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Archive for February 2010

The 10/10s are coming! The 10/10s are coming!

{February 27th, 2010} by Sheryl J. Moore

Hey there team, 10/10 is getting to be a big issue. This desk drawer legislation is used by insurance divisions to limit the surrender charges on all annuities to 10-years and10%. The bigger issue here is that limiting surrender charges on annuities is anti-competitive and results in a reduction of benefits on the product. For example, […]

American Equity annuity sales set a record

{February 26th, 2010} by Karen Mracek

By KAREN MRACEK • kmracek@dmreg.com • February 25, 2010 American Equity Investment Life Holding Co. reported a record operating income for last year, thanks to record annuity sales. The West Des Moines provider of annuity and life insurance products earned $68.5 million for the year, compared with $15.9 million in 2008. Operating income, which doesn’t […]

2009 Indexed Annuity Sales Set Record

{February 25th, 2010} by Sheryl J. Moore

 This is a preliminary release for fourth quarter sales; one company in the market has yet to release their earnings. Updated sales data and figures will be made available to the press after February 25, 2010.Forty-four indexed annuity carriers participated in the 50th edition of AnnuitySpecs.com’s Indexed Sales & Market Report (formerly known as the […]

Top 25 issuers by net assets, $ in billions, as of Sept. 30

{February 24th, 2010} by N/A

Top 25 issuers by net assets, $ in billions, as of Sept. 30

Better Prospecting: Navigating the sea of annuity marketing methods

{February 23rd, 2010} by Kim Magdalein

Kim Magdalein Published 2/2/2010  If you have an insurance license and have inquired about annuities from any marketing organizations, you have, no doubt, been deluged with annuity marketing methods. It is easy to get caught up by the “idea of the week” from various marketing organizations. Beware, not everything you see or hear is valid. A […]

The bigger your IMO, the bigger your compliance risk

{February 23rd, 2010} by Dennis M. Groner

Dennis M. Groner Published 2/2/2010  For years, entrepreneurial agents have been building successful general agencies. However, over the last couple decades, many have moved beyond merely being a big general agency to become independent marketing organizations (IMOs) that are multi-state operations with hundreds of active agents and contractual relationships with multi-product producers. As IMOs have grown […]

Times are changing

{February 23rd, 2010} by Matthew J. Rettick

Matthew J. Rettick Published 2/2/2010  The financial services industry has experienced its share of changes in recent years, and more specifically, the insurance industry. In light of recent events, these changes are merely the beginning of what could be coming in the near future. Advisors need to adapt to meet the challenges of this new era, […]

Eight Predictions For Life Insurance

{February 23rd, 2010} by Timothy Pfeifer

By TIMOTHY C. PFEIFER Published 2/15/2010  Economic, demographic and regulatory forces have traditionally shaped the direction of life insurance offerings. This will continue in at least eight areas. First, let’s consider what has already happened: –The business saw the rise, fall, and rise again of term wars in the last decade, in an environment of improving […]

Investors need to know the true nature of risk

{February 23rd, 2010} by Richard K. Fullmer and Zvi Bodie

By Richard K. Fullmer and Zvi Bodie February 7, 2010           A few months ago, the Securities and Exchange Commission unveiled Investor.gov, a website devoted exclusively to investor education.A press release quoted SEC Chairman Mary Schapiro as saying, “Investing information is available from thousands of online resources — some good, some […]

Year End Annuity Sales Results Flow In

{February 23rd, 2010} by Linda Koco

By LINDA KOCO Published 2/19/2010 Annuity results for year-end 2009 and the fourth quarter show general declines but some modest improvements in spots. Following is a round-up of findings from several researchers. LIMRA, Windsor, Conn. reports that total individual annuity sales declined 11% in 2009, to $234.9 billion. In the fourth quarter, overall individual annuity sales […]

Do you own an annuity with an income rider?

