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Archive for March 2020


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  • Even a Virtual Meeting Is Too Hard for State Regulators Right Now: NAIC

    {March 31st, 2020} by Allison Bell

    The National Association of Insurance Commissioners (NAIC) has given up on trying to convert its in-person spring meeting into a virtual meeting. The state insurance regulator group announced Monday that it will suspend holding any more online spring meeting sessions, to give state insurance regulators, and its own staff, more time to focus on the […]

    Here’s What Brokers Need to Tell Employers: A Broker’s Strategy

    {March 31st, 2020} by Allison Bell

    Elena Merino, a benefits broker, is hoping she can help rescue colleagues from COVID-19 paralysis. Merino, president of The Meridian Group  of Alpharetta, Georgia, has come up with some steps that almost any benefits firm can take. Here’s a look at five things she has done, is doing, or is trying to do. Click HERE […]

    No Snoozin’ for You (If You’re Essential): Treasury Secretary

    {March 31st, 2020} by Allison Bell

    For workers in insurance, being classified as “essential” may involve more than an excuse to go into the office during a COVID-19 “shelter in place” period. Treasury Secretary Steven Mnuchin hinted Tuesday, in a statement about financial services sector workers’ status as “essential critical infrastructure workers,” that the ability to leave the house to go to […]

    Catholic Fraternal to Provide Emergency Financing for U.S. Dioceses

    {March 31st, 2020} by Allison Bell

    A Catholic fraternal benefit society is trying to use its financial muscle to help pull U.S. Catholic dioceses through the economic turmoil caused by the COVID-19 pandemic. The Knights of Columbus announced earlier this week that it has established a $100 million short-term financing fund for the dioceses. The New Haven, Connecticut-based organization said it […]

    CNO CEO Writes to Shareholders From His Home Office

    {March 31st, 2020} by Allison Bell

    Many publicly traded insurers are warning in their shareholder vote proxies that the COVID-19 pandemic may force them to skip holding in-person annual meetings this year. Gary Bhojwani, the chief executive officer of CNO Financial Group Inc., started the letter at the front of his company’s annual report to shareholders by noting that, as he […]

    5 Things an Insurance Law Deal Specialist Is Seeing Now

    {March 31st, 2020} by Allison Bell

    Executives at life and health insurers talk all the time about pandemic risk, but Daniel Rabinowitz, an insurance law specialist, questions whether most life and health executives were emotionally prepared for the COVID-19 pandemic. Property and casualty insurers have good models for analyzing the effects of earthquakes, hurricanes, and other natural disasters Rabinowitz said Friday, […]

    What Life and Health Players Still Want Out of Congress

    {March 31st, 2020} by Allison Bell

    Now that President Donald Trump has signed H.R. 748 — the $2 trillion Coronavirus Aid Relief and Economic Security (CARES) Act aid package — into law, life and annuity community are talking about what else they’d like to see Congress do. Many groups have put out statements praising Congress for passing the CARES Act and the president […]

    Brian Winikoff to Lead MIB

    {March 31st, 2020} by Allison Bell

    The board of MIB Group Inc. has picked Brian Winikoff to succeed Lee Oliphant as the organization’s president and chief executive officer. MIB is an insurance company-owned consortium that helps life insurers and health insurers share and analyze data used in insurance underwriting. Oliphant, who is retiring, began working for MIB as its chief financial officer […]

    COVID-19 May Slow International Group’s Systemic Risk Project

    {March 31st, 2020} by Allison Bell

    The COVID-19 crisis is forcing the International Association of Insurance Supervisors (IAIS) to think about slowing efforts to strengthen insurers’ ability to cope with crises. The Basel, Switzerland-based regulator group says it may delay implementation of its systemic risk management framework. The group is also giving members more time to test a new Insurance Capital Standard […]

    COVID-19 Deaths May Not Do Much to Life Insurers’ Earnings: Securities Analyst

    {March 31st, 2020} by Allison Bell

    Even now, it looks as if the number of U.S. deaths caused by COVID-19 may not be big enough to do much to the typical publicly traded U.S. life and annuity issuer’s 2020 earnings. Ryan Krueger, a securities analyst at Keefe, Bruyette & Woods Inc., makes that case in a new analysis of COVID-19 mortality […]

    China Oceanwide and Genworth Push Deal Deadline Back to June 30

    {March 31st, 2020} by Allison Bell

    China Oceanwide Holdings Group Co. Ltd. appears to be getting closer to the day when it has to pay to complete its long-delayed acquisition of Genworth Financial Inc. The companies announced today that they have cleared one more regulatory obstacle — getting reapproval for the deal from the Virginia Bureau of Insurance. The companies also pushed […]

    What an Annuity Giant Is Telling Investors About COVID-19 Risk

    {March 31st, 2020} by Allison Bell

    The virus that causes COVID-19 — severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) — looks as if it could have an obvious effect on health insurers’ claims, and on life insurers’ life insurance claims. How much of an effect could it really have on annuity issuers? Athene Holding Ltd., a large annuity issuer based in Pembroke, […]

    Taking on clients’ retirement, emotions amid coronavirus-driven crisis

    {March 31st, 2020} by Paola Peralta

    Welcome to Retirement Scan, our daily roundup of retirement news your clients may be talking about Taking on clients’ retirement, emotions amid coronavirus-driven crisis Seniors who are worried about retiring amidst the coronavirus-driven crisis can still pursue their retirement plan but will need to make a few moves, according to this article in MarketWatch. They […]

    Jefferies Group CFO dies from coronavirus complications

    {March 31st, 2020} by Bloomberg News

    Jefferies Financial Group said Peg Broadbent, the longtime chief financial officer of its main subsidiary, has died from complications tied to coronavirus, marking one of the first deaths among senior Wall Street executives from the pandemic. He was 56. Broadbent had been CFO at the New York-based financial-services company since November 2007, following a 16-year […]

    How Annuities Can Be A Client’s GPS During Market Turmoil

    {March 31st, 2020} by Brendan Connerton

    In light of the recent market and interest rate volatility, it’s important to take a moment and reinforce why annuities are sold in uncertain economic times. Annuities are a protection and safety product and provide three distinct benefits – GPS: Guarantees – Principal protection and guaranteed lifetime income. Predictability – Income that has the ability […]

    Pacific Life Launches Advisory Annuities through DPL Financial Partners

    {March 31st, 2020} by Pacific Life

    Pacific Life Media Contact: Steve Chesterman (949) 219-3243 schesterman@pacificlife.com DPL Financial Partners Media Contact: Greg Joslyn The Lowe Group (414) 376-7275 greg.joslyn@lowecom.com Pacific Life Launches Advisory Annuities through DPL Financial Partners The launch continues Pacific Life’s expansion into the independent registered investment adviser market.   NEWPORT BEACH, Calif. – March 31, 2020 – Pacific Life announced […]

    Prudential May Adjust Jackson National Stock Sale Plan

    {March 31st, 2020} by Allison Bell

    Market turmoil could make Prudential PLC change its strategy for getting outside cash into Jackson National Life Insurance Company. The British Prudential has been talking about selling a minority stake in Jackson to investors, through a public stock offering. Mike Wells, Prudential’s group executive officer, now says that the economic uncertainty created by COVID-19 could […]

    Another Tough Decade for Annuities?

