […]
Why The Press Doesn't Understand Annuities
{October 12th, 2011} by Brian D. Mann
October 10, 2011 By Brian D. Mann AnnuityNews.com A common theme in the popular financial press is that indexed annuities are a rip-off. In January, for instance, Bloomberg published an article titled “Indexed Annuities Cap Gains, Obscure Fees as Sellers Earn Trip to Disney.” Money Magazine published the […]
Why The Press Doesn’t Understand Annuities
{October 12th, 2011} by Brian D. Mann
October 10, 2011 By Brian D. Mann AnnuityNews.com A common theme in the popular financial press is that indexed annuities are a rip-off. In January, for instance, Bloomberg published an article titled “Indexed Annuities Cap Gains, Obscure Fees as Sellers Earn Trip to Disney.” Money Magazine published the […]
Speed-to-Market Building Steam
{October 12th, 2011} by Linda Koco
October 12, 2011 By Linda Koco Contributing Editor, AnnuityNews Many insurance producers today are getting faster access to individual insurance products — including annuity products — than they did five years ago because more states are signing onto a compact designed to bring products to market faster, according to the commission administering the effort. The […]
Study Reveals Lack of Knowledge about Income Needed for Retirement
{October 12th, 2011} by Warren S. Hersch
October 11, 2011 By Warren S. Hersch Most Americans fail to calculate how much money they will need for a steady and lasting retirement income, according to a new report. MetLife Mature Market Institute, Westport, Conn., published this finding in a summary of results of a 2011 MetLife Retirement Income IQ, a quiz that includes […]
A Producer's Guide to Selling Suitably
{October 10th, 2011} by Nicholas C. Gehart and Patrick C. Reeder
Click here to read the article.
A Producer’s Guide to Selling Suitably
{October 10th, 2011} by Nicholas C. Gehart and Patrick C. Reeder
Click here to read the article.
Guggenheim scoops up insurer to build fixed indexed annuities
{October 10th, 2011} by Darla Mercado
Gives firm 10th-place market share, wider distribution By Darla Mercado October 7, 2011 Guggenheim Partners LLC has bought EquiTrust Life Insurance Co., ramping up its presence in the fixed-indexed-annuity realm. The deal was announced in a filing with the Securities and Exchange Commission today. Guggenheim bought the insurer from FBL Financial Group Inc. for a […]
FBL Financial Group to Sell EquiTrust Life Insurance Company to Guggenheim Partners, LLC
{October 7th, 2011} by N/A
Capital Management Actions Announced Including Senior Notes Redemption and Stock Repurchase Press ReleaseSource: FBL Financial Group, Inc. On Friday October 7, 2011, 9:16 am EDT WEST DES MOINES, Iowa–(BUSINESS WIRE)– FBL Financial Group, Inc. (NYSE:FFG – News) today announced it has agreed to sell its subsidiary, EquiTrust Life Insurance Company, to controlled affiliates of Guggenheim […]
VA Players Nosing into Indexed Annuity Market
{October 6th, 2011} by Linda Koco
Registered reps who have been selling variable annuities will soon be asked to start selling indexed annuities, too. Click HERE to view the full story via InvestmentNews; registration required According to Sheryl Moore, the president and CEO of Advantage Group, the existing VA/IA players include: AEGON Companies, American General, Allianz, American National, Ameritas Life, […]
Nationwide Financial Announces Realignment to Expand Services to Advisors, Agents and Customers
{October 5th, 2011} by N/A
press release Oct. 3, 2011, 4:00 p.m. EDT COLUMBUS, Ohio, Oct 03, 2011 (BUSINESS WIRE) — Nationwide Financial Services, Inc. today announced a reorganization that will expand delivery of its financial services offerings to members of its mutual while strengthening partnerships with key firms and advisors through innovative product development. Peter Golato, formerly senior vice […]
ING Introduces New Indexed Universal Life Insurance Products with Strong Growth Potential and Death Benefit Guarantee
{October 5th, 2011} by N/A
press release Oct. 4, 2011, 2:02 p.m. EDT MINNEAPOLIS, Oct. 4, 2011 /PRNewswire via COMTEX/ — ING Life Companies (ING) introduced new no-lapse indexed universal life insurance products, ING Indexed Universal Life – Guaranteed Death Benefit, issued by Security Life of Denver Insurance Company (Denver, CO) and ING Indexed Universal Life – Guaranteed Death Benefit […]
The case for fixed annuities
{October 5th, 2011} by Jack Marrion
October 3, 2011 By Jack Marrion A recent study found that when retirees were essentially faced with a coin toss, where if it came up heads they’d win $100 and if it came up tails they’d lose $10, that half of the retirees wouldn’t take the bet–even though the upside is 10 to one. This […]
Allianz Life Promotes Barrow To Vice President, Corporate Governance
{October 5th, 2011} by N/A
MINNEAPOLIS–(BUSINESS WIRE)– Allianz Life Insurance Company of North America (Allianz Life) today named Kara Barrow as the new vice president, Corporate Governance. In this role, Barrow will be responsible for leading the Legal department’s Corporate Governance team, which provides legal support for the Finance, Procurement, Investment and IT departments, supports Allianz Life product funds and […]
Life Insurers and Long Distance Relationships
{October 4th, 2011} by Wendy C. Waugaman
By Wendy C. Waugaman Published September 29, 2011 | Retirement Miracle You have known your family insurance agent a long time. He has helped you with your insurance needs for years, understands your family and your financial situation. He has always done a good job for you. You like him, and not just that, you […]
When talking to clients about annuities, think about demographics, says Allianz exec
{October 4th, 2011} by Darla Mercado
System has to change; in the meantime, help clients confront realities of longevity By Darla Mercado October 3, 2011 Advisers hoping to broach the topic of annuities with clients ought to step back from product features and focus on the greater context of longevity protection. That was the message of Gary Bhojwani, chief executive of […]
Aegon to Shed 300 Netherlands Jobs in Reorganization
{October 4th, 2011} by N/A
Copyright: (c) 2011 A.M. Best Company, Inc. Source: A.M. Best Company, Inc. Wordcount: 479 Aegon NV said it will restructure its Netherlands operation to make the business “more agile and better positioned” to respond to changes in the Dutch market. The group said the move will make 300 jobs “redundant.” The restructuring move is “an […]
Insurers Delay Contingent Annuity Launches
{October 4th, 2011} by Linda Koco
By Linda Koco Contributing Editor, AnnuityNews A number of insurers are delaying launch of contingent annuity products, according to a trade association executive who spoke at a phone conference of state regulators late last week. They are waiting for state insurance regulators to decide how they intend to deal with the products, said Lee Covington, […]
Securian Completes Acquisition of Life Insurance Companies from Bank of America
{October 4th, 2011} by N/A