{February 21st, 2010} by Randy Timm

By Randy Timm VP Product Marketing, CLU, ChFC, FLMI, Brokers International Featured Expert: Annuity Riders and Options If you or your client is interested in purchasing an annuity with an income rider, now may be a good time to buy. Throughout the past few months, some insurance carriers have made significant changes to their income […]

Anatomy of a fixed annuity income rider, Pt. 1

{February 21st, 2010} by Randy Timm

By Randy Timm VP Product Marketing, CLU, ChFC, FLMI, Brokers International Featured Expert: Annuity Riders and Options The purpose of this article is to explain the difference between a fixed annuity’s accumulated value and an income rider’s income benefit base. *Note: Throughout this article, you will see the term income benefit base. This is the […]

Fair-Weather Friends of the Indexed Annuity

{February 21st, 2010} by Sheryl J. Moore

You know who you are. Companies that are not loyal to the business or the agents that sell the product. Consultants who claim to be third-party and unbiased, but spout the latest “research” to strategically advance the sales of marketing organizations that pay you to promote their services on your websites. WHEN ARE YOU GOING […]

Eight big changes that will reshape the annuity biz

{February 21st, 2010} by Darla Mercado

The next decade for annuity distribution is shaping up to be unlike any other. Or at least, that’s the take of Jack Marrion, editor of Advantage Compendium Ltd. In a new report, Mr. Marrion examines where the industry has been — and more importantly, where it’s headed in the next decade. Despite the predicted upheaval […]

Allianz Life names new senior counsel

{February 21st, 2010} by N/A

February 19, 2010 Feb 19, 2010 (Datamonitor via COMTEX) — Allianz Life Insurance Company of North America has appointed Kara Barrow as the new senior counsel. In the new role, Ms Barrow will handle litigation and regulatory matters reporting to Scott Bowman, vice president of litigation and regulatory. For the past 13 years, Ms Barrow […]

FINRA Board To Form Committee To Address Claims Of Schapiro Misconduct

{February 19th, 2010} by Larry Doyle

By Larry Doyle on February 13, 2010 | More Posts By Larry Doyle | Author’s Website  When in doubt, form a committee and have more meetings. This rope-a-dope style of leadership is all too prevalent in our nation. Why is it that the Wall Street-Washington incest can not be exposed for what it really is? When […]

MMI Study: Young Boomers Earn the Most

{February 19th, 2010} by Warren Hersch

By WARREN HERSCH Published 2/18/2010  Young baby boomers have the highest average income, according to a new study. MetLife Mature Market Institute, Westport, Conn., unveiled this finding in tandem with the release of a series of publications that produces demographic profiles of different age segments of American adults. The series provides a history of the generations— […]

Allianz Life To Give Away British Open Trip

{February 18th, 2010} by NU ONLINE NEWS SERVICE

By NU ONLINE NEWS SERVICE Published 2/16/2010  An insurer has come up with an incentive for consumers to visit its pavilion later this week at the Allianz Championship in Boca Raton, Fla. Allianz Life Insurance Company of North America, Golden Valley, Minn., a unit of Allianz S.E., Munich, Germany, will be holding a drawing for a […]

Seminars focus on healthy, wealthy, wise seniors

{February 18th, 2010} by Gene Stowe

By GENE STOWE Tribune Correspondent Andy Garza and Elisa Lawrence of Garza Lawrence Tax Advisory Group have collaborated with other experts to start regular Community Health and Wealth seminars aimed at older adults. The seminars, also featuring author Karen Bachert and health coach Cindy Cohen, include a growing list of exhibitors, such as Natural Touch […]

Delaware Raises Guaranty Fund Limits

{February 18th, 2010} by NU ONLINE NEWS SERVICE

By NU ONLINE NEWS SERVICE Published 2/17/2010  Delaware Gov. John Markell has signed a bill that will increase the amount of protection that the Delaware Life & Health Insurance Guaranty Association can offer consumers affected by carrier insolvencies. The new law created by H.B. 202 will increase the coverage limit for: – Long term care insurance […]

LIMRA: Bank Annuity Sales Slump

{February 18th, 2010} by Trevor Thomas

By TREVOR THOMAS Published 2/17/2010  Annuity sales at U.S. banks totaled $2.8 billion in December 2009, down sharply from $5.4 billion in December 2008, according to the Kehrer-LIMRA Monthly Bank Annuity Sales Survey. “There have been only 2 times in the last 5 years where we have seen bank channel total annuity sales this low,” says […]