    {March 31st, 2020} by Kerry Pechter

    For millions of older Americans who bought annuities with living benefit riders over the past decade, the terrible event they were insuring themselves against—a stock market crash during their passage through the retirement ‘red zone’—actually happened over the last two weeks. Click HERE to read the full story via RIJ

    Something Else Troubling Is Going Around: Dubious Investments

    {March 31st, 2020} by Tara Siegel Bernard

    Shortly after the stock market began its initial descent, Rob Phelan, a high school math teacher in Maryland, received an email sales pitch: “The Coronavirus may be Fatal — to Your Retirement Savings!” Click HERE to read the full story via The New York Times.      Wink’s Note:  1. Indexed annuities (IAs) are not […]

    How To Get U.S. Life Insurance As A Foreign National

    {March 31st, 2020} by Scott Karstens

    A foreign national is a person who is a U.S. citizen who lives outside the U.S. full time or a citizen of another country residing in or traveling to the U.S. As a foreign national, you can still get U.S.-based life insurance if you meet certain criteria. Here’s what you need to know if you’re […]

    Finra cancels annual conference in response to COVID-19 outbreak

    {March 30th, 2020} by Mark Schoeff Jr

    Finra has canceled its annual conference, which was slated for May, in response to the COVID-19 pandemic. Click HERE to read the full story via InvestmentNews  

    National Life Donates $200K to COVID Response Funds

    {March 28th, 2020} by The National Life Group Foundation

    Montpelier, VT (March 26, 2020) – The National Life Group Foundation has approved grants of $100,000 each to community foundations in Vermont and Texas as an initial investment to support Coronavirus relief. The National Life Foundation continues to work with other charities and will make additional investments to help address the current crisis and the recovery from […]

    Deck’s Blog: Creating certainty during uncertain times

    {March 28th, 2020} by Deck McCormick

    History has not prepared us well as it relates to our pandemic health crisis. It is unprecedented to learn our best defense is to practice social distancing. That means, closing as many activities as humanly possible to keep all of us as healthy as possible. However, history has prepared us well for the financial uncertainty […]

    Midwestern School Still Offers Insurance Classes in Person

    {March 26th, 2020} by Allison Bell

    A firm in Omaha is offering an increasingly rare luxury: insurance exam prep and continuing education classes taught… in person. [As of March 25, 2020] The Insurance Classroom Education Co. has had to give up offering classes at some community colleges, due to COVID-19-related school shutdowns, but it’s still able to offer other in-person classes […]

    AM Best Launches Dedicated Access to Ongoing Pandemic-Related Insurance Industry Analysis

    {March 25th, 2020} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has launched dedicated access to its analytical updates on the COVID-19 virus outbreak. This web page (www.ambest.com/about/coronavirus.html) will be updated regularly with insurance industry-specific commentary related to the ongoing pandemic and video discussions with members of AM Best’s analytic teams about the unfolding situation. To date, AM Best has issued 10 announcements since late […]

    AM Best Downgrades Credit Ratings of Jackson National Life Insurance Company and Its Affiliates

    {March 25th, 2020} by A.M. Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has downgraded the Financial Strength Rating to A (Excellent) from A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a+” from “aa-” of Jackson National Life Insurance Company (JNL), its wholly owned subsidiary, Jackson National Life Insurance Company of New York, and its direct parent, Brooke Life Insurance Company. These […]

    AM Best to Deploy Pandemic-Related Stress Test for Rated Insurance Companies

    {March 25th, 2020} by A.M. Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best is developing stress testing that it will conduct on its rated insurance companies’ balance sheets to gauge the impact of the COVID-19 virus fallout on their risk-adjusted capital levels, investment portfolios, reserve adequacy and other aspects of the risks borne by rated entities. The COVID-19 virus is unique in its scope and […]

    Athene to Host Investor Update Webcast and Conference Call on Wednesday, March 25, 2020

    {March 25th, 2020} by Athene Holding, Ltd.

    PEMBROKE, Bermuda–(BUSINESS WIRE)–Athene Holding Ltd. (“Athene”) (NYSE: ATH) announced that it will host a webcast and conference call for stakeholders, investors, and analysts, and any other interested parties today, on Wednesday, March 25, 2020 at 8:30 am ET to provide a corporate update and discuss considerations in the current market environment as it relates to […]

    How A Financial Advisor’s Brain Reacts To A Crashing Market

    {March 25th, 2020} by Christopher Friedmann

    The stock market is getting hammered. Every penny that the market has gained over the last three-plus years has been wiped away. Nothing and no one is safe. But it’s not just your portfolio or your clients portfolios that are taking a beating, it’s your brain too. Stress wreaks havoc on the human brain, and […]

    Just 16% Of Life Insurers Concerned Coronavirus Fallout Will Be Severe

    {March 25th, 2020} by Tracey Longo

    When it comes to the coronavirus outbreak, 39% of life insurers see it as being similar in severity to a SARS-like (or moderate) pandemic, according to a survey from Limra, a trade group for life insurance and financial services companies. Another 26% of survey respondents consider it to be more similar to a severe flu […]

    Insurers Adapt to the New Normal of COVID-19 and ‘Social Distancing’

    {March 25th, 2020} by Anthony R. O'Donnell

    Carriers around the world are reassuring their customers and implementing policies to protect their associates while providing a high level of service and advancing projects in flight. Insurers across the nation and across the world are prioritizing communication to help their customers in the variety of ways they may be affected by the COVID-19 pandemic. […]

    Fed Opens Floodgates as Investors Flee to Cash

    {March 25th, 2020} by Bernice Napach

    Cash is king in a market that has now a suffered declines of more than 30% in major stock market indexes since mid-February, sloppy trading in investment-grade bond funds that were supposed to offset the risks of stocks and 10-year Treasuries yielding about 70% more than they were in early March. Even gold, which, along […]

    IPO reflects ongoing shift at Jackson National

    {March 25th, 2020} by Editorial Staff

    ‘Jackson’s fixed indexed annuity sales jumped 1,293% in 2019, while their fixed-rate deferred annuity sales climbed 169%,’ said the Secure Retirement Institute this week.    Seeking outside capital to fuel Jackson National Life’s aggressive retirement product diversification strategy, the U.S. life insurer’s British parent has decided to sell a minority position in its flagship subsidiary […]

    How Annuity Owners Behave in a Storm

    {March 25th, 2020} by Editorial Staff

    A new report from actuaries at Ruark Consulting considers how factors like ‘moneyness,’ crediting rates, adverse selection, and the heightened vulnerability of seniors to COVID-19 might affect the way people use their existing annuities. Based on its own studies of annuity policyholder behavior since 2007, Connecticut-based actuarial firm Ruark Consulting published a report yesterday on […]

    The Power of Multiples: How to Reduce Financial Pain Points

    {March 25th, 2020} by Hearts & Wallets

    (March 18, 2020, Rye, NY) – Americans struggle with multiple financial pain points more often than a single problem, from choosing investments to paying off debt, as revealed in a report by Hearts & Wallets, the data analytics company that specializes in how consumers save, invest and seek financial advice. The Pain Points & Actions: How […]

    Is the Sky Really Falling?