Copyright: Copyright Business Wire 2011 Source: Business Wire, Inc. Wordcount: 302 ST. PAUL, Minn.–(BUSINESS WIRE)– Securian Financial Group, Inc. closed its purchase of Balboa Life Insurance Company and Balboa Life Insurance Company of New York from a subsidiary of Bank of America. “This acquisition increases the scale of our financial institution business and further demonstrates […]
LIMRA: Insurers’ Financial Strength a Top Producer Priority
{September 30th, 2011} by N/A
WINDSOR, Conn., Sept. 27, 2011—A new LIMRA study finds that a more than a quarter of producers (26%) consider the financial strength of an insurer one of the two most important factors in 2011, compared to just 16 percent in 2008 and 2003 (when prior surveys were taken). “While awareness of insurers’ financial strength has […]
Nationwide and Harleysville Insurance Agree to Merger; Analysts Respond
{September 30th, 2011} by N/A
Nationwide Mutual Insurance Co. and Harleysville Insurance announced on Thursday, Sept. 29, that they have agreed to a merger. Nationwide Mutual will acquire Harleysville Group for $760 million. Nationwide Mutual will pay $60 a share in cash for Harleysville, nearly a 100 percent premium to the stock’s Wednesday close. Harleysville Mutual policyholders will become policyholders […]
Variable annuity players join the fixed indexed annuity fray
{September 30th, 2011} by Darla Mercado
John Hancock launches new product; Pac Life, Mass Mutual and Hartford file with regulators By Darla Mercado September 29, 2011 Carriers that have been stalwarts in the variable annuity industry are trying their hand at manufacturing and selling fixed indexed annuities. John Hancock Annuities earlier this month launched its Inflation Guard annuity, which credits a […]
Response from NAFA: Index Annuities: Complex, Aggressively Sold Investments
{September 30th, 2011} by Kim O’Brien
Click here to read NAFA’s Letter to the Editor of ABC News in response to Ted Schwartz’s “Index Annuities: Complex, Aggressively Sold Investments”: http://nafa.com/wp/wp-content/uploads/2011/10/Response_ABC_News_Ted_Schwartz_Article092611.pdf Read original article by Ted Schwartz : http://abcnews.go.com/Business/index-annuities-beware-greatest-investments-sold/story?id=14554506
Deciphering the Inequitable, Biased Coverage on Financial Services Products in the Media
{September 30th, 2011} by Sheryl J. Moore
By Sheryl Moore Published September 29, 2011 The U.S. insurance industry is fighting to get equitable news coverage in a market where securities are king. Here’s what you need to know about the media, so that we can change it: Sensational, attention-grabbing headlines are the lifeblood of the newsmedia industry. If they don’t get their […]
New York: The Change Has (Started to) Come
{September 26th, 2011} by Elizabeth Festa
By ELIZABETH FESTA Published 9/23/2011 The fabled New York State Insurance Department will open its doors Oct. 3 as a part of a new New York State Department of Financial Services. Insurers shouldn’t expect to see too much disruption – yet.The change is the culmination of a directive from Gov. Andrew Cuomo, D, issued early […]
California Department Eyes LTC Block
{September 26th, 2011} by Allison Bell
By NU ONLINE NEWS SERVICE Published 9/23/2011 The California Department of Insurance has filed an administrative enforcement action against a life insurer in connection with allegations of problems with the handling of long term care (LTC) insurance claims and other claims. The California department says RiverSource Life Insurance Company, a unit of Ameriprise Financial […]
Personnel Changes: New York Life, Lincoln Financial, Ameritas, Symetra, Gen Re, Ebix
{September 26th, 2011} by Ashley Scudder
By ASHLEY SCUDDER Published 9/23/2011 New York Life Insurance Company has named Sue Ericksen chief information officer. Ericksen previously was a senior vice president at the company. She will succeed Eileen Slevin, who is retiring this month after 34 years at New York Life, New York. Ericksen has a bachelor’s degree from Mount Saint […]
OMG: A company that has been in the indexed annuity market just launched an IUL
{September 23rd, 2011} by Sheryl J. Moore
Apparently there is big talk in the industry this week about an email that was distributed by a certain individual acting on behalf of a marketing organization, speculating about the competitiveness of a new indexed UL. Here’s the deal. Yes, the company in question did recently launch an indexed UL. Is it any good? I’ll […]
LIMRA: One-third of retirees get income from annuities
{September 22nd, 2011} by Jenny Ivy
By Jenny Ivy More than a third (35 percent) of all retirees receive income from an annuity, according to new analysis from LIMRA. Most who draw income from an annuity are older retirees, those above the age of 75. Jafor Iqbal, a retirement researcher at the financial services consulting firm, says most retirees depend on […]
American General Life and Accident Insurance Company Launches Innovative New Product
{September 22nd, 2011} by N/A
Indexed Universal Life now part of the Quality of Life…Insurance® Product Suite Published Monday, Sep. 19, 2011 NASHVILLE, Tenn., Sept. 19, 2011 — /PRNewswire/ — American General Life and Accident Insurance Company (AGLA), announces an innovative addition to its highly differentiated Quality of Life…Insurance® suite of products. AGLAchoice® Index Plus is permanent universal life […]
Zurich Names Wauthier CFO
{September 22nd, 2011} by N/A
September 15, 2011 | Subscribe NowBy Staff Writer NU Online News Service, Sept. 15, 10:47 a.m. EDT Pierre Wauthier, 51, was named Zurich Financial Services Group’s chief financial officer and member of the group executive committee. His appointment take effect Oct. 1. He will report to Chief Executive Officer Martin Senn. Wauthier replaces Dieter Wemmer, […]
Don’t Let Annuities Become A Commodity
{September 22nd, 2011} by Raymond J. Ohlson
Posted By: Editor On 9/21/2011 11:56:00 AM By Ray Ohlson AnnuityNews.com Everything seems to becoming a commodity today. In our insurance arena, it seems to be that way with property and casualty coverage since you can buy it online. When’s the last time you’ve been driving, listening to your Sirius or XM radio, that you […]
ACLI: Annuities Not So Fuddy-Duddy
{September 22nd, 2011} by Linda Koco
Posted By: Editor On 9/21/2011 11:09:00 AM By Linda Koco Contributing Editor, AnnuityNews Products that provide guaranteed lifetime income have changed so much in the past six years that American Council of Life Insurers is now reminding people that “This isn’t your father’s annuity.” The trade group made the point in a letter it recently […]
OMG- a Company That Has Been in the Indexed Annuity Market Just Launched an IUL
{September 22nd, 2011} by Sheryl J. Moore
Apparently there is big talk in the industry this week about an email that was distributed by a certain individual acting on behalf of a marketing organization, speculating about the competitiveness of a new indexed UL. Here’s the deal. Yes, Ameriprise did recently launch an indexed UL. Is it any good? I’ll let you be […]
Have you truly considered the effect of rider charges on a fixed or indexed annuity?