ING's insurance unit flops in the fourth quarter

{February 18th, 2010} by Associated Press

After a profitable 3Q, the division is back in the red; fewer surrenders by policyholders By Associated Press February 17, 2010 Post a Comment Recommend (1) ING Groep NV, one of Europe’s largest banking and insurance groups, reduced its losses to €712 million ($980 million) for the fourth quarter on Wednesday, reflecting a mixed operating […]

ING’s insurance unit flops in the fourth quarter

{February 18th, 2010} by Associated Press

After a profitable 3Q, the division is back in the red; fewer surrenders by policyholders By Associated Press February 17, 2010 Post a Comment Recommend (1) ING Groep NV, one of Europe’s largest banking and insurance groups, reduced its losses to €712 million ($980 million) for the fourth quarter on Wednesday, reflecting a mixed operating […]

Fixed annuity sales slid in '09

{February 18th, 2010} by Darla Mercado

By Darla Mercado February 17, 2010, 3:59 PM EST Post a Comment Recommend           Fixed annuity sales slid in the fourth quarter of 2009 — and dropped off slightly for the full year. All told, fixed annuity sales last year topped $105 billion, according to data from Beacon Research Publications Inc. […]

Fixed annuity sales slid in ’09

{February 18th, 2010} by Darla Mercado

By Darla Mercado February 17, 2010, 3:59 PM EST Post a Comment Recommend           Fixed annuity sales slid in the fourth quarter of 2009 — and dropped off slightly for the full year. All told, fixed annuity sales last year topped $105 billion, according to data from Beacon Research Publications Inc. […]

Finra looks to fill holes in BrokerCheck net

{February 18th, 2010} by Jessica Toonkel Marquez

By Jessica Toonkel Marquez February 17, 2010, 3:39 PM EST  Post a Comment  Recommend (2)   Former brokers with disciplinary records are going to find it harder to cover their tracks if the Financial Industry Regulatory Authority has its way. Today, the brokerage industry’s self policing body proposed further expansion […]

Why Some Annuity IMOs Own Their Own Broker-Dealer

{February 16th, 2010} by Linda Koco

By LINDA KOCO Published 2/12/2010  At least three big fixed indexed annuity marketers now own their own broker-dealers.The IMOs are Covenant Reliance Producers LLC, Nashville, Tenn.; Brokers International Ltd., Panora, Iowa; and Asset Marketing Systems Insurance Services LLC, San Diego, Calif., says Jack Marrion, president of Advantage Compendium Ltd., St. Louis. The new structures have come […]

Allianz FIA Product Annuity Includes Bond Index Option

{February 16th, 2010} by NU ONLINE NEWS SERVICE

By NU ONLINE NEWS SERVICE Published 2/12/2010  A new fixed index annuity has debuted with a bond index allocation option plus an annual reset crediting method.Called the Allianz Pro V1 Annuity, the policy is being issued by Allianz Life Insurance Company of North America, Golden Valley, Minn., a unit Allianz S.E., Munich, Germany. Already available for […]

Lincoln National Swings to Profit; Life Insurer's Chief Says Company to Repay TARP

{February 15th, 2010} by Frank Lysiak

February 10, 2010 | BestWire

Lincoln National Swings to Profit; Life Insurer’s Chief Says Company to Repay TARP

{February 15th, 2010} by Frank Lysiak

February 10, 2010 | BestWire

ING Promotes Rational Approach To Savings

{February 12th, 2010} by NU ONLINE NEWS SERVICE

By NU Published 2/11/2010  An insurer is running a television commercial that encourages consumers to base retirement planning on something more than guesswork. ING U.S. Retirement Services, Windsor, Conn., an arm of ING Groep N.V., Amsterdam, says the commercial will show one man who is walking his dog while carrying a bright orange “retirement number,” which […]