    {March 25th, 2020} by Kim Magdalein

    Oh no, are you thinking the Coronavirus (COVID-19) is going to ruin your practice? Are you not seeing clients because they could be infected? Is it time to feel like the sky is falling, or time to be proactive in your approach? Recently, I was told a story of a chiropractor and the virus. He […]

    Companies Pull Annuities, Drop Rates

    {March 25th, 2020} by Steve Morelli

    Annuity companies are scrambling to reduce rates and starting to pull products from the market, said Sheryl Moore, Wink CEO. Carriers are holding back while the equity and bond markets roil in volatility. Although the stock markets have been dropping persistently, bond prices have been fluctuating wildly, especially since the Federal Reserve cut its funds […]

    United States: SEC Amends Disclosure Requirements For Variable Annuity And Life Insurance Contracts

    {March 25th, 2020} by Cadwalader, Wickersham & Taft LLP

    The SEC adopted final rules and form amendments that will revise the disclosure requirements for variable annuities and variable life insurance contracts (“variable contracts”). The SEC noted that it is adopting the final rule without change, but will still consider the feedback it received. The SEC final rule will allow an issuer to satisfy its prospectus delivery […]

    How helping clients deal with COVID-19 is winning business now

    {March 25th, 2020} by Paul Feldman

    Douglas Wheeler’s business has been thriving in these perilous times because caring is his business model. Wheeler has been building his agency, First Community Insurance Group, in his community south of Chicago for decades through community outreach with small town events and just taking care of his clients. How he can help others was his […]

    New York Reapproves China Oceanwide-Genworth Deal

    {March 25th, 2020} by Allison Bell

    The New York State Department of Financial Services today cleared one of the major obstacles to China Oceanwide Holdings Group Co. Ltd. acquiring Genworth Financial Inc. The department has reapproved the Beijing-based real estate and financial services company’s efforts to acquire control over a Genworth subsidiary that’s legally based in New York, Genworth Life Insurance […]

    Prudential Looks Strong: Analysts

    {March 25th, 2020} by Allison Bell

    The virus that causes Covid-19 pneumonia has been spreading, interest rates have been falling, and stock prices have been flying up and down like a broken drone. Moody’s Investors Service warned Wednesday that, if the new low, low interest rates persist, that could hurt U.S. life insurers’ creditworthiness. But a team of Morgan Stanley securities […]

    10 Ways COVID-19 Is Affecting the Life and Annuity Distribution World

    {March 25th, 2020} by Allison Bell

    The people in the life and annuity sales and distribution community are facing the same COVID-19 pandemic challenges everyone else is facing: looking for pasta, getting used to working at home every day, and wondering whether that scratchy throat is just a scratchy throat or… a symptom. They’re also continuing to work to get other […]

    5 Sources of Drama in Annuity Product News Now

    {March 25th, 2020} by Allison Bell

    News editors tend to question whether annuity product news is actually news. It’s usually about cheerful announcements about new contracts, new strategies for calculating the crediting rates, and new opportunities for agents to earn commissions and bonuses, or for fee-based advisors to earn fees. Now, annuity product news is about the issuers figuring out how […]

    For annuities, 2019 was great. 2020 is TBD

    {March 25th, 2020} by Editorial Staff

    Sales of annuities were stellar in calendar 2019–except in 4Q, as WinkIntel and Secure Retirement Institute report. With interest rates ultra-low and investor anxiety high, 2020 sales could go either way. Total fourth quarter sales for all deferred annuity sales were $53.3 billion, a decline of 3.3% from the previous quarter. Total 2019 deferred annuity sales […]

    BGAs and Insurance Professionals are Busy Serving Advisors and their Clients Virtually

    {March 25th, 2020} by Tiffany Markarian

    In this unprecedented climate with COVID-19 and market and economic downturns, clients are more focused than ever on their long-term security and protection. Financial advisors and wealth professionals are emphasizing risk management solutions to help complete their comprehensive planning and fiduciary role with clients. Amidst these turbulent times, BGAs and insurance professionals are busy serving […]

    IRS Releases FAQ on Tax Deadline Extensions

    {March 25th, 2020} by Allison Bell

    Taxpayers have extra time to contribute to their individual retirement accounts now that the Internal Revenue Service has extended the tax filing and payment deadlines to July 15. In a just-released FAQ on the extension, the IRS states that contributions can be made to an IRA, for a particular year, at any time during the year or […]

    Q4 Life Sales Were Strong: Wink

    {March 25th, 2020} by Allison Bell

    Wink Inc. has interrupted the flood of bad news about COVID-19 and stock prices with some good news: Sales of non-variable U.S. individual life products looked great in the fourth quarter of 2019. Total sales of fixed universal life insurance and whole life insurance increased 14% between the fourth quarter of 2018 and the latest […]

    Aflac Agrees to Acquire Zurich North America Group Benefits Business

    {March 25th, 2020} by Allison Bell

    Aflac Inc. may be about to compete harder for group business at large employers. The Columbus, Georgia, company has agreed to acquire Zurich North America’s U.S. corporate life and pensions business. The business is best known for its group life, disability and absence management products. Traditionally, Aflac has been best known for selling individual products at […]

    Many Life Organizations Want Tech Startups: Aite Analyst

    {March 25th, 2020} by Allison Bell

    Before everything went to heck, many life insurance organizations had big plans for buying insurance technology startups, and, in some cases, nurturing new insurtech startups. Samantha Chow, a senior analyst at the Aite Group, talks about life insurers’ shopping plans in a summary of results from survey of 22 life insurance organizations that was conducted […]

    Insurance Companies Are Essential: States

    {March 25th, 2020} by Allison Bell

    U.S. life insurers are saying one thing they need to keep life insurance and annuity functioning smoothly throughout the COVID-19 emergency is permission to keep their offices open. At least some states have responded by exempting insurers from state “shelter in place” orders, and other efforts to slow the spread of the virus that causes […]

    Fidelity & Guaranty Moves Closer Toward Completing Fidelity National Deal

    {March 25th, 2020} by Allison Bell

    FGL Holdings, the parent of   Fidelity & Guaranty Life Insurance Company, has moved a step closer toward getting acquired by Fidelity Financial Inc. Fidelity National — a large title insurer — agreed in February to acquire FGL for $2.7 billion. FGL, which goes by the name nickname F&G, is based in George Town, in the […]

    Investor Group Completes AmeriLife Recapitalization

    {March 25th, 2020} by Allison Bell

    AmeriLife Group LLC appears to be going into the COVID-19 turmoil with a lot of cash. An investor group led by Thomas H. Lee Partners L.P., a private equity firm, has completed a recapitalization transaction involving AmeriLife, AmeriLife announced Thursday. The Thomas H. Lee investor group acquired control over the company from an investor group managed […]

    Tennessee Has a New Insurance Division Head: Personnel Matters

    {March 25th, 2020} by Allison Bell

    The Tennessee Department of Commerce and Insurance has promoted Bill Huddleston to director of the Insurance Division. Huddleston previously was the division’s director of receiverships. He has a bachelor’s degree from Harding University. Huddleston holds the Certified Public Accountant professional designation. He has represented the Tennessee department in connection with receivership and insolvency efforts at the […]

    Integrity Marketing Acquires Killimett Agency

    {March 25th, 2020} by Allison Bell

    Integrity Marketing Group LLC has acquired a life and annuity marketing organization in the Southeast. The Dallas-based insurance distributor has scooped up Killimett Agency, an agency based in Marietta, Georgia, that is also known as Family First Life Southeast. Integrity Marketing has about 1,000 employees, relationships with about 250,000 agents, and about $2.5 billion in annual premium […]

    Life Insurance Does Cover Pandemics: NAIC

    {March 25th, 2020} by Allison Bell

    Some U.S. life insurance policies may not cover deaths caused by war, but they do cover deaths caused by pandemics. Regulators at the National Association of Insurance Commissioners (NAIC) address that hot topic in a brief that addresses how various types of insurance products are likely to work in the age of the Covid-19 pneumonia […]

    Rolling Stones’ 2020 Tour Postponed Due to COVID-19

    {March 25th, 2020} by Allison Bell

    The COVID-19 pneumonia pandemic could complicate many Americans’ efforts to plan for retirement, and it’s now complicating efforts by the Alliance for Lifetime Income to promote income planning. The income planning outreach group is the sole sponsor of the Rolling Stones’ 2020 “No Filter” tour. The COVID-19 pandemic has forced AEG Presents/Concerts West, the organizer, to […]

    Structured Annuity Sales Shine: Wink

    {March 25th, 2020} by Allison Bell

    Structured annuities flew off the shelves in the fourth quarter, according to new issuer survey data from Wink Inc. Total sales of individual non-variable annuities fell to $27 billion in the quarter, down 18% from the total for the fourth quarter of 2018, Wink reports. Sales of structured annuities — variable deferred annuity contracts that […]

    Strategic Priorities: Where Are Today’s Insurer’s Placing Their Bets?

