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Archive for October 2019


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  • Ohio National Lawsuits Tossed Out; Two Others Proceed

    {October 9th, 2019} by John Hilton

    A judge for the Southern District of Ohio tossed out a pair of lawsuits by separate brokers last week, bolstering Ohio National’s 2018 decision to eliminate trail commissions on certain variable annuities. Judges in a pair of other lawsuits have ruled that broker-dealers Veritas Financial Partners and NEXT Financial Group may proceed with claims against […]

    Insurance Commissioner Announces Chief of Staff and First Deputy Successor

    {October 9th, 2019} by Oklahoma Insurance Department

    OKLAHOMA CITY – Oklahoma Insurance Commissioner Glen Mulready has tapped his Deputy Commissioner of Licensing Services & Policy Counsel, Buddy Combs, to fill the upcoming Chief of Staff and First Deputy Commissioner vacancy. The current Chief of Staff and First Deputy Commissioner, Tyler Laughlin, has accepted a position in the private sector. “Buddy Combs is a rising star in […]

    54 years after getting her Series 1 license, advisor finds new BD and enterprise group ‘exhilarating’

    {October 9th, 2019} by Tobias Salinger

    Financial advisor Billy Ricketts has been told she was the first woman to be a registered representative in her state. However, she’ll tell you that she hasn’t checked and can’t confirm that. At 98, Ricketts is most likely the elder stateswoman of wealth management. But she calls her recent move to affiliate with a new […]

    Jared Kirby Appointed Deputy Insurance Commissioner

    {October 9th, 2019} by Iowa Insurance Division

    Des Moines, Iowa – Iowa Insurance Commissioner Doug Ommen today announced that Jared Kirby has been appointed as Deputy Insurance Commissioner for Market Regulation. “The Iowa Insurance Division takes great pride in helping Iowans with questions or concerns regarding their insurance coverage and their investments.  I’m pleased to announce that Jared will take on an even greater […]


    {October 9th, 2019} by IRI

    Latest Draft in “Broad Alignment” with SEC’s Regulation Best Interest Proposed Changes Cover Letter WASHINGTON, D.C. – The Insured Retirement Institute (IRI) and seven other trade associations today filed comments on a proposed National Association of Insurance Commissioners (NAIC) model regulation saying that they remain “committed to a harmonized best interest standard of care for annuities […]

    Merrill Boosts Trainee Pay by $10K

    {October 9th, 2019} by Janet Levaux

    To bring on next-generation advisors, Bank of America Merrill Lynch has raised the yearly starting pay of trainees by $10,000 a year. It’s also boosting its hiring of trainees by bringing on 1,700 so far this year — up 100 from the same period in 2018. “Merrill sees a team environment with experienced advisors as […]

    SEC probing compensation, sales practices in 403(b) plans for school districts

    {October 9th, 2019} by Greg Iacurci

    The Securities and Exchange Commission appears to be launching a broad investigation of compensation and sales practices in defined-contribution plans for school districts, an atypical move that targets a segment of the market frequently lambasted for high fees and deceptive practices aimed at winning the business of plan participants. Click HERE to read the full […]

    New York Life Names Eric Feldstein Executive Vice President and Chief Financial Officer

    {October 9th, 2019} by New York Life

    NEW YORK–(BUSINESS WIRE)–New York Life announced today that Eric Feldstein has been named Executive Vice President and Chief Financial Officer (CFO), reporting to Chairman and Chief Executive Officer Ted Mathas. In this role, Mr. Feldstein will have responsibility for leading the company’s Finance organization, including business unit finance, the finance services organization, treasury and corporate […]

    Broker To Appeal Ruling On Ohio National Trail Commissions

    {October 9th, 2019} by John Hilton

    An attorney for Stephen Cook, a broker who sued Ohio National to recoup trail commissions, said his client will appeal an Oct. 2 ruling dismissing his lawsuit. Cook, a Dallas-based advisor affiliated with Triad Advisors, filed a class-action lawsuit filed in March challenging Ohio National’s decision to stop paying trail commissions on certain variable annuities. […]

    NAIC Accelerated Underwriting Working Group To Take It Slow

    {October 9th, 2019} by Jamie Johnson

    The Accelerated Underwriting Working Group got started today by rejecting a plea to speed up its schedule. The group was formed during the National Association of Insurance Commissioners’ summer meeting in August. It will “Consider the use of external data and data analytics in accelerated life underwriting, including consideration of the ongoing work of the […]

    New York State Officials Open Probe on 403(b) Sales to Teachers

    {October 9th, 2019} by Leslie Scism

    New York’s top financial-services watchdog on Tuesday dispatched letters to a dozen major insurers seeking details on how they market retirement-income products to teachers, opening a probe of industry practices, according to people familiar with the matter. The New York Department of Financial Services has launched an investigation to determine whether life insurers and their […]

    Trade Groups Offer Changes To NAIC Annuity Sales Model Reg

    {October 9th, 2019} by Press Release

    The Insured Retirement Institute (IRI) and seven other trade associations filed comments Tuesday on a proposed National Association of Insurance Commissioners (NAIC) model regulation saying that they remain “committed to a harmonized best interest standard of care for annuities to benefit consumers seeking guaranteed lifetime income in retirement across all regulatory platforms.” The groups added […]

    SBLI of Massachusetts Launches Online Life Insurance Application

    {October 9th, 2019} by SBLI of Massachusetts

    WOBURN, Mass.–(BUSINESS WIRE)–SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) has introduced an online application that enables shoppers to apply for term life insurance twenty-four hours a day without having to speak with an SBLI sales agent. Embedded in SBLI.com, the online application (apply.sbli.com) extends the company’s 112-year history of providing straightforward, low-cost […]

    Mixing fiduciary and nonfiduciary standards can be counterproductive

    {October 9th, 2019} by Blaine F. Aikin

    In the wake of finalizing the Regulation Best Interest regulatory package, the SEC issued a series of informational videos for investors that purport to explain the differences between brokerage and advisory services. Click HERE to read the full story via InvestmentNews.