{September 22nd, 2011} by Sheryl J. Moore
You may be able to sell the sizzle of the roll up on that income or death benefit rider, but can you pass the test when it comes time to explain the ramifications for your client electing it? You need to. Get educated and ensure that you understand the products you are selling. “Zero is […]
Genworth Names Amy Corbin Chief Financial Officer of its Retirement and Protection Segment
{September 15th, 2011} by N/A
Copyright: unknown Source: unknown Wordcount: unknown RICHMOND, Va., Sept. 14, 2011/PRNewswire/ — Genworth Financial, Inc.(NYSE: GNW) announces that it has named Amy R. CorbinSenior Vice President and Chief Financial Officer of its Retirement and Protection segment. Corbin, 44, joined Genworth in 2003 and has held a number of roles of increasing responsibility in financial management, […]
Allianz Life President and CEO Gary C. Bhojwani Named to U.S. Chamber of Commerce Board
{September 14th, 2011} by N/A
MINNEAPOLIS–(BUSINESS WIRE)– Allianz Life Insurance Company of North America (Allianz Life) President and CEO Gary C. Bhojwani was recently named to the U.S. Chamber of Commerce’s board of directors. The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, […]
AXA Equitable Launches Pass It On!(SM)
{September 14th, 2011} by N/A
Copyright: unknown Source: unknown Wordcount: unknown NEW YORK, Sept. 13, 2011/PRNewswire/ — AXA Equitable Life Insurance Company announced today the launch of Pass It On!(SM), an online game of chance that distills the concept and value of life insurance into a series of choices. Pass It On! players create avatars and guide their virtual families […]
Introduction to Indexed Annuities
{September 14th, 2011} by Sheryl J. Moore
A video about indexed annuities with Steve Savant, of Brokers Alliance, and Sheryl Moore. Introduction to Indexed Annuities
Indices and Crediting Methods Indexed Universal Life
{September 14th, 2011} by Sheryl J. Moore
A video about indexed life crediting methods with Steve Savant, of Brokers Alliance, and Sheryl Moore. Indices and Crediting Methods Indexed Universal Life
Introduction to Indexed Universal Life
{September 14th, 2011} by Sheryl J. Moore
A video about indexed life with Steve Savant, of Brokers Alliance, and Sheryl Moore. Introduction to Indexed Universal Life
Proposals, Illustrations, and Income Scenarios Indexed Universal Life
{September 14th, 2011} by Sheryl J. Moore
A video about indexed life illustrations with Steve Savant, of Brokers Alliance, and Sheryl Moore. Proposals, Illustrations, and Income Scenarios Indexed Universal Life
Income and Death Benefit Riders with Indexed Annuities
{September 14th, 2011} by Sheryl J. Moore
A video about indexed annuity GLWBs and GMDBs with Steve Savant, of Brokers Alliance, and Sheryl Moore. Income and Death Benefit Riders with Indexed Annuities
How Annuities Can Shine in Risky Markets
{September 12th, 2011} by Phil Moeller
September 9, 2011 In booming markets in which all investments seem to move upward, fixed annuities fall by the wayside. Fixed annuities promise modest returns and may have costly fees. The products offer guaranteed returns of principal, and thus function in part as a life insurance policy. But such guarantees can be cheaply secured with […]
Personnel Changes: Odgers Berndtson, ASPPA, Lincoln, MassMutual, Symetra, Amerigroup
{September 12th, 2011} by Ashley Scudder
By ASHLEY SCUDDER Published 9/9/2011 Odgers Berndtson, an executive search firm, says Pat Corey and Paul Hanson have become partners in its Chicago office. Corey, who will be head of the U.S. insurance practice at Odgers Berndtson, London, and Corey will handle high-level executive searches for organizations in the life, health and property-casualty markets. Corey […]
Ideas: Hancock, AHIP, Health Affairs
{September 12th, 2011} by Allison Bell
By NU ONLINE NEWS SERVICE Published 9/9/2011 Hancock, Boston, a unit of Manulife Financial Corp., Toronto (TSX:MFC), says it believes fixed annuity buyers may be interested in interest rates that vary along with the Consumer Price Index-Urban. The insurer can protect itself against extreme inflation risk by setting a cap on how high the inflation-adjusted […]
NFI: Federal Regulation of Annuities ‘Conceivable’
{September 12th, 2011} by Linda Koco
By Linda Koco Contributing Editor, AnnuityNews A federal regulator could eventually become the principal regulator for life and annuities or reinsurance or monoline bond carriers, according to a report released today by Networks Financial Institute (NFI). It is “conceivable” that this could happen while states continue to regulate health, property and casualty insurance, the 60-page […]
Indexed Annuity Magic: How Do They Do It?
{September 7th, 2011} by Sheryl J. Moore
By Sheryl J. Moore AnnuityNews.com One of the greatest mysteries in the indexed annuity market is how insurance companies are able to offer market-linked gains on an annuity with a principal protection feature. Many are familiar with the strong guarantees that fixed annuities offer, but it comes at the cost of low potential for gains. […]
John Hancock Annuities Launches Inflation-Adjusted Annuity
{September 7th, 2011} by N/A
BOSTON, Sept. 7, 2011 /PRNewswire via COMTEX/ — John Hancock Annuities has launched ‘Inflation Guard,’ an innovative annuity that combines a principal guarantee with the ability to help protect the purchasing power of retirement assets from the impact of inflation. “We are pleased to bring Inflation Guard to the marketplace. This product offers client value […]
Pacific Life Completes Buy Out of Manulife’s Retrocession Business
{September 6th, 2011} by N/A
By NU ONLINE NEWS SERVICE Published 9/2/2011 Pacific Life Insurance Company has announced that it has completed its purchase of Manulife Financial Corporation’s retrocession business with $106 billion in individual life reinsurance face amounts.Pacific Life, Newport Beach, Calif., announced the deal on July 18, 2011 with Manulife, Toronto (TSX:MFC). Reinsurance is a form of […]
Personnel Changes: Lockton, The Vitality Group, Symetra, Others
{September 6th, 2011} by Ashley Scudder
By NU ONLINE NEWS SERVICE Published 9/2/2011 Lockton Companies, LLC, Washington, has hired Steve Conger to be vice president and producer of its brokerage team based in Washington, D.C. Conger previously was area vice president for Arthur J. Gallagher’s Maryland office. Conger has a bachelor’s degree in business management from North Carolina State University. The […]
The miracle of tax-deferred compound interest
{September 5th, 2011} by Van Mueller
BY Van Mueller Published 9/1/2011 This month we are going to review the financial “miracle” of tax-deferred compound interest. Tax deferral provides amazing results because it employs triple compounding: It pays interest on the principle, interest on the interest and interest on the taxes you that would have paid if you were in an investment […]
The 5 elements top producers possess
{September 5th, 2011} by Jack Marrion
BY Jack Marrion Published 9/1/2011 A recent study examined the performance, personality, skills and attributes of 79,747 salespeople from 4,317 organizations and found five elements that all top salespeople had in common. What I have done is taken the elements they identified and then interpreted how they each relate to top annuity producers. 1. Possess […]
Is the three-legged stool off-kilter?