    {March 25th, 2020} by Denise Garth

    March 5, 2020 — Insurance is a completely unique and interesting business when one considers that insurers make a profit by hedging their bets against risk. Insurers hold assets. They hope that claims aren’t high. Yet, they don’t really know the outcome of the coming year. They place their bets when they create their products […]

    Annuities, hard hit by COVID-19, give retirees one less option

    {March 25th, 2020} by Emile Hallez

    The falling stock market would have been a great selling point for annuities. But, much like dry goods and toilet paper, the products are vanishing from shelves. Click HERE to read the full story via ThinkAdvisor

    How Low Can We Go?

    {March 24th, 2020} by Colleen McGarry

    In December 2008, a few months after the largest government bailout of an insurance company in U.S. history, the Fed dropped the interest rate to the all-time low: 0.25%. Since then, the U.S. has maintained an interest rate of 2.5% or lower, affecting the mindset of Americans looking to invest in retirement income. Annuity products […]

    Genworth, Oceanwide May Seek Further Closing Delay Due to COVID-19

    {March 24th, 2020} by David Pilla

    RICHMOND, Va. – Genworth Financial Inc. said it and merger partner China Oceanwide Holdings Group Co. Ltd. may seek to yet again delay their pending merger beyond the current March 31 deadline due to COVID-19-related complications. The companies are “discussing a short extension of the merger agreement beyond the current deadline of March 31, 2020,” […]

    CSO Deadline Drives Indexed Life Sales Records In 2019: Wink

    {March 24th, 2020} by Press Release

    Life insurance sales were very strong in 2019, according to Wink’s Sales & Market Report, with indexed life sales smashing records. Click HERE to read the full story via INN   …………………………………………………………………… “I anticipated that this would be another record-setting year for indexed life,” said Sheryl J. Moore, president and CEO of both Moore Market […]

    No official advice source for nearly half of retirement plan participants

    {March 24th, 2020} by Marlene Satter

    Sure, there are tools and calculators, but a report from Cerulli points out that more than 40 percent of participants in 401(k) plans don’t have an official source for retirement advice—and among those with less assets, the gap is particularly severe. In its report The Cerulli Edge—U.S. Retirement Edition, Cerulli also points out that fully […]


    {March 23rd, 2020} by Sheryl J. Moore

    Non-Variable UL Sales for the fourth quarter of 2019 were $1,076 million, compared with sales of $981 million for the fourth quarter of 2018. Fourth quarter non-variable life sales were up more than 28% when compared to the previous quarter and up nearly 10% as compared to the same period last year.     Indexed […]

    Wink, Inc. Releases Fourth Quarter, 2019 Life Sales Results

    {March 20th, 2020} by Press Release

    — FOR IMMEDIATE DISTRIBUTION —  NEWS RELEASE   INDEXED LIFE SALES SMASH PRIOR RECORD! Wink, Inc. Releases Fourth Quarter, 2019 Life Sales Results Des Moines, Iowa. March 20, 2020– Wink, Inc. released fourth quarter, 2019 life sales results in its 90th edition of Wink’s Sales & Market Report. Wink’s Sales & Market Report, is the […]

    Peiffer Wolf: “Coronavirus Crash” to See Large-Scale Abuses of Investors Seeking Better Returns

    {March 20th, 2020} by Peiffer Wolf Carr & Kane, APLC

    NEW YORK–(BUSINESS WIRE)–With the “Coronavirus Crash” recalling the stock-market pain of the last recession, investors are reeling from portfolio losses, which will leave them vulnerable to the empty promises of unscrupulous brokers peddling extremely risky, high-commission investment schemes, according to a warning issued today by the law firm Peiffer Wolf Carr & Kane (Peiffer Wolf). Peiffer Wolf […]

    The Human Touch: The Untapped Opportunity for Making AI Work for Insurance

    {March 20th, 2020} by Reginald Twigg, Ph.D.

    Customer acquisition and retention remain the essential drivers of insurance revenue and profit. However, knowing how to create experiences to acquire and keep customers happy remains challenging. A new breed of competitor—InsureTechs—target smart technologies at the customer experience and are disrupting the status quo for traditional insurers. What Fintechs did in consumer banking, InsureTechs are […]

    Insurance Industry M&A Takes Huge Leap In 4Q 2019

    {March 20th, 2020} by Press Release

    Total insurance industry merger-and-acquisition deals in the fourth quarter 2019 totaled $11.43 billion in the U.S., according to GlobalData’s deals database. The value marked an increase of 174% over the previous quarter and a rise of 355% when compared with the four-quarter average of $2.5 billion. The U.S. held a 56.5% share of the global […]

    Observation Posts

    {March 20th, 2020} by Kerry Pechter

    As if we weren’t already deeply divided, Americans are now asked to stand six feet apart. Clear verbal communication, not communicable viruses, is now essential. Words can be contagious, for good or ill. If the following comments go viral, no harm will be done, and maybe some good. Click HERE to read the full story […]

    Shocks loom for U.S. life insurers, annuity issuers: A.M. Best

    {March 20th, 2020} by Editorial Staff

    AM Best has downgraded its outlook on the U.S. life/annuity (L/A) industry to negative due to the “significant volatility and uncertainty in the financial markets created by the COVID-19 virus,” the respected ratings agency reported this week. Click HERE to read the full story via RIJ

    Investor advocate says variable annuity summary prospectus lacked sufficient testing

    {March 20th, 2020} by Mark Schoeff Jr.

    A new document designed to help investors better understand variable annuity and variable life insurance contracts won’t shed much light on the often complicated products because the Securities and Exchange Commission failed to do adequate investor testing, an investor advocate asserts.   Click HERE to read the full story via InvestmentNews

    Getting Portability Right Key to Annuities in DC Plans

    {March 20th, 2020} by John Manganaro

    Discussing the topic of introducing guaranteed lifetime income products in defined contribution (DC) retirement plans, Rob Reiskytl, leader of Aon’s national retirement strategy and design team, says a few statistics his firm discovered in a recent survey should be illuminating. “Our internal polling shows nearly 75% of employers in 2020 say they feel they should […]

    SEC Says It Is Fully Operational While in Telework Mode

    {March 20th, 2020} by Alex Padalka

    The SEC says that its move to a “full telework posture” because of the coronavirus pandemic has not hampered its ability to provide additional support to financial professionals and investors while maintaining regular operations. Over the course of last week, the SEC transitioned employees at its Washington, D.C. headquarters to a telework arrangement, the regulator says […]

    FINRA Board Member Chris Flint on Reg BI: Failure Is Not an Option

    {March 20th, 2020} by Rich Blake

    ProEquities CEO and FINRA board member, Chris Flint, told BISA Portfolio that based on the feedback he has received from people within his firm and around the industry, the push to comply with new client advice rules is full-steam ahead. “There’s no grading curve,” Flint said. “As I told my team, this is pass/fail.” The deadline for […]

    Walking Down Wall Street In A Woman’s Shoes

    {March 19th, 2020} by Marcia Mantell, RMA

    In 1996 it finally became legal for an at-home-mom to fully contribute to an IRA. Only then could she start to save for her retirement. Twenty years later, women have socked away $83,000 on average, in their 401(k)s that will eventually roll to an IRA. Until 1974, unmarried women (single, divorced or widowed) could not open […]

    Another Hazard of Pandemics: Hackers

    {March 19th, 2020} by Jeff Berman

    Hackers tend to thrive when there is a lot of confusion and distraction amid a crisis like the current coronavirus pandemic, as many firms’ general counsels and executives are focused on safety and other emergency measures, so law firm Eversheds Sutherland has provided some pointers, in a legal alert at its website, on how advisors […]