    Mutual of America Life Insurance Company, et al.

    {October 9th, 2019} by Federal Register

    Notice. Citation: “84 FR 53482” Document Number: “Investment Company Act Release No. 33654; File No. 812-15033” Page Number: “53482” “Notices” Agency: “Securities and Exchange Commission (“Commission”).” Agency: Securities and Exchange Commission (“Commission”). Action: Notice. Notice of application for an order approving the substitution of certain securities pursuant to section 26(c) of the Investment Company Act of 1940, as […]

    Foresters Financial launches enhanced Whole Life Insurance

    {October 9th, 2019} by Foresters Financial

    Toronto, Oct. 07, 2019 (GLOBE NEWSWIRE) — Foresters Financial™ (“Foresters”) today announces the launch of Advantage Plus II Participating Whole Life (“Advantage Plus II”), replacing its flagship Advantage Plus Whole Life product, with lower premiums. Complimentary benefits and a shared purpose Anyone who is insured under a life insurance certificate from Foresters is a member and […]

    Annuities Industry Becomes Rolling Stones Roadie

    {October 9th, 2019} by Jacqueline Sergeant

    Annuities didn’t quite take center stage during The Rolling Stones recent U.S. tour but, they certainly played a prominent role in more ways than one. “We hit a nerve by talking about protective lifetime income and talking about income and retirement,” said Jean Statler, executive director of The Alliance for Lifetime Income, a Washington, DC-based […]

    New York Investigating Sales of Annuities to 403(b)s

    {October 9th, 2019} by Rebecca Moore

    There have been several reports, starting with a Wall Street Journal article, announcing that the New York State Department of Financial Services is planning to investigate sales of annuities in the 403(b) retirement plan market. 403(b) plans were limited to investing in annuities until 1974 when the Employee Retirement Income Security Act (ERISA) allowed for […]

    John Hancock expands Apple Watch program, offers new Series 5 to Vitality PLUS customers

    {October 9th, 2019} by Insurance Forums Staff

    John Hancock announced Oct. 3 it is expanding its Apple Watch program to include the new Apple Watch Series 5. Beginning this fall, customers can earn the watch through the John Hancock Vitality Program for just $25, simply by being more active. The newest version of the watch features an always-on retina display, an updated […]

    IMO launches multi-channel, budget-based lead platform for producers

    {October 9th, 2019} by Insurance Forums Staff

    Insurance marketing organization (IMO) Advisors Ignite USA launched a new, multi-channel consumer lead platform designed to help insurance and financial professionals generate new business at the right price. Downers Grove, Ill.-based Advisors Ignite USA (AIUSA), led by two insurance industry veterans, Steve DeJohn and Mike Dressander, says it is the first IMO in the insurance […]

    LPL, Triad brokers lose Ohio National lawsuit over variable annuity commissions

    {October 9th, 2019} by Greg Iacurci

    Brokers affiliated with LPL Financial and Triad Advisors have lost separate lawsuits against Ohio National Life Insurance Co. that sought to overturn the insurer’s decision to stop paying variable annuity commissions. Click HERE to read the full story via InvestmentNews.

    MetLife Named To Working Mother’s “100 Best Companies” List for 21st Year in A Row

    {October 8th, 2019} by MetLife, Inc.

    New York – WEBWIRE – Friday, September 27, 2019 MetLife, Inc. (NYSE: MET) today announced that, for the 21st year in a row, it has earned a spot on Working Mother’s “100 Best Companies” list for its commitment to a culture, programs and policies that support working families. “An energized and diverse workforce drives innovation and enables us to deliver on […]

    AVP, Product Marketing: F&G

    {October 8th, 2019} by F&G

    Summary FGL Holdings—the F&G family of insurance companies—is committed to helping Americans prepare for and live comfortably in their retirement. Through its subsidiaries, F&G is a leading provider of annuity and life insurance products. For nearly 60 years, we have offered annuity and life insurance products to those who are seeking safety, protection and income […]

    Chief Actuary: Munich American Reassurance Company, New York City, NY

    {October 8th, 2019} by Munich American Reassurance Company

    Munich Re Life US aspires to be the premier reinsurance business partner that delivers exceptional value to our clients and stakeholders. As the US-based life subsidiary of one of the world’s largest reinsurance companies, we are the industry leader in delivering world-class service and solutions to many of the most recognized insurance companies around the […]

    Actuary – Nontraditional Inforce Management: MassMutual

    {October 8th, 2019} by MassMutual

    Since 1851, MassMutual’s commitment has always been to help people protect their families, support their communities, and help one another. This is why we want to inspire people to Live Mutual. We’re people helping people. A career with us means you will work alongside exceptional people and be empowered to reach your professional and personal […]

    AM Best Upgrades Credit Ratings of Equitable Life & Casualty Insurance Company

    {October 8th, 2019} by A.M. Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has upgraded the Financial Strength Rating to B+ (Good) from B (Fair) and the Long-Term Issuer Credit Rating to “bbb-” from “bb+” of Equitable Life & Casualty Insurance Company (Equitable) (Salt Lake City, UT). The outlook of these Credit Ratings (ratings) has been revised to stable from positive. The ratings reflect Equitable’s balance […]

    FBL Financial Group Schedules Third Quarter 2019 Earnings Release Date, Conference Call and Webcast

    {October 8th, 2019} by FBL Financial Group, Inc.