Allianz: Crisis Could Help Annuity Sales

{February 12th, 2010} by NU ONLINE NEWS SERVICE

By NU ONLINE NEWS SERVICE Published 2/11/2010  U.S. residents have responded to the Great Recession by saving more and showing more interest in relatively conservative savings and investment vehicles. Analysts at Allianz Life Insurance Company of North America, Golden Valley, Minn., a unit of Allianz S.E., Munich, Germany, have published those conclusions in a commentary on […]

Producer Group Seeks to Overturn New York Producer Compensation Regulation

{February 11th, 2010} by N/A

February 11, 2010 | BestWire Services

Allianz Life Offers a New Approach for Consumers with Allianz Pro V1 Annuity

{February 11th, 2010} by N/A

Allianz Life Offers a New Approach for Consumers with Allianz Pro V1 Annuity Bond Index Allocation is a First for Allianz MINNEAPOLIS–(BUSINESS WIRE)–Allianz Life Insurance Company of North America (Allianz), today announced the launch of the Allianz Pro V1 AnnuitySM, a fixed index annuity that provides protection, guarantees, and – a first for Allianz Life […]

Pressure Builds for SEC to Scrap Indexed Annuity Rule

{February 9th, 2010} by Peter Ortiz

Click here for the article.

Allianz: Age Affects Likelihood Of Changing Retirement Plans

{February 9th, 2010} by NU ONLINE NEWS SERVICE

By NU ONLINE NEWS SERVICE Published 2/8/2010  The recent recession seems to have had a much bigger effect on the retirement plans of active workers than on the retirement plans of retirees.Researchers at Allianz Life Insurance Company of North America, Minneapolis, have reported that finding in a summary of results from a recent survey of about […]

5 States Settle Annuity Dispute With Nationwide

{February 8th, 2010} by Trevor Thomas

Five state insurance regulators have entered into a $2.1 million settlement with Nationwide Life Insurance Co. and Nationwide Life and Annuity Insurance Co. over charges of allegedly unsuitable sales of variable annuities to clients of a Kansas financial advisory firm. The settlement by regulators in Minnesota, Kansas, California, Missouri and Wisconsin settles charges that Nationwide […]

VA Company Asks Court to Toss 151A

{February 8th, 2010} by Arthur D. Postal

By ARTHUR D. POSTAL Published 2/5/2010    WASHINGTON—An issuer of equity-indexed annuities advised an appeals court to vacate a regulation that the Securities and Exchange Commission wants to use to oversee equity-indexed annuities as securities. In a court brief filed late Tuesday, Old Mutual Financial Network, Baltimore, Md., was responding to a request for comment from a […]

Indexed Life: Choosing the Right Product

{February 6th, 2010} by Pat Sheridan

3 characteristics to help you find the IUL choice that best fits clients’ needs  By Pat Sheridan Published 1/25/2010    As an independent insurance agent, you have your pick of products — which is a good thing for you and for your clients. But it can also be difficult to find the right indexed universal life (IUL) […]

How Indexed Annuities Can Help Prevent Anxiety Among Consumers

{February 6th, 2010} by John Rafferty

A three-pronged accumulation strategy can put risk-averse clients at ease  By John Rafferty Published 1/25/2010    Throughout history, the number three has had universal significance. Its value stems from a number of traditional sayings, such as “the power of three” or “third time’s a charm.” The rhetorical “rule of three” is an important feature of speeches and […]

Indexed and Variable Insurance Products: How to Use Today’s Tools in Tomorrow’s World

{February 6th, 2010} by Michael Murillo

How have the roles of these flexible yet diverse markets changed?  By Michael Murillo Published 1/25/2010    You can give a mechanic and an accountant the same toolbox, but you’ll get very different results if you let them work on your car. It’s not enough to have the right tools for the job; you have to know […]

How To More Effectively Assist Your Clients In Choosing An Annuity

{February 6th, 2010} by James Rankin and William Harris

James Rankin & William Harris February 2010   James Rankin, national marketing director, Moody Insurance Group, Houston, TX, and William (Bill) Harris, well-known author and educator for the annuity business, believe that insurance professionals are measured by how many clients they help make informed decisions rather than how much money they make. Yet, as we […]