    Legacy Marketing Group® Launches New Fixed Index Annuity Designed To Be a Strong Competitor in Performance-Driven Income

    {March 18th, 2020} by Legacy Marketing Group

    PETALUMA, CA, March 16, 2020—Legacy Marketing Group is excited to announce the release of IncomeMark SelectSM, its new exclusive fixed index annuity issued by “A” rated Ameritas Life Insurance Corp. Designed to be a strong competitor in performance-driven income, especially for a 3–10 year deferral, IncomeMark Select with the MyGrowth Income RiderSM Guaranteed Lifetime Withdrawal […]

    COVID-19: A Message to Our Members, Partners & Friends

    {March 18th, 2020} by NAILBA

    As you know, COVID-19, commonly known as novel coronavirus 2019, has become a more widespread concern. Our thoughts are with those affected and we want to share more information with you about NAILBA’s efforts to be the voice of independent brokerage distribution during these challenging times for industry events, meetings and conferences, etc. NAILBA has […]

    Best’s Market Segment Report: AM Best Revises U.S. Life/Annuity Market Outlook to Negative

    {March 18th, 2020} by A.M. Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has revised its market segment outlook on the U.S. life/annuity (L/A) segment to negative from stable, due to the significant volatility and uncertainty in the financial markets created by the COVID-19 virus. In AM Best’s view, the L/A industry maintains strong capital and liquidity resources. However, as detailed in a new Best’s Market […]

    Gary Shilling Forecasts a ‘Major Global Recession’

    {March 18th, 2020} by Bernice Napach

    Economist and money manager Gary Shilling, who correctly forecast the global financial crisis of 2008 and the U.S. recession in the mid-1970s, now says the economic fallout from the coronavirus pandemic “all but assures a major global recession.” The global economy was already slowing before the coronavirus hit and now, weeks after economies in China, […]

    Stocks Take Biggest Dive Since 1987 With Virus Upending Economy

    {March 18th, 2020} by Jeremy Herron and Vildana Hajri

    The stomach-turning ride on global financial markets took a dramatic turn Monday, with U.S. stocks plunging the most since 1987 after President Donald Trump warned the economic disruption from the virus could last into summer. The S&P 500 sank 12%, extending losses as Trump said the economy could fall into a recession. Equities opened sharply […]

    Stay Calm, But Nimble

    {March 18th, 2020} by Wade Pfau, Steve Parrish and David Littell

    For retirement income planning in this chaos, the years before you retire should be the key consideration: If you’re at or near retirement, “selling out” of the market is going to make the “sequence of return” issue a reality rather than a mere risk. Still, these market moves can be a wake-up call to put a strategy […]

    An Actuary Assesses COVID-19

    {March 18th, 2020} by Matthew Edwards

    As the world grapples with the growing COVID-19 (coronavirus) threat, a useful reference point is the Spanish Flu of 1918. Given what we now know about COVID-19, are we looking at something of similar severity to the Spanish Flu, or materially less severe, or perhaps worse? Click HERE to read the full story via RIJ

    IRS Delays Tax Payment Deadline for 90 Days

    {March 18th, 2020} by Melanie Waddell

    Treasury Secretary Steve Mnuchin announced Tuesday that individuals would be allowed to defer up to $1 million in tax payments for up to 90 days. He also said the administration was considering sending checks to Americans. “We encourage those Americans who can file their taxes to continue to file their taxes on April 15, because […]

    7 Facts About the New Variable Product Summary Prospectus Regs

    {March 18th, 2020} by Allison Bell

    The U.S. Securities and Exchange Commission has just given the retirement income planning community a gift that, in easier times, would have led to much drinking of champagne: the final regulations for a new summary prospectus for variable life insurance contracts and variable annuity contracts. The new summary prospectuses are supposed to look like mutual […]

    Sandwich Generation is completely overwhelmed, worried they may never retire

    {March 18th, 2020} by Brian Anderson

    New research from Haven Life Insurance Agency (Haven Life) (conducted before the coronavirus pandemic) reveals that the Sandwich Generation is struggling physically, mentally and financially. Haven Life, a customer-centric life insurance innovator backed and wholly owned by MassMutual, conducted a national survey to better understand the individuals who are sandwiched by the responsibilities of providing care and […]

    ILTCI Conference Joins Covid-19 Cancellation List

    {March 18th, 2020} by Allison Bell

    The Covid-19 pneumonia outbreak has forced the cancellation of the Intercompany Long-Term Care Insurance Conference Association Inc.’s 2020 conference. The association had been preparing to bring 60 exhibitors and 1,200 attendees to Denver for the event, which was set to run from March 29 through April 1. The list of top-level sponsors had included a […]

    FINRA postpones arbitration hearings as pandemic disrupts wealth management

    {March 18th, 2020} by Ann Marsh

    FINRA postponed all in-person arbitration hearings scheduled to take place before May 1, upping the ante in its efforts to provide regulatory relief and ensure the public safety of advisors, firm clients and FINRA employees amid a pandemic. “We recognize that this decision may cause inconvenience and we do not make it lightly,” the regulator […]

    Planners offer pro bono advice as coronavirus takes toll on businesses

    {March 18th, 2020} by Ann Marsh

    Last week, CFP Kevin Mahoney of the financial planning firm Illumint made an offer. In a video he posted on Twitter, he would give pro bono advice to anyone who had been financially impacted by the coronavirus pandemic. In one day, he received three meeting inquiries: two individuals are now unemployed due to the virus’ […]

    Message from Chuck DiVencenzo, NAFA President & CEO – Update on Coronavirus/COVID-19

    {March 18th, 2020} by NAFA

    Dear Members & Friends, Like all of you, NAFA is closely monitoring the evolving situation with COVID-19. We want to take a moment to communicate our efforts and our commitment to our members and staff. For some time, we have been planning to ensure continuity in a variety of different crisis scenarios. With the business […]

    Coronavirus forces CFP exam sites to close

    {March 18th, 2020} by Ann Marsh

    Steps to arrest the rise of the coronavirus are postponing some financial planners’ career milestones. CFP exam sites are shutting down midway through the day on March 17 — right in the middle of two rounds of scheduled test periods. The move, combined with selective closures on Monday, affects more than 100 people who were […]

    Opinion: 5 things to do while you wait out the coronavirus — besides washing your hands

    {March 18th, 2020} by Jonathan Clements

    I don’t know when the coronavirus will stop spreading, when we’ll have a vaccine and how much the economy will slow. I also don’t know at what level the stock market SPX, +5.99% and interest rates will hit bottom—or whether we’ve already seen the worst. And nobody else does, either. But that doesn’t mean we should all just […]

    Just 16% Of Financial Services Companies See Coronavirus As Severe: Survey

    {March 18th, 2020} by Press Release

    A recent LIMRA and LOMA survey of financial services companies found that 91% have a pandemic stress scenario in place. In addition, 71% have assessed and quantified the potential impact on their key business in the event of higher mortality. When it comes to the coronavirus outbreak, 39% of companies are looking at it as […]

    Echoes Of 2008: Annuities Surge When Equities Crash

    {March 18th, 2020} by Steve Morelli

    The past few weeks of dramatic news might sound eerily similar to the 2008 crash, but there are some key differences for annuities, as well as some positive similarities.   Click HERE to read the full story via INN   ………………………………………………………………………………… Sheryl Moore, CEO of Wink, also said although this crisis has many similarities to […]

    Consumers Broaden Their View of Uses for Life Insurance

    {March 18th, 2020} by Tamara E. Holmes

    Parents with young children and family breadwinners aren’t the only ones who need life insurance, a new survey suggests. Financial services company AIG Life Insurance surveyed 2,201 adults to gauge their understanding of life insurance and get their thoughts on who they think needs it. The survey found that consumers with varying lifestyles are finding a place […]