    WEST DES MOINES, Iowa–(BUSINESS WIRE)–FBL Financial Group, Inc. (NYSE: FFG) will announce its third quarter 2019 earnings approximately 15 minutes after the close of the market on Thursday, October 31, 2019. The third quarter earnings release and financial supplement will be posted on the FBL Financial Group website (www.fblfinancial.com) at that time. FBL Financial Group will […]

    Pacific Life Launches Advisory Variable Annuity at Schwab Advisor Services™

    {October 8th, 2019} by Pacific Life

    NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life has announced that Pacific Odyssey®, the company’s fee-based, advisory variable annuity, is now available to independent RIAs through Schwab Advisor Services. “We’re very excited to be working with Schwab Advisor Services to bring Pacific Odyssey to the independent RIA market,” says Brian Woolfolk, FSA, MAAA, senior vice president of sales and chief […]

    American Equity Schedules Third Quarter 2019 Earnings Release, Conference Call and Webcast

    {October 8th, 2019} by American Equity Investment Life Holding Company

    WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (NYSE: AEL) announced today that it will release third quarter 2019 earnings after the close of market on Wednesday, November 6, 2019. The third quarter earnings release and financial supplement will be posted on the American Equity website at www.american-equity.com at that time. AEL will hold a […]

    AM BestTV at InsureTech Connect: Insurtech Women Founders Say Profitability Builds Trust

    {October 8th, 2019} by AM BestTV

    OLDWICK, N.J.–(BUSINESS WIRE)–In this AMBestTV episode from the 2019 InsureTech Connect conference in Las Vegas, NV, Jennifer Byrne, co-founder and president, Quesnay; Carey Anne Nadeau, founder and chief executive officer, ODN; and Kate Terry, co-founder and chief operating officer, Surround Insurance, said the ranks of women in insurtech may be small, but creativity, resourcefulness and industry […]

    Should You Assure Your Family’s Future With Life Insurance?

    {October 8th, 2019} by James Brewer

    Nothing excites us like the inevitability of death and taxes. At least taxes may come with a refund. During your working years, if you are married or have dependents, they expect you to bring in your salary, wages, 1099 income, etc. For many, that comes on an every-couple-of-weeks schedule. You probably don’t think much about […]

    Prudential reverses variable annuity suspension in New York

    {October 8th, 2019} by Greg Iacurci

    Prudential Financial Inc. will reintroduce its fee-based variable annuities in New York, following a suspension of its product sales a few months ago in connection with the state’s new best-interest rule for annuity and life insurance sales. Click HERE to read the full story via InvestmentNews.

    Factors to consider before taking a pension buyout

    {October 8th, 2019} by Greg Iacurci

    General Electric is the latest company to offer a pension buyout to former employees as it tries to shore up its pension plans, which were $27 billion underfunded as of year-end 2018. Click HERE to read the full story via InvestmentNews.

    Finra issues Regulation Best Interest checklist for brokers

    {October 8th, 2019} by Mark Schoeff Jr.

    Finra released guidance on Tuesday designed to help its member firms comply with new broker investment advice and disclosure requirements approved earlier this year by the Securities and Exchange Commission. Click HERE to read the full story via InvestmentNews.

    The most misunderstood Roth conversion tax rule

    {October 8th, 2019} by Ed Slott

    Once Roth IRA funds have been held for five years and the Roth owner is 59½ years old, there are no more tax rules to know because all distributions will be tax- and penalty-free forever, including distributions to beneficiaries. Click HERE to read the full story via InvestmentNews.

    Income annuities provide retirees longevity protection

    {October 8th, 2019} by Wade Pfau

    Though the discussion in this chapter could be applied to any annuity offering lifetime income benefits, the focus for now returns to income annuities to keep the discussion more manageable. Click HERE to read the full story via InvestmentNews.

    Life Insurance Through The Lens Of A Six-Year Old

    {October 8th, 2019} by Erin Finnegan, CLF

    “I’m tired of life insurance having a bad rap. When I was just six years old, I would’ve given anything for my family to have been protected by life insurance, which is the driving force behind my work every single day. Hear my story, which I shared as part of John Hancock‘s #JHSignatureSeries, by watching […]

    Will $1 million be enough in retirement? It depends

    {October 8th, 2019} by Annie Nova

    Congratulations! You’ve saved enough for retirement. Now what? For those fortunate enough to have accumulated a nest egg large enough to last them through their post-working years, some hard decisions can still arise. You don’t want to jeopardize your savings by keeping too much in the stock market (or in bitcoin). But slide too far […]

    Voices: The miseducation of the millennial financial advisor

    {October 8th, 2019} by Allan Boomer

    I began my career as a financial advisor in my mid-20s shortly after the dot-com crash. My six-month, classroom-based training program was composed of some of the most talented, credentialed and ambitious people I’ve ever encountered. Yet after two years, only 10% of the class had brought in enough assets to hit their revenue targets. […]

    Women, Planning & The Reality of Longevity

    {October 8th, 2019} by Marcia Mantell, RMA

    Most advisors who are fairly proficient in Social Security’s rules know the technical answer to the question “Is Social Security Really Different for Women?” is no. The calculations to determine one’s Social Security benefit are the same whether male or female. In fact, Social Security is clear that the program is gender neutral. If a […]

    Rating Migration: Key Credit Weakness for US Life Insurers Amid Higher Investment Risk

    {October 8th, 2019} by Moody's Investor Service

    Searching for yield in a low interest rate environment, our rated US life insurance companies have become more susceptible to the negative impacts of falling ratings or ‘rating migration’. This is primarily due to a decline in the credit quality of the investment grade portion of their fixed income portfolios, as shown by their increased […]

    Life Application Activity Continues to Recover: MIB

    {October 8th, 2019} by Allison Bell

    Strong demand from consumers ages 45 and older is continuing to act as chicken soup for the U.S. life insurance market. Overall application activity was 1.9% higher in September than in September 2018, according to new activity data from MIB Group Inc. The increase for September follows a 0.5% year-over-year increase in August. In July, […]