{September 5th, 2011} by Sheryl J. Moore
BY Sheryl J. Moore Published 9/1/2011 Be wary of annuity pricing that appears unequal. One of the parties to the deal may be benefiting at the expense of the other. Since entering the insurance business 13 years ago, I have attended many training sessions and scores of seminars. Often, speakers at these meetings will make […]
InsurMark Makes Inc. Magazine’s Exclusive List of America’s Fastest Growing Companies – the Inc. 500/5000
{September 4th, 2011} by Darieke Hemphill
Houston, Texas – September 2, 2011 – Inc. magazinehas ranked InsurMark number 36 in its insurance category on its fifth annual Inc. 500/5000 list, an exclusive ranking of the nation’s fastest-growing private companies. InsurMark, founded in 1983, is a leading independent insurance marketing organization that assists independent financial services professionals in growing their business. “This […]
Annuity Round Table
{September 2nd, 2011} by John Douglass & Richard Hellerich & Tipton W. Huffman & Ronald J. Lane, Sr. & Sheryl J. Moore
Selling To Boomer Clients John Douglass & Richard Hellerich & Tipton W. Huffman & Ronald J. Lane, Sr. & Sheryl J. Moore September 2011 Issue Q: This year the first baby boomers turn 65 and many are either retired or planning to retire within the next few years. What annuity product advice do you have for […]
Managing Client Risks And Expectations With Indexed UL
{September 2nd, 2011} by David Hayward
David Hayward September 2011 Issue Since the introduction of indexed universal life, sales of this product line have been rapidly growing while many other types of life insurance products have fallen or remained stable. Why is there such an interest in this type of product? The thought of upside potential with downside risk protection sounds good. […]
NAIC Panel to Ponder Contingent Annuities
{August 31st, 2011} by Allison Bell
By ALLISON BELL Published 8/30/2011 The Life Insurance and Annuities Committee is considering a task force referral on annuities set up in such a way that benefits payments start only when a specified event occurs. The Life Committee, an arm of the National Association of Insurance Commissioners (NAIC), Kansas City, Mo., may end up […]
California Lawmakers OK Annuity Suitability Bill Based on NAIC Model
{August 30th, 2011} by Arthur D. Postal
An annuity suitability standards bill, A.B. 689, has made it through the California Legislature and is waiting for the signature of Gov. Jerry Brown. The bill passed in the state Senate by a 34-0 vote; it passed in the Assembly by a 79-0 vote in May and by a 76-0 vote last week.Brown has […]
Personnel Changes: Zurich, American United, ASPPA, Lockton Dunning
{August 29th, 2011} by N/A
By NU ONLINE NEWS SERVICE Published 8/26/2011 Zurich Financial Services has hired Lance Henderson to be head of sales – corporate life and pensions North America for global life. Henderson will work out of the Zurich office in Edina, Minn., according to Zurich Financial, Zurich. Henderson previously was the regional director for the Americas […]
Fixed and indexed annuity sales crept upward during 2Q
{August 28th, 2011} by Darla Mercado
ING Secure Index 7 is most popular among independent B-Ds By Darla Mercado August 26, 2011 Benefiting from depressed rates on certificates of deposit, indexed annuity sales experienced a bump in sales during the second quarter. Sales of the products surged to $8.4 billion, growing 18% from the first quarter. Meanwhile, income annuities climbed 30% to […]
Beacon: Non-MVA Fixed Annuities Gain
{August 28th, 2011} by Allison Bell
By NU ONLINE NEWS SERVICE Published 8/25/2011 Sales of fixed annuities without market-value-adjustment features increased to $8.2 billion in the second quarter, up 4% from the total for the second quarter of 2010.Sales of fixed annuities with MVA features fell 12%, to $1.5 billion, and indexed annuity sales fell 2%, to $8.4 billion, according […]
Lincoln Financial Group Introduces Lincoln LifeReserve® Indexed Universal Life Policy
{August 28th, 2011} by N/A
PHILADELPHIA, Aug. 25, 2011 /PRNewswire/ — Lincoln Financial Group (NYSE: LNC) recently introduced Lincoln LifeReserve® Indexed UL (2011), issued by The Lincoln National Life Insurance Company, Fort Wayne, Ind. Designed for the accumulation of assets along with life insurance protection, Lincoln LifeReserve® Indexed UL (2011) uses the S&P 500 Index to credit interest through the […]
Industry Expert Marrion Reports Index Annuities Are More Competitive Than They Have Ever Been
{August 25th, 2011} by Jack Marrion
Posted By: Editor On 8/23/2011 11:16:00 AM Industry Expert Marrion Reports Index Annuities Are More Competitive Than They Have Ever Been St. Louis MO, 23 August 2011 — The summer issue of Advantage Compendium highlights the reasons why index annuities continue to be very competitive in these difficult times. The edition compares index annuity competitiveness […]
AnnuityNews Wrap: Downgrade Begets Downgrade?
{August 25th, 2011} by Linda Koco
Posted By: Editor On 8/24/2011 11:11:00 AM By Linda Koco Industry people are buzzing about the Aug. 22 announcement that Standard & Poor’s chief honcho, President Deven Sharma, is stepping down. Reason cited was his desire to “pursue other opportunities,” but the talk is that S&P’s August rating downgrade of the U.S. played a role. […]
NAIC Eyes Separate Account Rules
{August 25th, 2011} by Sheryl J. Moore
By ALLISON BELL Published 8/23/2011 A subgroup at the National Association of Insurance Commissioners (NAIC) is asking whether the current regulatory framework for separate accounts makes sense, and whether guarantees have a legitimate place in a separate account. Members of the separate accounts subgroup at the NAIC’s Life Actuarial Task Force have included those questions […]
FINRA: Save Those Tweets, Texts, Calls, Etc.
{August 25th, 2011} by Allison Bell
By ALLISON BELL Published 8/23/2011 Financial Industry Regulatory Authority Inc. communications record retention rules apply to all communications devices and technologies, FINRA officials say. FINRA, Washington, talks about the rules that govern member firms’ use of social networking websites and personal communications devices in FINRA Regulatory Notice 11-39. The rules apply to FINRA member firms […]
Creative Marketing Welcomes Lars Larsen to their Tailor Made Group
{August 22nd, 2011} by N/A
August 19, 2011 | PR Web Email Print Free Newsletter Leawood, KS(PRWEB)August 19, 2011 Lars Larsenof Heritage Financial North inBurlingame, Calif., has accepted an invitation to join Creative Marketing’s exclusive Tailor Made group. Induction into this network means Larsen is one of an elite group of top-selling insurance and financial professionals across the country who […]
Securian Acquires American Modern Life Insurance, Southern Pioneer
{August 22nd, 2011} by Diana Rosenberg
August 20, 2011 | A.M. Best Company, Inc. Email Print Free Newsletter Copyright: (c) 2011 A.M. Best Company, Inc. Source: A.M. Best Company, Inc. Wordcount: 286 Securian Financial Groupsaid it plans to acquireAmerican Modern Life Insurance Co.and its subsidiary,Southern Pioneer Life Insurance Co., as it continues to grow through acquisitions. “They were offering books of […]
Puny Treasury yields could trigger more cuts to annuities – and agents' commissions
{August 22nd, 2011} by Darla Mercado
Key 10-year Treasury falls to an all-time low; brokers, customers and carriers could feel the pinch By Darla Mercado August 18, 2011 Given the gyrations in the stock market — including another big sell-off today — annuities are suddenly a hot property. But low Treasury yields, sparked by investors’ flight to safety, could be a deal […]
Puny Treasury yields could trigger more cuts to annuities – and agents’ commissions
{August 22nd, 2011} by Darla Mercado
Key 10-year Treasury falls to an all-time low; brokers, customers and carriers could feel the pinch By Darla Mercado August 18, 2011 Given the gyrations in the stock market — including another big sell-off today — annuities are suddenly a hot property. But low Treasury yields, sparked by investors’ flight to safety, could be a deal […]
NAIC Plenary May Vote on Annuity Disclosure, STOA Items
{August 22nd, 2011} by Allison Bell
By NU ONLINE NEWS SERVICE Published 8/19/2011 The National Association of Insurance Commissioners executive committee and plenary plan to consider Annuity Disclosure Model Regulation amendments and a stranger-originated annuity (STOA) transactions bulletin at the NAIC’s summer meeting. The executive committee of the NAIC, Kansas City, Mo., typically approves a measure before it comes up […]