Annuities Offer Options For Retirement Planning

{February 6th, 2010} by Laura Hahn

Laura Hahn February 2010    Nearly two years have passed since the markets dropped, leaving many who invested for retirement with an uncertain future. The nightmare of outliving their retirement savings became a shocking reality. What could they have done to avoid this nightmare? Everyone faces certain challenges when investing; however, not all investments present […]

The Right Choice For The Right Reason

{February 6th, 2010} by Douglas E. Price

Douglas E. Price February 2010 Have you ever had a good idea that you know is truly of value, but you just haven’t had the time or resources to act on it? An idea that someone else seems to have had just about the same time that you had it and they seem to do […]

Indexed Annuities And Rule 151A: Where Are We Now?

{February 6th, 2010} by Sheryl J. Moore

Sheryl J. Moore February 2010  Oh what I wouldn’t give to not have to look at the numbers 151 and the letter A ever again!  Wouldn’t it be nice if the securities status of indexed annuities was firmly established today? Without question, the Securities and Exchange Commission (SEC) changed the world of life insurance forever […]

More than Half of Current IRA Owners Were Unaware of New Roth IRA Conversion Rule Changes, Finds LIMRA

{February 5th, 2010} by N/A

WINDSOR, Conn. Feb. 5, 2010—Fifty-four percent of current IRA owners and about three-quarters of all respondents said they didn’t know about the new Roth IRA conversion rule changes, according to a January 2010 consumer survey conducted by LIMRA. “We were surprised that few people were even aware of the change—especially since it opens the door […]

Do you ever get tired of the sleaze in our business?

{February 5th, 2010} by Sheryl J. Moore

That’s right- I asked it. Do you ever get tired of the sleaze in our business? You know what I am talking about- the guys advertising 12% commissions on annuities? You know who you are… Well, I am sick of it. I hope that you are too. I spend more than 70% of my time […]

3rd UPDATE: Aviva 4Q New Sales Down 14%; Worst May Be Over

{February 5th, 2010} by N/A

Adds background, Asia-Pacific CEO’s comment.) LONDON (Dow Jones)–Aviva PLC (AV.LN), the U.K.’s second-biggest insurer by market capitalization, Thursday posted a 14% fall in life and pensions new business sales in the fourth quarter compared with a year ago, but said the worst of the downturn in quarterly sales is probably over. Despite the fall year-on-year, […]

Aviva sales off in 2009, show growth in 4Q

{February 4th, 2010} by Sheryl J. Moore

By KAREN MRACEK • kmracek@dmreg.com • February 4, 2010 Aviva’s life and pension sales were off last year, but things looked up in the fourth quarter of 2009, the company reported today. The London-based insurer “increased sales across all our regions and saw the first signs of an improved appetite to save among our customers,” […]

Objection preemption

{February 4th, 2010} by Jack Marrion

Show the consumer why the annuity fits their goals in spite of the negative aspects of buying the annuity.  BY Jack Marrion Published 2/1/2010      Preempting the objection is showing the consumer why the annuity fits their goals in spite of the negative aspects of buying the annuity. It is creating a favorable decision-making framework that […]

The annuities manifesto

{February 4th, 2010} by David Port

Here’s a breakdown of some of the key trends that annuity experts say warrant an advisor’s attention through 2010 and beyond.  BY David Port Published 2/1/2010    These are volatile times in the annuity market for distributors, producers and end users alike. Low interest rates and topsy-turvy equity markets are clouding the supply and demand picture. There’s […]

Indexed UL Offers Global Strategy

{February 3rd, 2010} by NU ONLINE NEWS SERVICE

By NU ONLINE NEWS SERVICE Published 2/1/2010  A new indexed universal life policy is offering two interest crediting options—an indexed strategy, which includes two global market indexes as well as the S&P 500 index, and a fixed interest strategy. Called ING Indexed Universal Life-Global, the policy is issued by Security Life of Denver Insurance Company, a […]