    Warren Vows to Resurrect Obama-Era DOL Fiduciary Rule

    {October 8th, 2019} by Melanie Waddell

    Sen. Elizabeth Warren, D-Mass., vows to restore the Labor Department’s vacated fiduciary rule if she is elected president. In a 14-page labor manifesto released Thursday, Warren states that as part of her plan to defend worker pensions and other retirement savings, she will restore the Labor Department’s fiduciary rule that was vacated by the U.S. Court of […]

    Ohio National Financial Services Launches FireLight® e-Delivery to Enhance and Modernize Digital Sales Experience for Financial Professionals and Customers

    {October 8th, 2019} by Insurance Technologies, LLC,

    COLORADO SPRINGS, Colo.–(BUSINESS WIRE)–Insurance Technologies, LLC, a provider of sales and regulatory automation solutions for the insurance and financial services industries, announces Ohio National Financial Services (Ohio National), an insurance provider offering life and disability income insurance, has launched FireLight® e-Delivery to provide a comprehensive, secure and modernized digital communication and sales experience for its […]

    How to Shop for Variable Annuities

    {October 8th, 2019} by Mary Kane

    Vanguard’s decision this summer to stop selling its low-fee variable annuity means one less option for investors who like to buy annuities directly, especially ones that are more complex than immediate annuities. You still have plenty of choices when shopping for a variable annuity, but carefully do your homework before locking up your money. Variable annuities are […]

    Ohio National Trail Lawsuits: FA Class Action Dismissed But Broker-Dealer Litigation To Continue

    {October 8th, 2019} by Mrinalini Krishna

    A federal judge dealt a big blow to broker-dealer representatives suing Ohio National for the insurer’s decision to stop paying commission on certain variable annuities last year. And in two other cases, Ohio National entities’ motion to quash litigation by broker-dealers was denied. U.S. District Judge Susan J. Dlott ruled in favor of Ohio National entities, granting their […]

    Why RBC’s New Recruiting Boss Is Focusing on Hiring More Women

    {October 8th, 2019} by Mrinalini Krishna

    With a new head of advisor recruitment at the helm, RBC Wealth Management U.S. is looking to attract more women and diversify its financial advisor force. Kristen Kimmell, a long-time advocate for women in the business, was appointed to the job last week. Her efforts so far have helped the firm grow its female advisor ranks by 23% […]

    Here’s How Quickly the Competitive Landscape for FAs Could Change

    {October 8th, 2019} by Mrinalini Krishna

    New entrants and the changing nature of financial advice are trends that top wealth management executives see playing out over the coming year. And advice firms need to be ready, experts warn. At an event in New York City Wednesday, Tash Elwyn, president and CEO of Raymond James & Associates and Shirl Penney, the CEO of Dynasty Financial spoke about trends […]

    Here’s How a Crash Could Pound Some U.S. Life Insurers: Moody’s

    {October 8th, 2019} by Allison Bell

    Many U.S. life insurers are coping with low interest rates by investing in more lower-rated, higher-paying bonds and notes, and that strategy could backfire if the economy tanks, according to a new analysis from Moody’s Investors Service. Moody’s rating analysts came up with their own, rough, life insurer shock test by seeing what might happen to the […]

    Employer Interest in Annuitization Options Holds Steady: Transamerica Center

    {October 8th, 2019} by Allison Bell

    U.S. financial services companies have been spending heavily on efforts to get employers interested in adding lifetime income options to 401(k) plans and other defined contribution retirement plans. New survey results from the Transamerica Center for Retirement Studies suggest that employers may not be paying much attention. The center’s latest employer survey report, which is […]

    District Court Rules Against Advisors in Ohio National Commission Cases

    {October 8th, 2019} by Allison Bell

    A federal judge in the U.S. District Court for the Southern District of Ohio has found that two securities representatives lack standing to sue Ohio National Life Insurance Company over a change in variable annuity commission arrangements. U.S. District Judge Susan Dlott concluded, in two similar orders that were both filed Thursday, that Ohio National had selling […]

    5 Thumps From the Gorillas’ Annuity Suitability Comments

    {October 8th, 2019} by Allison Bell

    State insurance regulators are trying to polish a document that could eventually provide a middle annuity sales standards option. The regulators, who are members of the National Association of Insurance Commissioners’ Annuity Suitability Working Group, are trying to update an existing sales standards model to reflect concerns about annuity sellers’ potential conflicts of interest. An […]

    Number of BDs Continues Steady Decline, FINRA Report Shows

    {October 8th, 2019} by Melanie Waddell

    The total number of broker-dealers registered with the Financial Industry Regulatory Authority dropped to 3,607 in 2018 from 4,067 in 2014, with FINRA losing 119 firms from 2017 to 2018, according to FINRA’s just-released second annual statistical report. Firms that are broker-dealer only and regulated by FINRA stand at 334,860, while the number of dual […]

    Are states any good at regulating insurance?

    {October 8th, 2019} by Ethan Schwartz

    The insurance industry offers a test case of decentralized authority: Unlike much of the investment business, which is supervised at the federal level, insurers are almost entirely overseen by the states. So how are states doing? Judging from what promoters of insurance products can say in their marketing materials, not so well. Consider an unsolicited […]

    Making Income Rise as Health Declines

    {October 8th, 2019} by Kerry Pechter

    Pilates lovers, vegetarians and never-smokers are not the only people who should, can, or do buy life-contingent income annuities. Click HERE to read the full story via RIJ.