AIG Pays $2 Billion to Treasury
{August 22nd, 2011} by Allison Bell
By ALLISON BELL Published 8/19/2011 American International Group Inc. (AIG) has moved closer to getting its AIA Aurora L.L.C. subsidiary out of hock the U.S. Treasury Department. AIG, New York (NYSE:AIG), has paid the Treasury Department $2 billion of the $2.16 billion it took in by selling a subsidiary — Nan Shan Life Insurance Company […]
Personnel Changes: Pan-American Life, Jackson National, Mintel Comperemedia, Vertafore, Heffernan
{August 22nd, 2011} by Ashley Scudder
By ASHLEY SCUDDER Published 8/19/2011 Pan-American Life Insurance Group Inc. has hired Robert DiCianni to succeed Eugenio Magdalena as senior vice president for Latin America.Magdalena is on permanent medical leave because of an accident, according to Pan-American, New Orleans. DiCianni, who will be based in Panama, previously was managing director of ALICO Mexico, a division […]
LIMRA: Variable Annuity Sales Climb in Second Quarter 2011
{August 19th, 2011} by Allison Bell
By NU ONLINE NEWS SERVICE Published 8/18/2011 Total U.S. individual variable annuity (VA) sales climbed to $41 billion during the second quarter, up 16% from the total for the second quarter of 2010, according to LIMRA.LIMRA, Windsor, Conn., says the 58 insurers that participated in its second-quarter annuity sales survey reported that the amount […]
IRS Adds Variable Annuity Issues to To-Do List
{August 18th, 2011} by Allison Bell
By NU ONLINE NEWS SERVICE Published 8/17/2011 Tax accounting issues of interest to variable annuity issuers have made it onto the guidance development project list at the Internal Revenue Service (IRS). The IRS creates the guidance to-do list by inviting business taxpayers and business associations to send requests for help with tax concerns to an […]
Variable Annuity Change Rate Doubles
{August 18th, 2011} by Allison Bell
By NU ONLINE NEWS SERVICE Published 8/17/2011 The pace of variable annuity product changes increased dramatically in the second quarter, according to analysts at Morningstar Inc. Insurers filed 162 material changes affecting variable annuity products in the second quarter, up from 76 changes in the second quarter of 2010, the analysts at Morningstar, Chicago, […]
AnnuitySpecs.com Releases Second Quarter 2011 Indexed Sales Results
{August 17th, 2011} by Sheryl J. Moore
AnnuitySpecs.com Thirty-nine indexed annuity carriers participated in the 56th edition of AnnuitySpecs.com’s Indexed Sales & Market Report, representing 98 percent of indexed annuity production. Total second quarter sales were $8.2 billion, up nearly 16 percent from the previous quarter. As compared to the same period last year, sales were down just over 1 percent. “Not […]
Aegon Sells Guardian Life Unit for $449 Million to Cut Costs in Britain
{August 17th, 2011} by Maud van Gaal
By Maud van Gaal – Aug 16, 2011 Aegon NV (AGN), the Dutch owner ofScottish Equitable, agreed to sell its U.K. Guardian life and pension unit to private equity firm Cinven Ltd. for 275 million pounds ($449 million) as it tries to cut costs in Britain. The unit had a book value of 271 million […]
AnnuitySpecs: Indexed Life Sales Soar
{August 17th, 2011} by Allison Bell
By NU ONLINE NEWS SERVICE Published 8/16/2011 U.S. sales of indexed life insurance jumped to $224 million in the second quarter, up 35% from the total for the comparable quarter in 2010. AnnuitySpecs.com, Pleasant Hill, Iowa, has reported those figures in a summary of results from a survey of 37 issuers in the U.S. indexed […]
AnnuitySpecs.com Releases Second Quarter, 2011 Indexed Sales Results
{August 17th, 2011} by Advantage Group Associates
August 16, 2011 Thirty-nine indexed annuity carriers participated in the 56th edition of AnnuitySpecs.com’s Indexed Sales & Market Report, representing 98% of indexed annuity production. Total second quarter sales were $8.2 billion, up nearly 16% from the previous quarter. As compared to the same period last year, sales were down just over 1%. “Not surprising […]
Indexed Annuities Up 16% in 2Q
{August 17th, 2011} by Sheryl J. Moore
August 16, 2011 Thirty-nine indexed annuity carriers participated in the 56th edition of AnnuitySpecs.com’s Indexed Sales & Market Report, representing 98% of indexed annuity production. Total second quarter sales were $8.2 billion, up nearly 16% from the previous quarter. As compared to the same period last year, sales were down just over 1%. “Not surprising […]
IRS Releases Annuity-LTC Exchange Guidance
{August 16th, 2011} by Allison Bell
By ALLISON BELL Published 8/15/2011 The Internal Revenue Service (IRS) has come out with a document, IRS Notice 2011-68, that discusses the tax rules that apply to annuity-long term care (LTC) benefits hybrids and exchanges of annuity cash surrender value for qualified LTC insurance. Tax experts at the American Council of Life Insurers (ACLI), Washington, […]
Second Quarter 2011 Indexed Insurance Sales
{August 15th, 2011} by Sheryl J. Moore
Indexed Annuity AnnuitySpecs.com’s Indexed Sales & Market Report, 2nd Quarter 2011 shows second quarter 2011 indexed annuity sales were $8273 million compared with sales of $7141 million for the previous quarter. Second quarter sales were up nearly 16% when compared with the previous quarter and down just over 1% when compared with the same period […]
California Updates Guaranty Fund Notice Requirements
{August 15th, 2011} by Warren S. Hersch
By WARREN S. HERSCH Published 8/12/2011 The California Department of Insurance has updated the notice insurers in the state must provide when they deliver life, health and annuity contracts. The new guaranty fund notice bulletin, Bulletin Number 2011-3, replaces a bulletin the department issued in 1996, and the revised requirements will take effect Sept. 26.The […]
Guggenheim Taps Kiley To Help Oversee Security Benefit
{August 12th, 2011} by NU ONLINE NEWS SERVICE
By NU ONLINE NEWS SERVICE Published 4/19/2010 The investment firm that is acquiring Security Benefit Corp. has brought in a senior managing director with experience at AXA S.A. and Guardian Life Insurance Company of America. Guggenheim Partners L.L.C., Chicago, says Michael Kiley, the new senior managing partner, will “work closely with Todd Boehly,” a managing […]
Response to Lisa Gibbs, Money Magazine
{August 11th, 2011} by NAFA Response
Dear Editor, At the National Association for Fixed Annuities (NAFA), we and our members agree that there is no place for abusive sales practices in our industry, and much effort has been made both on a regulatory front and within the industry voluntarily to prevent such practices and punish their purveyors. NAFA, for example, is […]
Fidelity & Guaranty Life Appoints Robert Kelson as National Accounts Vice President
{August 10th, 2011} by Siobhan McNulty
BALTIMORE, MD – August 8, 2011 — Fidelity & Guaranty Life is pleased to announce the appointment of Robert Kelson to the position of National Accounts Vice President, Annuity Distribution. In this role Bob will connect with many of the company’s long established relationships and key distribution partners to foster production for Fidelity and Guaranty […]
Fidelity & Guaranty Life Appoints Robert Kelson as National Accounts Vice President
{August 10th, 2011} by Siobhan McNulty
BALTIMORE, MD – August 8, 2011 — Fidelity & Guaranty Life is pleased to announce the appointment of Robert Kelson to the position of National Accounts Vice President, Annuity Distribution. In this role Bob will connect with many of the company’s long established relationships and key distribution partners to foster production for Fidelity and Guaranty […]
Lincoln Exec: We’re Sticking With Current Annuity Features
{August 9th, 2011} by Allison Bell
The head of Lincoln National Corp. says the company will avoid using big changes in annuity product features to drive sales. Dennis Glass, president of Lincoln National, Radnor, Pa. (NYSE:LNC), talked about annuity product features during the company’s recent second-quarter earnings call. One securities analyst noted that some of Lincoln National’s competitors seem […]
NAIC Targets 'Unrealistic' Annuity Illustrations
{August 9th, 2011} by Linda Koco
By Linda Koco Contributing Editor, InsuranceNewsNet State regulators are close to adopting new rules to combat what they have been called “unrealistic” illustrations that companies offer with fixed annuities. If the regulations are adopted and implemented, producers would have to present buyer’s guide and disclosure documents at the same time that they present the product […]
NAIC Targets ‘Unrealistic’ Annuity Illustrations
{August 9th, 2011} by Linda Koco