    SEC Adopts Rule to Simplify Variable Annuity Disclosures

    {March 18th, 2020} by John Manganaro

    The U.S. Securities and Exchange Commission (SEC) has adopted a new rule and related regulatory amendments to simplify and streamline disclosures for investors about variable annuities and variable life insurance contracts. SEC Chairman Jay Clayton says the changes permit the use of “a concise, reader-friendly prospectus designed to improve investors’ understanding of the contracts’ features, […]

    NAIC Cancels In-Person Spring Meeting Due to Coronavirus Concerns

    {March 18th, 2020} by Allison Bell

    The rumors that were spreading Tuesday were true: The National Association of Insurance Commissioners is canceling the in-person version of its spring national meeting due to concerns about the outbreak of severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), the virus that causes Covid-19 pneumonia. Resources A copy of the NAIC’s in-person event cancellation announcement is available here. […]

    Annuity Rates Plummet, Commissions Might Be Next

    {March 18th, 2020} by Steve Morelli

    Annuity companies have been cutting their rates across all fixed products – some a few times in two weeks amid the crash in equity markets and Treasury yields, said an annuity analyst. “I track about 80 annuity companies,” said Sheryl Moore, CEO of Wink. “As of yesterday, I had 75 rate reductions just since March […]

    Keep Calm and Carry On (With Your Practice)

    {March 18th, 2020} by Bryce Sanders

    “May you live in interesting times.” It’s an Asian curse expression, not a hope your life won’t be mundane and boring. With the Covid-19 problem unfolding, many companies are restricting employee travel, discouraging in person meetings with clients and even suggesting employees work from home. What’s an insurance agent to do? Prospecting is a big […]

    Allianz Life Adds Switchable Indexed Annuity: Annuity Product Update

    {March 18th, 2020} by Allison Bell

    Allianz Life Insurance Company of North America has introduced the Allianz Benefit Control Annuity contract. The product is an indexed annuity that’s filed as a non-variable product. The product gives the holder the ability to begin income on any monthly contract anniversary after age 50, with no minimum waiting period, according to Allianz Life. While […]

    Sammons Names a Government Affairs Director: Personnel Matters

    {March 18th, 2020} by Allison Bell

    Sammons Financial has promoted two members of its legal team. The West Des Moines, Iowa-based company has named Kevin Mechtley vice president – legal and director of government affairs. The company has named Amy Teas vice president, associate general counsel – litigation and shared services. Mechtley previously was associate vice president – legal and director of government […]

    Wink, Inc. Releases 4th Quarter, 2019 Deferred Annuity Sales Results

    {March 17th, 2020} by Press Release

    — FOR IMMEDIATE DISTRIBUTION —   NEWS RELEASE   Indexed Annuities and Structured Annuities Have a Record-Setting Year! Wink, Inc. Releases 4th Quarter, 2019 Deferred Annuity Sales Results Des Moines, Iowa. March 17, 2020– Wink’s Sales & Market Report is the insurance industry’s #1 resource for annuity sales data since 1997. Sixty-two indexed annuity providers, […]


    {March 17th, 2020} by Sheryl J. Moore

    Deferred Annuity Sales Total 4Q2019 deferred annuity sales were $53,334,112,779. Fourth quarter deferred annuity sales were down more than 3% when compared to the previous quarter. Total 2019 deferred annuity sales were $221,817,006,915.   Non-Variable Deferred Annuity Sales Sales for the fourth quarter of 2019 were $26,990,563,806. Fourth quarter non-variable deferred annuity sales were down […]

    5 Things to Know About Life Insurers’ Investment Machinery, for Agents

    {March 17th, 2020} by Allison Bell

    For life insurance agents, watching life insurers go on a wild market rollercoaster, one logical question might be, “So, how are the bolts on the seatbelts doing?” Life insurers use a variety of financial arrangements, such as exchange-traded futures contracts, and over-the-counter swaps and options, to “hedge themselves” — or buffer themselves — against swings […]

    Jackson Climbs To No. 1 In Overall Annuity Sales: New Data

    {March 17th, 2020} by Press Release

    According to the Secure Retirement Institute U.S. annuity sales rankings, Jackson was the top seller of total annuities in 2019. Jackson retakes the lead position after losing it to AIG in 2018. “Jackson has dominated the variable annuity market for the past 7 years. In 2019, Jackson diversified its annuity sales to focus on growing […]

    Feds Seek $1.5M In Forfeiture From Fallen Insurer Greg Lindberg

    {March 14th, 2020} by John Hilton

    The federal government filed a motion today in a North Carolina court for forfeiture of nearly $1.5 million seized from insurance magnate Greg Lindberg, who was convicted on bribery charges last week. The money was seized by the FBI from two separate Wells Fargo bank accounts during the agency’s investigation. Lindberg, a Durham, N.C. billionaire […]

    U.S. Individual Life Insurance Sales Grew 15% In Q4

    {March 14th, 2020} by Jacqueline Sergeant

    The fourth quarter saw a gain of 15% in U.S. life insurance new annualized premiums, compared with prior year results, according to the LIMRA U.S. Retail Individual Life Insurance Sales Survey. For the year, total individual life insurance new annualized premiums increased 5%, compared with 2018 results. The number of policies sold fell 2% in […]

    Best’s Special Report: Preliminary 2019 Results Show 13% Net Income Increase for U.S. Life/Annuity Industry

    {March 13th, 2020} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–The U.S. life/health industry saw growth in pre-tax and net operating profits in 2019, with net income increasing by 12.6% year over year to $45.6 billion. These preliminary financial results are detailed in a new Best’s Special Report, titled, “First Look: 12-Month 2019 Life/Annuity Financial Results,” and the data is derived from companies’ annual […]

    Younger Buyers Snap Up Life Insurance At Record Rate: MIB Index

    {March 13th, 2020} by John Hilton

    U.S. life insurance application activity increased 5.6% year-over-year in February, according to the MIB Life Index, fueled by a 7% increase among younger buyers. Younger buyers, which MIB classified as up to age 44, posted a two-month comeback from 2019’s -3.3% decline, leading all other age groups in the February results. Click HERE to read […]

    Nationwide says many Iowa employees will begin working from home

    {March 13th, 2020} by Donnelle Eller

    Nationwide Mutual Insurance Co. says many of its 3,300 employees in Des Moines will begin working from home starting Monday amid concerns about the spread of coronavirus. The Columbus, Ohio-based insurance and financial services company said Thursday that its goal is to have half of its employees working at home at any given time. That percentage […]

    Pandemic Ready: What Your Clients Need From You

    {March 13th, 2020} by Lloyd Lofton

    All broker-dealers are thinking about which employees might be able to work from home, as suggested by the Financial Industry Regulatory Authority. Even with increased telework, brokers and dealers need to be informed and proactive to work with clients, market needs and regulators as more information continues to be released and reported. What exactly should […]

    Woodmen Financial, Russo Law Talk to Clients About Upheaval

    {March 13th, 2020} by Allison Bell

    Many financial professionals are trying to figure out ways to communicate with consumers about bad news and uncertainty right now. Woodmen Financial Services Inc. — the broker-dealer arm of Woodmen of the World Life Insurance Society — and the Russo Law Group P.C., and elder law firm, have put out examples of turmoil communications this week. Here’s a […]

    Sons of Norway Names Christopher Pinkerton CEO

    {March 12th, 2020} by Sons of Norway

    MINNEAPOLIS, March 11, 2020 /PRNewswire/ — The International Board of the Sons of Norway announces Christopher Pinkerton has been named CEO of the organization. The board has evaluated the leadership needs for the growth of the organization and combined the current role of the CEO and the COO. Since 2018, Pinkerton served as COO of Sons of Norway, an insurance organization […]