    Investigation into 403(b) costs, sales could be an A+ for teachers

    {October 8th, 2019} by Greg Iacurci

    New York’s investigation 403(b) plan costs and sales tactics used by insurers is welcome action from regulators that will hopefully be accompanied by long-overdue reforms and financial relief for vulnerable consumers. Click HERE to read the full story via InvestmentNews.


    {October 8th, 2019} by Michael Rohan

    The Illinois Department of Insurance has implemented new rules governing life and annuity insurer conduct upon receipt of a death notice, and for interaction with its Lost Policy Finder service for consumers (50 Ill. Adm. Code 920 et seq.). These rules were drafted in response to requirements in the Illinois Unclaimed Life Insurance Benefits Act, which […]

    Envestnet CEO Killed in Car Crash

    {October 8th, 2019} by Janet Levaux

    Envestnet founder, Chairman and CEO Judson Bergman, 62, and his wife Mary Miller, 57, were killed early Thursday in a car crash in San Francisco, according to the California Highway Patrol. Bergman and his wife were in a taxi that was hit by an impaired motorist driving the wrong direction on Highway 101. Both that […]

    7 Misconceptions About Annuities And The Truth

    {October 8th, 2019} by Tim Short

    Over the years, annuities have gotten some bad press. People come into our office regularly, saying annuities are a terrible product, often with some common misconceptions. To help clear up any confusion, here are seven of those misconceptions, and the truth! There are too many hidden fees. There are several different types of annuities, which […]

    Leaving a legacy: Why everyone needs an estate plan

    {October 7th, 2019} by Madison Blancaflor

    No one wants to talk about the possibility of dying, or what will happen to your loved ones after you’re gone. While it’s an understandably sensitive and difficult subject to broach, a lack of planning causes a lot of families to be caught off-guard if an unexpected tragedy occurs. Establishing an estate plan early on […]

    Getting to know our Product Specspert, Knower of Important Things

    {October 7th, 2019} by Wink's RockStars

    You’ll never meet a person with more punny friends than this gal! Talia, is our Product Specspert, Knower of Important Things. Her passion for one-liners is fueled by the likes of “The Big Lebowski,” “Anchorman,” “Fear and Loathing in Las Vegas,” “Labyrinth,” and “The Princess Bride.” Steadfastly dedicated to volunteering for her children’s school, this […]

    CORRECTED-Six U.S. insurers to pay $1.83 mln for improper annuity-swapping -New York regulator

    {October 2nd, 2019} by Reuters, Suzanne Barlyn

    -New York regulator@ (Corrects to reflect that the Companion Life Insurance Company that paid a penalty is a unit of Mutual of Omaha and is not the same Companion Life Insurance that is based in Columbia, South Carolina, paragraph 9. Removes reference to Columbia, South Carolina.) Sept 24 (Reuters) – Six U.S. life insurers have […]

    Six Life Insurers To Pay N.Y. $1.8 Million For Annuity Sales Violations

    {October 2nd, 2019} by Raymond Fazzi

    Six life insurance companies have agreed to pay New York $1.8 million to settle allegations that they conducted deferred to immediate annuity replacement transactions that violated state regulations. “These six carriers failed to properly disclose to consumers income comparisons and suitability information, causing consumers to exchange more financially favorable deferred annuities with immediate annuities,” the […]

    Cash Value Life Insurance Could Be A Secret Weapon For College Savings

    {October 2nd, 2019} by Jerilyn Klein Bier

    September is Life Insurance Awareness Month and a wealth advisor with a specialty in college planning wants more financial advisors and parents to understand how permanent life insurance policies (including whole life and indexed universal life) can help fund college expenses. Beth Walker, a wealth advisor with Omaha-headquartered Carson Wealth Management and founder of the […]

    5 Reasons Why Health Insurance Agents Should Sell Life Insurance

    {October 2nd, 2019} by Jan Dubauskas

    September was Life Insurance Awareness Month! Health insurance is complicated. It’s so complicated that it’s easy to become specialized in just that area and forget the total picture for the client. With the booming gig economy, we have an enormous opportunity to provide not only health insurance for our communities but life insurance as well. […]

    Questions to Ask – When Prospecting for Life

    {October 2nd, 2019} by Kim Magdalein

    Prospecting for life insurance sales is my favorite. It’s so easy. I find it hard to understand why others find it so difficult.  Everyone who can fog a mirror is a possible prospect. It just requires a little imagination to ask for an appointment. All that’s necessary is a quick mental assessment of each individual […]

    Does Your Agency – IMO Relationship Include These 5 Quality Indicators?

    {October 2nd, 2019} by Jeremy Rubin

    You are a business owner. And your business is to recruit producers and wholesale life, annuity, linked benefits, or other products to those producers while also focusing on service, support and growth initiatives that encourage them to continue doing business with your firm. Meanwhile, the relationship with your upline IMO should be running smoothly in […]

    AM Best Affirms Credit Ratings of Zurich Insurance Group Ltd and Its Main Rated Subsidiaries

    {October 2nd, 2019} by A.M. Best

    LONDON–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” of the main rated insurance subsidiaries of Zurich Insurance Group Ltd (Switzerland). These companies are referred to collectively as the Zurich group. (See below for a detailed list.) At the same time, AM Best has […]

    Unplaced life insurance cases: The Walking Dead

    {October 2nd, 2019} by Steve Savant

    Start Sandbagging for the Impaired Risk Season Most underwriters are more akin to undertakers in a hearse, driving your impaired risk case right into the same old actuarial rut of declinations, postpones and high table ratings. And, they do this as if death claims were off the charts, or life insurance sales were through the […]

    Principal to Announce Third Quarter 2019 Financial Results

    {October 2nd, 2019} by Principal Financial Group

    DES MOINES, Iowa–(BUSINESS WIRE)–Principal Financial Group® (Nasdaq: PFG) announced today that it will release third quarter 2019 financial results 15 minutes after the market closes on Thursday, October 24, 2019. On Friday, October 25, 2019 at 10 a.m. ET, Dan Houston, chairman, president and chief executive officer, and Deanna Strable, executive vice president and chief financial […]