By Linda Koco Contributing Editor, InsuranceNewsNet State regulators are close to adopting new rules to combat what they have been called “unrealistic” illustrations that companies offer with fixed annuities. If the regulations are adopted and implemented, producers would have to present buyer’s guide and disclosure documents at the same time that they present the product […]
Ideas: Zurich, California Blue Shield
{August 9th, 2011} by Allison Bell
By NU ONLINE NEWS SERVICE Published 8/5/2011 A unit of the Zurich Financial Services Group has added a universal life policy with a crediting rate based on the performance of three different market indexes. The Schaumburg, Ill., affluent markets group at Zurich Financial, Zurich, says holders of the flexible-premium policy can allocate policy value to […]
Personnel Changes: Digital Insurance, New York Life, Liberty Life, Forethought, Alliant, Avalere
{August 9th, 2011} by Ashley Scudder
By ASHLEY SCUDDER Published 8/5/2011 Digital Insurance Inc. has hired Adam Pannell to be senior vice president, mergers and acquisitions, for the western portion of the United States. Pannell will manage and develop relationships with potential acquisition candidates. Pannell has a bachelor’s degree in business administration from California State University and a master’s degree in […]
Voss: States to Keep the Reins
{August 5th, 2011} by Rory Banim
By RORY BANIM Published 8/4/2011 The president of the National Association of Insurance Commissioners (NAIC) says she thinks states will continue to run the U.S. insurance regulatory system. Susan Voss, who is the Iowa insurance commissioner as well as head of the NAIC, Kansas City, Mo., talked about the role of the states in insurance […]
NAIC Panel Adopts Annuity Disclosure Model Revisions
{August 5th, 2011} by Rory Banim
By NU ONLINE NEWS SERVICE Published 8/4/2011 The Life Insurance and Annuities Committee at the National Association of Insurance Commissioners (NAIC) has endorsed a proposal to add an annuity illustrations section to the NAIC’s Annuity Disclosure Model Regulation. Members of the committee at the NAIC, Kansas City, Mo., made the decision Wednesday during a conference […]
The miracle of compound interest
{August 3rd, 2011} by Van Mueller
BY Van Mueller Published 8/1/2011 The next 15 months will be among the most interesting and challenging in the history of our country. During the election campaigns, we will be debating Social Security, Medicare, Medicaid, health care and interest on the debt at every level of politics. Arguments will rage on about higher taxes, lower […]
One vs. 114 complaints
{August 3rd, 2011} by Jack Marrion
BY Jack Marrion Published 8/1/2011 My annual study on index annuity complaints shows on a sales volume adjusted-basis, annuity complaints have fallen 75 percent since 2007. It seems the annuity industry is doing a much better job of properly selling their products. Which brought a question to mind: How many investors complain about their stockbroker […]
Sound advice in a noisy world
{August 3rd, 2011} by Matthew J. Rettick
BY Matthew J. Rettick Published 8/1/2011 The American economy is in an unprecedented place today. The markets have experienced severe volatility, and the mortgage meltdown and foreclosure crisis continues to burden homeowners. There have been fraudulent scandals and debilitating Ponzi schemes that have scammed people out of their hard-earned money. All the while the federal […]
Unknowingly Sticking It To Your Annuity Clients?
{August 3rd, 2011} by Sheryl J. Moore
Posted By: Editor On 8/3/2011 11:00:00 AM By Sheryl Moore AnnuityNews Are you sticking it to your clients? You might be and not even know it. The key to illuminating whether you are unknowingly putting your life insurance and annuity clients in a bad position with the products that you sell them is to identify […]
A.M. Best Upgrades Ratings of Security Benefit Life Insurance Company and Its Affiliate
{August 2nd, 2011} by N/A
OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best Co. has upgraded the financial strength rating (FSR) to B+ (Good) from B (Fair) and issuer credit ratings (ICR) to “bbb-” from “bb” of Security Benefit Life Insurance Company (Topeka, KS) and its affiliate, First Security Benefit Life and Annuity Company of New York (Rye Brook, NY) (collectively known as Security […]
Brief: State Insurance Commissioner Brett J. Barratt Resigns
{August 2nd, 2011} by N/A
Source: McClatchy-Tribune Information Services Wordcount: 162 Aug. 01–CARSON CITY –Brett J. Barratt, who has been state insurance commissioner for slightly over one year, has quit effective Aug. 12. Barratt has worked in the agency since 2005 and cited personal reasons for his leaving to move out of Nevada. He was appointed in July 2010 […]
Have You Truly Considered the Effect of Rider Charges on a Fixed or Indexed Annuity?
{August 1st, 2011} by Sheryl J. Moore
“Zero is your hero!” The words that captured my heart. As a young saver who had lost more than a year’s salary in my 401(k), the promise of earning no interest sounded pretty darn good. Sure the ability to outpace the interest on CDs and other fixed interest retirement products was appealing to me, but […]
W.D.M. firm's CEO talks of annuities, economic growth
{July 29th, 2011} by Adam Belz
Sixteen years after it was founded, American Equity Investment Life Holding Co. is the second-largest seller of indexed annuities in America, and CEO Wendy Waugaman is bullish about the future. American Equity will release its second-quarter earnings on Wednesday. Since it hit bottom at $3.19 in March 2009, American Equity’s stock has risen to $11.89 […]
W.D.M. firm’s CEO talks of annuities, economic growth
{July 29th, 2011} by Adam Belz
Sixteen years after it was founded, American Equity Investment Life Holding Co. is the second-largest seller of indexed annuities in America, and CEO Wendy Waugaman is bullish about the future. American Equity will release its second-quarter earnings on Wednesday. Since it hit bottom at $3.19 in March 2009, American Equity’s stock has risen to $11.89 […]
Insurance agent to face 99 years in prison for selling phony annuities
{July 29th, 2011} by Darla Mercado
Elderly clients of Texas agent lost more than $5 million, including an investor with dementia By Darla Mercado July 29, 2011 A 76-year-old insurance agent is facing nearly a century of prison time after pleading guilty to securities fraud stemming from the sale of unregistered securities and fake investments. John F. Langford of Amarillo, […]
RIA … RU Sure?
{July 28th, 2011} by W. Andrew Unkefer
By W. Andrew Unkefer AnnuityNews.com This is the first installment of a three-part series. Are you an insurance agent selling indexed annuities? Have you been approached by marketing companies claiming you must become a registered investment advisor (RIA) to protect your business? Are you considering becoming an RIA but not 100 percent sure why? This […]
Analysts: Sun Life Could Make a Deal
{July 28th, 2011} by Allison Bell
By NU ONLINE NEWS SERVICE Published 7/27/2011 Sun Life Financial Inc. seems as if it might make an acquisition in the United States, according to securities analysts at Citi.Colin Devine and Priya Mehrotra, the analysts at Citi, New York, suggest in a research note that Sun Life, Toronto (TSX:SLF), may be more likely engage in “transformational […]
NAFA: Fixed Annuities Not Swaps
{July 26th, 2011} by Arthur D. Postal
By ARTHUR D. POSTAL Published 7/25/2011 WASHINGTON BUREAU — The National Association of Fixed Annuities says it believes federal regulators are classifying fixed annuities as swaps. NAFA, Milwaukee, makes that point in a comment letter submitted to the Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC) in a response to […]
Personnel Changes: BCG, Delta Dental, Liberty Life, Allianz Life, Securian, Great-West, PCS
{July 25th, 2011} by Allison Bell
By NU ONLINE NEWS SERVICE Published 7/22/2011 The Boston Consulting Group Inc. (BCG) has hired Thomas McInerney to be a senior advisor. McInerney previously was chief operating officer of the global insurance division at ING Groep N.V., Amsterdam (NYSE:ING), and chief executive officer of the ING Americas division, according to BCG, Boston. McInerney has been […]
The Ohlson Group Interview with Sheryl J. Moore
{July 23rd, 2011} by Raymond J. Ohlson
Click here for a video interview with The Ohlson Group and Sheryl J. Moore
Bhojwani Says `Boomers' Buying Annuities for Retirement
{July 22nd, 2011} by Sheryl J. Moore
Click here for a Washington Post video of Allianz’s Gary Bhojwani discussing “boomers” quest for lifetime income.