    Jackson Reports 2019 Financial Results¹, Announces Preparations for a Minority IPO

    {March 12th, 2020} by Jackson National Life Insurance Company

    LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®) today announced its full-year financial results, generating $3 billion in IFRS pre-tax operating income2 in 2019, an increase of 22 percent over 2018 and the highest in company history. Jackson also reported $22.2 billion in total sales and deposits, noting significant growth in fixed and fixed index annuity sales. […]

    U.K. Pru Aims to Sell Stake in Jackson to Investors

    {March 12th, 2020} by Allison Bell

    Prudential PLC says it wants to sell a minority stake in Jackson National Life Insurance Company to investors, to help get Jackson capital it can use to continue to diversify its product mix. But Prudential executives are emphasizing that they will want to make the stock sale at the right time, to get a good […]

    Life Premium Jumps 15% In 4Q — Thank CSO Table

    {March 11th, 2020} by LIMRA

    Total U.S. individual life insurance new annualized premium jumped 15% in the fourth quarter, compared with prior year results, according to the LIMRA U.S. Retail Individual Life Insurance Sales Survey. For the year, total individual life insurance new annualized premium increased 5%, compared with 2018 results. The number of policies sold fell 2% in the […]

    Sheryl Moore and Phil Graham

    {March 11th, 2020} by Sheryl Moore and Phil Graham

    Annuities… What to expect with recent economic challenges. How will it affect your annuity business.

    Coronavirus Fears Not Stopping Industry Conferences … Yet

    {March 11th, 2020} by John Hilton

    Trade associations are preparing for business as usual as the spring conference season approaches for financial services. Fears of coronavirus becoming a global pandemic is causing the cancellation of many conferences as companies seek to avoid concentrating large numbers of people in confined spaces. Google, Microsoft and Facebook are just some companies who have cancelled […]

    Legacy Marketing Group® Announces Strategic Alliance With Western & Southern Financial Group; First Joint FIA Series Expected Later This Year

    {March 11th, 2020} by Legacy Marketing Group

    PETALUMA, CA, March 9, 2020—Legacy Marketing Group (Legacy) today announced a strategic alliance with Western & Southern Financial Group (Western & Southern) to develop and market proprietary fixed indexed annuity products underwritten by a Western & Southern member company. Legacy and Western & Southern plan to introduce an exclusive fixed indexed annuity series underwritten by […]

    Sandwich Generation is completely overwhelmed, worried they may never retire

    {March 11th, 2020} by Haven Life

    NEW YORK, March 10, 2020 /PRNewswire/ — New research today from Haven Life Insurance Agency (Haven Life) reveals that the Sandwich Generation is struggling physically, mentally and financially. Haven Life, a customer-centric life insurance innovator backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), conducted this national survey to better understand the individuals who are sandwiched by […]

    ‘Protected Income’ Users Expect to Depend Less on Social Security: Alliance for Lifetime Income

    {March 11th, 2020} by Allison Bell

    .S. consumers who have annuities or defined benefit pension plans seem to expect to depend less heavily on Social Security benefits than other U.S. consumers do. The Alliance for Lifetime Income has reported that finding in a summary of results from an online survey of 1,015 U.S. adults ages 40 through 79. The Washington-based group classifies annuity […]

    Insurance Magnate Greg Lindberg Found Guilty on Bribery Charges

    {March 11th, 2020} by Leslie Scism and Mark Maremont

    Insurance mogul Greg Lindberg was found guilty Thursday on bribery charges after jurors found he had attempted to bribe North Carolina’s insurance commissioner by promising $2 million in campaign donations to obtain favorable regulatory treatment. A self-proclaimed billionaire, Mr. Lindberg amassed a business empire in recent years, fueled in part by an unusual stream of […]

    NFP to Access John Hancock’s New Underwriting Capabilities to Simplify the Life Insurance Purchase Process

    {March 11th, 2020} by NFP

    NEW YORK – March 9, 2020 – NFP, a leading insurance broker and consultant that provides property and casualty (P&C), corporate benefits, retirement and individual solutions, today announced a strategic collaboration with John Hancock to significantly streamline the life insurance buying experience. NFP will offer a simple way for clients of NFP advisors to share access to their […]

    Northwestern Takes Top Spot In 2019 Life Insurance Premium: NAIC

    {March 11th, 2020} by John Hilton

    The National Association of Insurance Commissioners released data Monday on life/fraternal and property/casualty insurers. The reports provide market share information and identify leading insurance writers in several key lines of business. The 2019 market share data includes countrywide direct written premiums for the top 25 groups and companies as reported on the state page of […]

    Retiring in this market? Buy Fixed Index Annuities

    {March 11th, 2020} by dkorth@finsum.com (FINSUM)

    Imagine retiring this month. The Dow’s recent bottom means it was 18%+ off its peak. That is a really rough time to be entering the late stages of a career or early stages of retirement. One option for those worried about protecting income is a fixed index annuity. The insurance product guarantees full principal and […]

    American National Introduces Two New Indexed Products: ANICO Strategy Indexed Annuity (ASIA) PLUS 7 and 10 along with Signature Performance Indexed Universal Life (IUL)

    {March 11th, 2020} by American National Insurance Company

    GALVESTON, Texas, Feb. 26, 2020 (GLOBE NEWSWIRE) — While other carriers are exiting or scaling back their indexed annuity portfolios, American National is expanding its offering. [Jan. 1, 2020] ANICO ASIA PLUS 7 and 10 now allow flexible premiums to provide a more competitive product. This product offers a new uncapped index strategy as well […]

    Seven in Ten Americans Believe Life Insurance Will Protect Their Ability to Live A Long, Financially Secure Life, Yet Half Don’t Have Insurance or Are Unsure If They Do

    {March 11th, 2020} by AIG Life & Retirement

    NEW YORK–(BUSINESS WIRE)–Seven in ten Americans (70 percent) say life insurance will protect their ability to live a long, financially secure life, according to the AIG Life Insurance IQ Study. And yet roughly half of respondents (51 percent) do not have life insurance or are unsure if they do, leaving themselves and their families vulnerable […]

    Annuities: Much Misunderstood And Vastly Under-Utilized

    {March 11th, 2020} by Jack Guttentag

    The retiree I discuss in this article is 62 and has accumulated $2 million of assets which must last him for the remainder of his life. As he approached retirement, as a cautionary move, he gradually shifted out of equities into fixed-income securities. He is not a homeowner. The question he now faces is determining […]

    J.P. Morgan Releases 2020 Guide to Retirement

    {March 11th, 2020} by J.P. Morgan Asset Management

    NEW YORK, March 10, 2020 /PRNewswire/ — J.P. Morgan Asset Management today released the 2020 Guide to Retirement, examining the most significant issues impacting the retirement landscape, including current challenges and opportunities and the tools needed to support planning conversations. “As the economic and legislative environment continues to evolve, those nearing retirement and their advisors now more than ever need […]

    Record growth for black and Latino CFPs; status quo for women

    {March 11th, 2020} by Charles Paikert

    The number of black and Latino CFP professionals grew 12% last year — the highest increase ever, according to the CFP Board. “We’re making a small but impactful difference,” says D.A. Abrams, managing director of the board’s Center for Financial Planning. The growth rate for female CFP professionals, however, stayed the same, at just under […]

    Fierce IBD competition: 27 moves, M&A deals — and even the Rolling Stones

    {March 11th, 2020} by Tobias Salinger

    The largest recruiting announcement of the year so far stands out in a roundup of recent news shaping the independent broker-dealer sector. Private Advisor Group — an LPL Financial hybrid RIA with more than $19 billion in assets under management — recruited more than a dozen advisors from one of the No. 1 IBD’s top […]