    AM Best Comments on Credit Ratings of Puritan Life Insurance Company of America

    {October 2nd, 2019} by A.M. Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has commented that the Credit Ratings (ratings) of Puritan Life Insurance Company of America (PLICA) (Tempe, AZ) remain unchanged following the completed acquisition of PLICA’s parent company, Puritan Life Insurance Company (PLIC), by PLAZ Holdings LLC, a subsidiary of Calton Holdings, LLC. AM Best notes that there were no immediate impacts from […]

    Athene Holding Ltd. to Announce Third Quarter 2019 Financial Results and Host Conference Call on November 5, 2019

    {October 2nd, 2019} by Athene Holding, Ltd.

    PEMBROKE, Bermuda–(BUSINESS WIRE)–Athene Holding Ltd. (NYSE: ATH), a leading provider of retirement savings products, announced it will release financial results for the third quarter 2019 on Tuesday, November 5, 2019, before the opening of trading on the New York Stock Exchange. The news release, financial supplement and earnings presentation will be available on the ir.athene.com website. Management […]

    Nassau Financial Group Enters Accumulation Market for Fixed Indexed Annuities and Provides Growth Update

    {October 2nd, 2019} by Nassau

    HARTFORD, Conn.–(BUSINESS WIRE)–Nassau Financial Group (“Nassau”) today announced its entry into the accumulation-focused fixed indexed annuity space with its inaugural product, NassauSM Growth Annuity. This product introduction marks Nassau’s latest milestone in an active year of growth across its insurance and annuity businesses. In addition, Nassau continues to take a leading role in the Hartford region’s […]

    Pacific Life Becomes First Carrier to Offer a Fixed Indexed Annuity at TD Ameritrade

    {October 2nd, 2019} by Pacific Life

    NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life announced today that Pacific Index Foundation®, a deferred fixed indexed annuity, is now available to TD Ameritrade clients. TD Ameritrade has offered a curated lineup of fixed annuities and fee-based variable annuities to clients since 2012, and now Pacific Index Foundation becomes the first fixed indexed annuity to be offered on […]

    SEC Asks About Changing Accredited Investor Rule; Comments Pour In

    {October 2nd, 2019} by Ginger Szala

    Changing regulations brings out the passion in people as more than 130 individuals, firms and associations responded to the Securities and Exchange Commission’s request for comments on its Concept Release on Harmonization of Securities Offering Exemptions. The deadline for comments was Sept. 24, and though several addressed everything from private fund offerings to crowdfunding, many of the writers had […]

    Integrity Marketing to Acquire Little Rock-Based IMO

    {October 2nd, 2019} by Allison Bell

    Integrity Marketing Group LLC says it has agreed to acquire Drennan Insurance Marketing Inc. of Little Rock, Arkansas. Integrity Marketing is a Dallas-based senior products distributor that has acquired more than 20 other distributors since 2016. It recently raised cash from an investment firm, Harvest Partners. Integrity Marketing is not saying how much it’s paying […]

    Ease to Offer Ethos Term Life Program

    {October 2nd, 2019} by Allison Bell

    Ease, a web-based benefits administration and human resources software firm, says it has agreed to offer individually underwritten life insurance policies from Ethos. The deal will make the Ethos term life program available to the employees of Ease employer clients through a web-based accelerated underwriting program. Ease and Ethos are calling the new program “Employer […]

    Women’s Financial Confidence and You

    {October 2nd, 2019} by Aimee Lynn Johnson

    For decades in the United States, the role of managing family finances was traditionally one that fell to a male head of household. Men made up a larger part of the workforce so it was generally assumed that they were the ones paying the bills and responsible for saving for their family’s future. However, as […]

    Galvin’s Fiduciary Rule Faces a Business Community Backlash

    {October 2nd, 2019} by Patrick Donachie

    A fiduciary rule proposed by Massachusetts Secretary of the Commonwealth William Galvin is making waves among Boston business advocates, according to a new report from the Boston Globe. Today, the Greater Boston Chamber of Commerce will email chamber members and policy brief subscribers about the organization’s opposition to Galvin’s attempt to create a more stringent […]

    Athene Annuity Refinances New Jersey Office Building

    {October 2nd, 2019} by John Jordan

    CBRE Capital Markets’ Debt & Structured Finance team recently announced that it has secured a $150-million 10-year fixed-rate loan to refinance 111 River St., a 13-story, Class-A high-rise office tower in Hobken, New Jersey, that’s owned by Mack-Cali Realty Corp. The brokerage firm reports the non-recourse loan for the Jersey City-based REIT was funded by […]

    MassMutual to Move Midtown New York Offices

    {October 2nd, 2019} by Ingrid Tunberg

    Massachusetts Mutual Life Insurance Company is moving its Midtown Manhattan offices to a new location that’s about four blocks away. MassMutual recently signed a 10-year lease for 22,000 square feet of space at Marx Realty’s 10 Grand Central building, near Grand Central Station. MassMutual will be relocating the offices there from 200 Park Ave., which is […]

    Americans in Need of Some Good Financial Advice: Survey

    {October 2nd, 2019} by Michael S. Fischer

    October is Financial Planning Month, and a good time for stressed Americans to focus on getting their financial houses in order. A new study from the National Association of Personal Financial Advisors finds that Americans are worried about their finances, and three in four say they would like to get a financial planning do-over. “With all the uncertainty […]

    Debt Funds Overtake Life Insurers In Commercial Mortgage Lending

    {October 2nd, 2019} by Erika Morphy

    Life insurers now have more competition for the best commercial mortgage deals. Over the last few years debt funds have become an increasingly important part of the commercial mortgage lending landscape. This year, these alternative lenders hit a milestone: for the first half of 2019 they represented a larger share of the commercial mortgage markets […]

    Advisors’ Advice: When Should Clients Exchange Variable Annuities?