Bhojwani Says `Boomers’ Buying Annuities for Retirement
{July 22nd, 2011} by Sheryl J. Moore
Click here for a Washington Post video of Allianz’s Gary Bhojwani discussing “boomers” quest for lifetime income.
Symetra Hires Kevin Knull to Develop Registered Product Strategy
{July 22nd, 2011} by N/A
BELLEVUE, Wash., Jul 21, 2011 (BUSINESS WIRE) — Symetra Life Insurance Company today announced plans to expand its annuities portfolio and develop new registered products. Symetra also named a new leader to head up product strategy and development for this emerging registered annuity business. Kevin Knull has joined the company as senior vice president, Registered […]
Eleanor Kitzman to Lead Texas Department
{July 22nd, 2011} by Allison Bell
By NU ONLINE NEWS SERVICE Published 7/21/2011 Eleanor Kitzman, a former South Carolina insurance commissioner, is on track to be the next Texas insurance commissioner. Texas Gov. Rick Perry, R, will appoint Kitzman to take office Aug. 15 for a term set to expire Feb. 1, 2013, officials say. Kitzman will succeed Mike Geeslin, who […]
ING cementing broker-dealer relationships amid push for new fixed indexed annuity feature
{July 20th, 2011} by Darla Mercado
Shopping fixed indexed annuities to B-Ds, insurer faced questions on retreat from VA business By Darla Mercado July 20, 2011 ING is making another go at the independent broker-dealer market, this time with a new fixed indexed annuity feature scheduled for an August release. The new feature would use the three-month Libor rate as a […]
The Harkin Amendment’s Big What-If Question
{July 20th, 2011} by Linda Koco
By Linda Koco InsuranceNewsNet What if all 50 states do not adopt the new annuity suitability regulations developed by National Association of Insurance Commissioners by June 16, 2013 — and what insurance agents need to know about this? The question arises because the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank ) […]
Surprise! U.S. Chamber takes swipe at Finra
{July 20th, 2011} by Mark Schoeff Jr
Calls for more transparency and accountability at SRO By Mark Schoeff Jr July 19, 2011 The nation’s largest business organization wants Finra and other self-regulatory organizations to be more transparent and accountable for their actions. In a report released today, the U.S. Chamber of Commerce said that the Dodd-Frank financial reform law failed to […]
A.M. Best Downgrades Ratings of Investors Insurance Corporation
{July 20th, 2011} by N/A
OLDWICK, N.J. July 19 (BestWire) — A.M. Best Co. has downgraded the financial strength rating to B++ (Good) from A (Excellent) and the issuer credit rating to “bbb+” from “a” of Investors Insurance Corporation (IIC) (Wilmington, DE). Both ratings have been removed from under review with negative implications and assigned a stable outlook. The rating […]
Athene Acquires U.S. Life Company from SCOR
{July 20th, 2011} by Allison Bell
By ALLISON BELL Published 7/19/2011 Athene Holdings Ltd. has moved ahead with efforts to build an annuity supplier by completing previously announced plans to buy Investors Insurance Corp. from SCOR S.E. Athene, Hamilton, Bermuda, announced in February that it would be paying $55 million to acquire the company from SCOR S.E., Paris. Investors Insurance, Jacksonville, […]
Manulife Financial Selling Life Retrocession Business to Pacific Life
{July 20th, 2011} by Fran Matso Lysiak
Copyright: (c) 2011 A.M. Best Company, Inc. Source: A.M. Best Company, Inc. Wordcount: 370 Manulife Financial Corp. plans to sell its life retrocession business to the U.S.-based Pacific Life Insurance Co. due to more “restrictive” Canadian regulatory requirements, according to Manulife’s chief executive officer. The sale, which will result in an after-tax gain of about […]
A.M. Best Reviews Rating Outlook for U.S. Life/Annuity Sector
{July 20th, 2011} by N/A
Copyright: (c) 2011 A.M. Best Company, Inc. Source: A.M. Best Company, Inc. Wordcount: 390 A.M. Best Co. over the past few months has grown increasingly concerned with the heightened level of global economic uncertainty. Continuing economic weakness in certain European countries and the debt crisis in the United States, which remains unresolved, have elevated the […]
Legacy Launches New Fixed Indexed Annuity Series
{July 19th, 2011} by Gretchen Barry
Newest offering features robust bonus, income rider, and interest crediting options Petaluma, CA (PRWEB) July 18, 2011 Legacy Marketing Group® has launched its newest fixed indexed annuity series, the highly anticipated CommandMark. The new 10-year declining surrender charge annuity, which is designed and marketed by Legacy Marketing Group® and issued by PHL Variable Insurance Company, […]
Lincoln Financial Group to Delist from the Chicago Stock Exchange
{July 15th, 2011} by N/A
Copyright: unknown Source: unknown Wordcount: unknown PHILADELPHIA, July 12, 2011 /PRNewswire/ — Lincoln National Corporation (NYSE:LNC) has notified the Chicago Stock Exchange that it intends to withdraw listing of its shares of common stock and its $3.00 Cumulative Convertible Preferred Stock, Series A on the Chicago Stock Exchange. Lincoln can continue to meet investor needs […]
Regulatory Advocacy Award
{July 13th, 2011} by Michael K. Stanley
By MICHAEL K. STANLEY Published 7/11/2011 National Underwriter Life & Healthwould like to acknowledge Nick Gerhart as the winner of the Industry Elite Award for Regulatory Advocacy. Gerhart, who is currently working for Sammons Financial Group, previously represented American Equity. Nominated by Andrew Unkefer, president and CEO of Unkefer & Associates Inc., Nick was instrumental […]
Allianz Unveils New FMO Distribution Model
{July 11th, 2011} by N/A
MINNEAPOLIS–(BUSINESS WIRE)– Allianz Life Insurance Company of North America (Allianz Life) today announced the launch of Allianz PreferredSM, a new model for distributing fixed index annuities (FIAs) that will give qualifying Field Marketing Organizations (FMOs) added support through increased education, training and resources for third-party oversight, as well as access to exclusive products. The first […]
Agent Receives Largest Fine For Colorado Insurance Fraud
{July 11th, 2011} by N/A
Copyright: (c) 2011 ProQuest Information and Learning Company; All Rights Reserved. Source: Proquest LLC Wordcount: 226 An administrative law judge has fined a former Thornton man $1.2 million for violating Colorado insurance law, one of the largest in state history handed down to an insurance agent, according to the Division of Insurance. Salies Kwann […]
Allianz holds out carrot for top distributors
{July 11th, 2011} by Darla Mercado
Offers exclusive program for high-producing FMOs — if they agree to tougher compliance standards By Darla Mercado July 11, 2011 Allianz Life Insurance Co. of North America today launched Allianz Preferred, a program that will step up suitability measures for high-producing distributors in return for access to an exclusive fixed indexed annuity. The Preferred program will […]
RETIRING: Retirees Need Less Stocks, More Annuities
{July 11th, 2011} by Robert Powell
By Robert Powell, A DOW JONES COLUMN Less stocks, more annuities. That, in essence, is the advice gleaned from two just-published reports for the benefit of those living in or approaching retirement. Retirees should invest just 5% to 25% of their portfolios in stocks, or at least that’s the case for those whose primary goal […]
The ins and outs of indexed products
{July 8th, 2011} by Charles K. Hirsch
Charles K. Hirsch Published 7/1/2011 Michael Earle Gray Jr., president, MEG Financial Inc., has 17 years of life and disability insurance experience and is a licensed resident life and health agent in Florida and licensed non-resident agent in 49 other states and the District of Columbia. He has devoted his entire career to the insurance […]