    Ameriprise CEO impersonation case tests advisor fraud responsibility

    {March 11th, 2020} by Tobias Salinger

    The man who said he was Ameriprise CEO Jim Cracchiolo told the client that two checks for $250,000 apiece were on the way, according to a lawsuit. The executive also assured the client that his advisor would have the checks. Problem was, it almost certainly wasn’t Cracchiolo on the phone. And the client, Mark Donelson, […]

    Advisors’ dilemma: Women less engaged, more negative toward financial planning

    {March 11th, 2020} by Charles Paikert

    Women may control more than $20 trillion in wealth, but they are less likely to hire financial planners to advise them than men, according to a new study from U.S. Bank. “While we know that women have more money and power than ever before, the survey results tell us they aren’t getting the most out […]

    Nearly 1 in 5 working women have nothing saved for retirement

    {March 11th, 2020} by Michelle Fox

    When it comes to saving for retirement, many working women are falling short.  Almost one-fifth, or 19%, of working women have nothing saved for retirement, according to a new CNBC/SurveyMonkey Women at Work Survey. The poll surveyed 1,068 working women in the U.S. from Feb. 10-14. “It’s not because women don’t save because they spend too […]

    Women Clients Present Untapped Opportunity for FAs: Survey

    {March 11th, 2020} by Alex Padalka

    Women feel far less secure about their retirement savings than men and earn less, which impacts savings, recent surveys show, but financial advisors have an opportunity to step in and improve their financial security. Nineteen percent of working women have not saved anything for retirement, according to a CNBC poll of 1,068 U.S. working women […]

    Athene USA Partners With Operation HOPE to Champion Financial Empowerment at BISA 2020 Convention

    {March 11th, 2020} by Athene USA

    ATLANTA–(BUSINESS WIRE)–Operation HOPE, a nonprofit that provides financial literacy education and coaching to Americans of all ages, is pleased to announce it received a $12,000 donation from Athene USA (“Athene”), a leading provider of retirement savings products. The donation was made as part of Athene’s presence during the 2020 Bank Insurance & Securities Association (BISA) […]

    SEC, FINRA Issue Coronavirus Warnings

    {March 11th, 2020} by Melanie Waddell

    The Securities and Exchange Commission on Monday urged its employees based in Washington, D.C., to work from home, as the Financial Industry Regulatory Authority on Monday warned broker-dealers to prepare themselves. The SEC made the request after the agency was informed that an employee was treated for respiratory symptoms on Monday. “The employee was informed […]

    Pacific Life Foundation Plans $7.25 Million in 2020 Giving: Philanthropy

    {March 11th, 2020} by Allison Bell

    The Pacific Life Foundation says it plans to give $7.25 million to charity this year. Newport Beach, California-based foundation will focus on supporting organizations in the communities where Pacific Life employees work: Orange County, California; Omaha, Nebraska; and Lynchburg, Virginia. The foundation gave about $2 million to 155 nonprofit organizations recently at a reception in […]

    Despite Market Bloodbath, The Bull Might Stay Alive

    {March 11th, 2020} by Ryan Detrick

    As the coronavirus continues to scare global markets, it would be easy forget that the current bull market started 11 years ago today. Based on investing fundamentals, we continue to believe we’ll see a resumption of economic growth and a continuation of this bull market into at least 2021, but worries are building. We highlight […]

    Tibergien’s Successor Says RIA Custodial Business Is Ripe for New Pricing Model

    {March 11th, 2020} by Bernice Napach

    Ben Harrison, who will succeed Mark Tibergien as the head of Pershing’s RIA custody business come June 1, says growing the business “will be a big focus” of the firm’s future. The goal is to become “the largest and most significant player” in the RIA custodial space, says Harrison, noting that this is what he […]

    Advisor With Autism Helps Autistic Clients Navigate a ‘Whole Other World’

    {March 11th, 2020} by Jane Wollman Rusoff

    As a newly independent financial planner, Andrew Komarow was focused on choosing a client niche, when suddenly the perfect one became apparent. Indeed, its genesis had been hiding painfully in plain sight all his life. As his niche, Komarow chose people with autism and their families. In point of fact, the former Prudential advisor was […]

    Agreement With New York Regulators Buoys Genworth’s Stock

    {March 11th, 2020} by Allison Bell

    Genworth Financial Inc. and China Oceanwide Holdings Group Co. Ltd. say they have reached a preliminary agreement with New York state regulators over how much capital should be infused into a Genworth subsidiary in New York state. The agreement should remove one of the remaining obstacles to efforts by China Oceanwide to acquire Genworth, Genworth and […]

    SEC Fires Back in Reg BI Court Battle

    {March 11th, 2020} by Melanie Waddell

    Regulation Best Interest should be upheld because it “reasonably balances” the Securities and Exchange Commission’s regulatory objective, and reflects the agency’s concern that “requiring broker-dealers to conform to a regulatory regime that is tailored to the services and fee arrangements offered by investment advisors would reduce the availability of brokerage services,” attorneys for the agency […]

    CFP Board Removing Comp Descriptions From Website

    {March 11th, 2020} by Melanie Waddell

    Advisors took to Twitter on Tuesday to voice their concerns about the CFP Board announcing that it would remove from its consumer-facing website, letsmakeaplan.org, any information on how advisors are compensated. “Woa. Big announcement from @CFPBoard going out to CFP certificants this week: the CFP Board is entirely removing any discussion of how advisors are compensated […]

    Nationwide considers up to 200 Des Moines job cuts

    {March 11th, 2020} by Tyler Jett

    Nationwide Mutual Insurance Company could eliminate up to 200 jobs in its Des Moines office as it contracts out some services. Executives at the Columbus, Ohio-based insurer are looking at shedding some commercial insurance processing jobs, Nationwide spokesman Joe Case said Thursday. The company does not yet know exactly how many of the 500 affected […]

    NAIC Announces Special Session on COVID-19 Impact & Response

    {March 11th, 2020} by NAIC

    WASHINGTON (March 5, 2020) — The NAIC will be holding a full-day special session of the nations’ chief state insurance officials on March 22, 2020, to discuss state response and coordination around COVID-19. The special session will include an open meeting where members will hear from experts on the medical, consumer, market and operational impacts of the Coronavirus outbreak. […]

    The SECURE Act Brings New Opportunities for Annuities

    {March 11th, 2020} by Curtis V. Cloke

    Last December, the new SECURE Act was signed into law by President Trump after receiving bipartisan support in Congress, spurring significant changes to annuity regulations and expanding the potential for annuities in retirement planning. As the industry grapples with the opportunities and limitations brought by the act, advisors should take heed of these changes and […]

    At These Rates, Why Bother to Save?

    {March 11th, 2020} by Kerry Pechter

    Responding to last week’s stock market plunge—when fear literally went viral—the Federal Reserve lowered its benchmark fed funds rate by 50 basis points. The central bank was signaling that investors should… what, exactly? Is the message: Click HERE to read the full story via RIJ

    Bonuses enhance yield in Allianz Life’s new indexed annuity

    {March 11th, 2020} by Kerry Pechter

    When stocks and bonds are trading at record or near-record prices and risk premiums shrink to almost nothing, investors, advisers and product developers have to get creative in their search for safe yield. All of today’s fruit is high-hanging. Click HERE to read the full story via RIJ

    Yes, I Finally Bought an Annuity

    {March 11th, 2020} by Kerry Pechter

    Deciding to buy the contract wasn’t easy. Maybe it wasn’t even rational. But we feel relieved. We don’t sweat these short-term market slides. Last week’s market bungee-jump told me that my wife and I were right to buy an income annuity in late 2018. We bought a deferred period-certain contract that will deliver monthly income […]