    {October 2nd, 2019} by Melanie Waddell

    Yes, you and your clients can exchange one variable annuity contract for another. But should you? The Financial Industry Regulatory Authority recently warned investors about making such a move, urging them to be aware that replacing one VA with another involves “a comparison of the complex features of each security.” FINRA, as well as advisors […]


    {October 2nd, 2019} by DFS

    Six Insurers to Pay $1,152,154 in Restitution Collectively to New York State Consumers, Plus $673,000 in Penalties DFS’s Ongoing Industry-Wide Investigation Continues to Protect Consumers NEW YORK – Financial Services Superintendent Linda A. Lacewell today announced that the Department of Financial Services (DFS) has entered into consent orders with six life insurance companies:  Companion Life […]

    Lawmakers Sound Financial Stability Alarm as SIFI Designation Becomes Mute

    {October 2nd, 2019} by Elizabeth Festa

    Deregulation in financial stability oversight prompted lawmakers Wednesday to question if the system is strong enough to catch problems before they spread and cause contagion now that the systemically important financial institution designation has lost its teeth. At a Wednesday hearing before the House Financial Services Subcommittee on Consumer Protection and Financial Institutions, lawmakers also […]

    3 Ways to Finish Life and Annuity Sales Strong

    {October 2nd, 2019} by Michael Goldberg

    A couple of weeks ago, I ran a half marathon and managed to cross the finish line in one piece. That was pretty much my goal — finish the race in one piece and hopefully in less than 24 hours. I managed to do both. The run was no easy task, especially for someone that […]

    Your Clients Seek ‘Authentic Leaders,’ Army Vet Tells NAIFA Crowd

    {October 2nd, 2019} by Susan Rupe

    ORLANDO — Scott Mann was one of a U.S. Army Special Forces Unit, popularly known as the Green Berets, who were helping defend an Afghan village against the Taliban when they found themselves surrounded by the enemy. In the midst of the fighting, Mann noticed a lone farmer standing on his roof, determined to defend […]

    Annuities Boost Financial Confidence: TIAA

    {October 2nd, 2019} by Michael S. Fischer

    Only 27% of Americans in a survey released Monday by TIAA said they were confident they would always feel financially secure, including during retirement, and just 35% were very confident they could maintain their lifestyle for as long as they lived. Baby boomers and men overall were likelier than younger respondents and women to express confidence in […]

    New York Mayor Floats Auto-IRA for Workers

    {October 2nd, 2019} by Elizabeth Festa

    New York officials are championing auto-IRA legislation that would address what they say is a gaping hole in retirement savings for private-sector workers in New York City. However, the federal government is showing signs it could challenge these jurisdictional plans under the Employee Retirement Income Security Act. Retirement Security for All, as the initiative is […]

    10 of the Happiest Places to Retire in the U.S.

    {October 2nd, 2019} by Stacy Rapacon

    A state of happiness cannot be pinpointed on a map. But a great deal of residents seem to have found it in these 10 places, according to the Gallup-Sharecare Well-Being Index. Digital health company Sharecare, working with Gallup, has conducted more than 2.6 million surveys nationwide since 2008 to gauge “Americans’ perceptions of their lives […]

    Gallagher expands Michigan footprint with new acquisition

    {October 2nd, 2019} by Ryan Smith

    Arthur J. Gallagher & Co. has announced that it has reached a definitive agreement to acquire Michigan-based LSG Insurance Partners. The acquisition is expected to close in the fourth quarter. Founded in 1968, LSG Insurance Partners is one of the leading independent insurance, risk management, and consulting agencies in Michigan. It offers employee benefits, commercial property-casualty, […]

    Indexed Universal Life Products, Complexity and Uncertainty

    {October 2nd, 2019} by Holly Snyder

    In her enlightening book, The Optimism Bias, best-selling author and neuroscientist Tali Sharot examines how and why we are all so predisposed to see ourselves, our families, our surroundings and our future in the best possible way. She defines the phenomenon of this look-on-the-bright-side bias as, “the inclination to overestimate the likelihood of encountering positive events […]

    iPipeline Partners with FIDx to Provide AFFIRM Order Entry Capabilities to Users of Insurance Exchange (Ix)

    {October 2nd, 2019} by iPipeline

    EXTON, Pa.–(BUSINESS WIRE)–iPipeline®, a leading provider of cloud-based software solutions for the life insurance and financial services industry, today announced a partnership with Fiduciary Exchange, LLC (FIDx) that integrates AFFIRM for Annuities order entry product with e-Signature onto their platform. Used by the nation’s top financial institutions, AFFIRM for Annuities supports customized workflows to help […]

    Elder Financial Abuse Is a Plague on America’s House: AIG

    {October 2nd, 2019} by Michael S. Fischer

    Elder financial abuse is a widespread problem in the U.S., and with more and more Americans reaching retirement age, opportunities for both scammers and family and friends to take advantage of them abound. Consider that 53% of respondents in a new survey said elder financial abuse was likely to undermine their ability to live a […]

    U.K. Prudential Realignment to Affect Jackson

    {October 2nd, 2019} by Allison Bell

    Prudential PLC — a London-based life insurance giant with no connection to Prudential Financial Inc. — announced Wednesday that it wants to spin off its U.K. and European operations and focus mainly on opportunities in Asia. Prudential says it also plans to keep Jackson National Life Insurance Company, a major U.S. annuity issuer. But Prudential says it expects […]