Wisconsin Insurance Commissioner Named in Election Complaint
{July 8th, 2011} by Sean P. Carr
MADISON, Wis. July 07 (BestWire) — Wisconsin Insurance Commissioner Ted Nickel and nine other donors to Gov. Scott Walker’s election campaign allegedly violated campaign finance laws, according to a complaint filed with the state’s Government Accountability Board. Nickel gave $10,255 to Walker’s 2010 campaign, exceeding the $10,000 limit for the gubernatorial campaign cycle, according to […]
Securian Buys Life Insurance Companies from Bank of America
{July 8th, 2011} by N/A
Securian Buys Life Insurance Companies from Bank of America ST. PAUL, Minn.–(BUSINESS WIRE)– Securian Financial Group, Inc. is acquiring Balboa Life Insurance Company (BLIC) and Balboa Life Insurance Company of New York (BLICNY) from a subsidiary of Bank of America. Pending regulatory approval, the transaction is expected to close October 1, 2011. Christopher M. Hilger, […]
Aviva USA Launches Status for Youth on Facebook
{July 8th, 2011} by N/A
Aviva USA Launches Status for Youth on Facebook Aviva pledge is part of ongoing commitment to “Putting People Before Policies” WEST DES MOINES, Iowa–(BUSINESS WIRE)– Aviva USA today introduced Status for Youth – a campaign allowing people to donate their Facebook status for a day to one of four youth-focused charities. Each charity is vying […]
GAO Highlights Annuity Benefits, Policy Recommendations
{July 6th, 2011} by Sean P. Carr
WASHINGTON July 05 (BestWire) — A U.S. Government Accountability Office report highlighted the merits of investing in annuity products to protect retirees from outliving their savings in a time of fewer guarantees. The report also encouraged the adoption of policies to promote the growth of annuities. The GAO identified recommendations from industry and consumer sources, […]
IRS Changes Annuity Partial Exchange Rules
{July 6th, 2011} by Arthur D. Postal
Published 7/5/2011 Subscribe to Life & Health Print This Article Return To Article Normal Text Large Text ShareThis WASHINGTON BUREAU — The Internal Revenue Service (IRS) has changed the rules governing partial exchanges of annuity contracts. The IRS is reducing the period of time it will consider when reviewing a […]
First-Class Financing
{July 5th, 2011} by Bob Calandra
By Bob Calandra Published 6/30/2011 For many insurance agents, premium financing must seem like the industry’s equivalent of a riddle wrapped inside of an enigma. Premium financing is, after all, a notoriously niche solution. Most agents will probably only encounter a few potential candidates over the course of their career. But when the client and […]
To average or not to average?
{July 5th, 2011} by Jack Marrion
BY Jack Marrion Published 7/1/2011 I have often heard agents suggest that averaging should be used to measure index movement if one thinks the market will be volatile. Such an approach would be used instead of measuring the index gain or loss from one start point to one end point—the annual point-to-point method. The belief […]
Colorado Division of Insurance Fines Agent $1.25 Million for Life Insurance Fraud
{July 4th, 2011} by Caroline Saucer
Copyright: (c) 2011 A.M. Best Company, Inc. Source: A.M. Best Company, Inc. Wordcount: 202 An administrative law judge has fined insurance agent Salies “Kwann” Perry$1.25 million for committing unfair trade practices and fraud. The fine is believed to be one of the largest in state history ever handed down to an insurance producer, the Colorado […]
Virginia Sets the Date for Shenandoah Life Acquisition Hearing
{July 1st, 2011} by Allison Bell
By ALLISON BELL Published 6/29/2011 The Virginia State Corporation Commission (SCC) plans to hold a hearing Oct. 11 on efforts by United Prosperity Life Insurance Company to acquire Shenandoah Life Insurance Company. The Virginia SCC will stream the audio portion of the hearing on the Web at http://www.scc.virginia.gov/case/webcast.aspx United Prosperity Life — a company backed […]
IRI Conference: SEC Official Sees Possible Living Benefits Conflicts
{June 30th, 2011} by Allison Bell
By ARTHUR D. POSTAL Published 6/29/2011 Subscribe to Life & Health Print This Article Return To Article Normal Text Large Text ShareThisShareThis She said the SEC is paying close attention to the disclosure filings because living benefit riders in variable annuity contracts have proliferated, especially since the market decline of 2008. Living […]
Allianz Study: Boomers Favor Guarantees over Higher Returns
{June 29th, 2011} by Warren S. Hersch
By NU ONLINE NEWS SERVICE Published 6/28/2011 By nearly a 4 to 1 margin, baby boomers remain more attracted to guarantees for their retirement savings than to potential high returns with market risk, according to a new study. Allianz Life Insurance Company of North America, Minneapolis, published this finding in a summary of results from […]
American General Life Companies Announces AG Choice Index GUL
{June 29th, 2011} by N/A
Copyright: Copyright Business Wire 2011 Source: Business Wire, Inc. Wordcount: 895 HOUSTON–(BUSINESS WIRE)– American General Life Companies (American General) announces AG Choice Index GULSM, a new fixed index interest, flexible premium, adjustable universal life insurance product with secondary guarantee provisions. The product follows our industry leading Secure Lifetime GUL product that was launched in February, […]
Colo. Lawmaker Tapped As Insurance Commissioner
{June 29th, 2011} by N/A
June 28, 2011 | Associated Press Copyright: Copyright 2011 The Associated Press. All rights reserved. Source: Associated Press Wordcount: 110 DENVER (AP) — Colorado Gov.John Hickenlooperon Monday named state Rep.Jim Riesbergof Greeley the state’s new insurance commissioner. Hickenlooper said the Democratic lawmaker will start work July 1. He will replaceJohn Postolowski, who was appointed as […]
Iowa Provides Guidance on “Source of Funds”
{June 28th, 2011} by Sheryl J. Moore
The state of Iowa Insurance Division has issued guidelines that put registered reps and insurance agents on a level playing field in terms of “source of funds.” See below the bulletin which was issued: INSURANCE BULLETIN 11-4 AND SECURITIES BULLETIN 11-1 To: Persons Licensed in Iowa to Sell Insurance and/or Securities From: Susan E. Voss, […]
Lighting the Fuse
{June 28th, 2011} by Arthur D. Postal
Will market conduct concerns in Florida and Illinois put equity indexed annuities into a new regulatory hurt locker? By ARTHUR D. POSTAL Marketing of equity indexed annuities continues to run into compliance headwinds despite a go-ahead from Congress and the courts as well as a commitment from the industry to clean up its act. The two […]
Iowa Draws Line in the Sand for Advisors
{June 27th, 2011} by Linda Koco
By Linda Koco The Iowa Insurance Division has drawn a line in the sand regarding permitted activities for advisors who hold only an Iowa insurance license or only an Iowa securities license. Insurance Bulletin 11 -4 and Securities Bulletin 11 1, issued today by Iowa Insurance Commissioner Susan E. Voss, outlines what these advisors can […]
Iowa draws clear line for insurance agents and securities brokers
{June 26th, 2011} by Darla Mercado
State issues long-awaited guidance on what each camp can — and can’t —do when working with clients By Darla Mercado June 24, 2011 Iowa on Friday released its long-awaited regulatory guidance on how far insurance agents and brokers can go in advising clients on the suitable sources of funds for insurance products. The bulletin aims to […]