    TD Ameritrade Adds Pacific Life Indexed Annuity

    {October 2nd, 2019} by Allison Bell

    TD Ameritrade is now offering a non-variable indexed annuity from Pacific Life. TD Ameritrade has already been selling fixed annuities and fee-based variable annuities. The company is now selling the Pacific Index Foundation annuity through TD Ameritrade annuity specialists, Pacific Life announced Thursday. The Pacific Life annuity is the first indexed annuity to be offered […]

    M Financial Forms Alliances With PNC and The Links

    {October 2nd, 2019} by Allison Bell

    M Financial Group — a group for independent financial services design and distribution companies — has announced two new alliances. The Portland, Oregon-based group has formed an insurance marketing and service agreement with arms of PNC Financial Services Group Inc., a banking company with  $273 billion in deposits. M Financial will offer insurance products and related services […]

    Insurance Care Direct Hires a Company Buyer

    {October 2nd, 2019} by Allison Bell

    Insurance Care Direct has brought in Mark Peterson to help it acquire other companies. The Deerfield Beach, Florida-based life and health agency has named Peterson director of mergers and acquisitions. Mark Peterson will work under David Corsaut, the company’s chief strategy officer. He “will support industry-focused acquisitions and overall market development,” Insurance Care Direct said […]

    Life insurers fined over annuity exchanges

    {October 2nd, 2019} by Kerry Pechter

    Six life insurance companies have agreed to pay New York $1.8 million to settle allegations that they conducted deferred to immediate annuity replacement transactions that violated state regulations, FA-mag.com reported this week. Click HERE to read the full story via RIJ. 

    Life Insurance in a Bucketed Income Plan

    {October 2nd, 2019} by Kerry Pechter

    When a spouse dies during retirement, the loss deprives the widow or widower of love, support, and companionship. It also deprives the survivor of a second Social Security payment and sometimes part of a pension, shrinking the survivor’s income. Click HERE to read the full story via RIJ.

    ‘Insurance Reimagined’ announced as theme of upcoming LIDMA fall meeting

    {October 2nd, 2019} by Insurance Forums Staff

    The Life Insurance Direct Marketing Association (LIDMA) has announced that its 16th Annual Fall Meeting & Business Showcase will take place October 13-15 at the Disney Grand Californian & Spa in Anaheim. LIDMA is the life insurance industry’s most focused gathering of high performance direct response marketers, agency entrepreneurs, producers, underwriters, service providers and innovators who […]

    Internet steadily becoming the way consumers learn about insurance products

    {October 1st, 2019} by Insurance Forums Staff

    When it comes to researching (and eventually buying) financial services products, increasingly consumers expect their online experiences with agents and financial services companies to match their other online retail experiences. Understanding what consumers look for and where will help the industry improve the way they engage with today’s consumer online and open up new opportunities […]

    NYL Ventures takes deep dive into profound life industry implications of ‘LifeTech’

    {October 1st, 2019} by Insurance Forums Staff

    New York Life Ventures, the corporate venture capital arm of New York Life, just released “Emerging LifeTech ecosystem promises profound impacts on life insurance,” a whitepaper that dives deeper into the implications of LifeTech for the future of the life insurance sector. LifeTech – an emerging startup ecosystem distinctly different from the prevailing InsurTech landscape […]

    Creator of NJ Fiduciary Rule Takes NASAA Helm

    {October 1st, 2019} by Melanie Waddell

    New Jersey Bureau of Securities Chief Christopher Gerold, who helped craft the state’s fiduciary rule, became president in mid-September of the North American Securities Administrators Association. Gerold, who will serve a one-year term as NASAA’s president, assumes his new role as the Securities and Exchange Commission’s Regulation Best Interest comes under legal attack. Two separate […]

    Wells Fargo Names New CEO

    {October 1st, 2019} by Janet Levaux

    Six months after its then-CEO Tim Sloan resigned in the face of criticism from lawmakers and others, Wells Fargo has named Bank of New York Mellon Chairman and CEO Charles Scharf as its new chief executive officer and president. Allen Parker, the bank’s interim CEO, will lead the bank through the shift in leadership, set for Oct. […]

    Senate confirms Scalia as DOL secretary on party-line vote

    {October 1st, 2019} by Mark Schoeff Jr.

    Eugene Scalia became the new Labor secretary Thursday. Click HERE to read the full story via InvestmentNews.

    Voya Financial Advisors settles with more than a dozen clients of former broker

    {October 1st, 2019} by Bruce Kelly

    Voya Financial Advisors Inc. is cleaning up the mess a former broker created by investing clients heavily in nontraded real estate investment trusts and variable annuities. Click HERE to read the full story via InvestmentNews.

    Northwestern Mutual Keeps Its Chief Distribution Officer in Place

    {October 1st, 2019} by Allison Bell

    Northwestern Mutual Life Insurance Company announced a wave of executive changes Wednesday — but it seems to be happy enough with its sales and its finances that it kept the executives in charge of those matters in place. The Milwaukee-based mutual insurer kept Tim Gerend on as chief distribution officer. Click HERE To read the full story […]

    7 Ways to Help Clients Avoid Expensive Retirement Pitfalls

    {October 1st, 2019} by Ginger Szala

    The transition from work to retirement is one of the most complex times in a person’s life, says Steve Vernon, a retirement author and researcher, even moreso than saving for retirement. In his new book, “Retirement Game Changers: Strategies for a Healthy, Financially Secure and Fulfilling Long Life,” the Stanford Center on Longevity research scholar […]

    The Inconceivable Life Lesson

    {October 1st, 2019} by Sheryl J. Moore

    He was not yet four years old when my manager in the home office sat me down and suggested that I purchase life insurance for my oldest child, my only son, AJ. It seemed strange to me to consider his death. Why would I want to purchase life insurance on my child? I would predecease him. This […]