Eric Dinallo: What I Learned at the AIG Meltdown

{February 3rd, 2010} by Eric Dinallo

By ERIC DINALLO The bailout of American International Group (AIG) in September 2008 continues to be a matter of public controversy. It is essential that we learn accurate lessons from the crisis and not force the facts to fit preconceived notions. Some have suggested that Treasury Secretary Timothy Geithner’s congressional testimony last week conflicts with […]

Reports: AIG to Pay out $100 Million in Bonuses

{February 3rd, 2010} by N/A

Reports: AIG to pay out $100 million in bonuses on Wednesday The Associated Press NEW YORK  American International Group Inc. is set to pay out about $100 million in a fresh round of bonuses to employees of its financial products division, the unit whose risky bets helped sink the company leading to a $180 billion […]

ING to launch new indexed universal life product

{February 2nd, 2010} by N/A

February 02, 2010 Feb 02, 2010 (Datamonitor via COMTEX) — ING has announced that it will introduce the ING Indexed Universal Life-Global, a new indexed universal life insurance product that will offer interest crediting based on an indexed strategy option that includes two non-US stock market indexes. ING said that the ING Indexed Universal Life-Global […]

Treasury, Labor Dept. request info on using annuities in 401(k)s

{February 1st, 2010} by Darla Mercado

By Darla Mercado February 1, 2010 The Department of Labor and the Treasury Department have put out a request for information on the use of annuities in defined-contribution plans.Both agencies are reviewing the Employment Retirement Income Security Act of 1974, as well as the plan qualification rules in the Internal Revenue Code, on using annuities […]

Lightyear wraps up purchase of ING B-Ds, re-brands group Cetera

{February 1st, 2010} by Jon Goff

Ex-PaineWebber boss – and current Lightyear chief – Donald Marron finally lands an indie B-D By John Goff February 1, 2010, 10:44 AM EST           Private-equity firm Lightyear Capital LLC today announced that it has completed its acquisition of three ING Groep NV broker-dealers. Financial Network Investment Corp., Multi-Financial Securities Corp. […]

Top 10 areas of improvement for broker-dealers

{February 1st, 2010} by Lisa Shidler

VVV Research and Development Inc. conducted a national survey on behalf of broker-dealer Cambridge Investment Research Inc. In the survey, 648 representatives were surveyed about their experience with their broker-dealers. As part of the survey, advisers listed areas in which they said broker-dealers needed to improve. Here are the top 10: 10. Broker-dealer reliability Broker-dealers […]

Obama administration will promote the use of annuities to fund retirements

{February 1st, 2010} by N/A

Reports in the NY Times, Wall Street Journal and Boston Globe this week drive home the message that the Obama administration has come to the conclusion that one of the easiest and most pragmatic ways to boost retirement savings and provide a more secure retirement income for American’s is to encourage the use of annuities. […]

The Truth About Index Annuities

{February 1st, 2010} by Sheryl J. Moore

By SHERYL MOORE Published 2/2/2010  Indexed annuities have become the naughty step-child of the insurance industry, largely because of today’s “sensationalism sells” mentality in the consumer and business media. Many reports on IAs simply ignore the truth or include inaccuracies. Sadly, this has prevented many advisors from considering the product. Yet never has there been a […]

Allianz Not Looking To Buy Swiss Life

{February 1st, 2010} by N/A

January 29, 2010 | M Email   Print   Free Newsletter German insurer Allianz (ETR:ALV) is not interested in buying Swiss Life (VTX:SLHN), as it does not regard the Swiss insurer as a good fit for Allianz, an Allianz executive told Reuters on Friday. Joachim Faber, who head the Global Investors division of Allianz, told Reuters that […]

Conseco Hires CSC

{February 1st, 2010} by NU ONLINE NEWS SERVICE

By NU ONLINE NEWS SERVICE Published 1/28/2010  Conseco Services L.L.C. has picked Computer Services Corp. to maintain and support 2 insurance administration systems. Conseco Services, a unit of Conseco Inc., Carmel Ind., has agreed to use CSC for 5 years, according to CSC, Falls Church, Va. Conseco Services L.L.C. has picked Computer Services Corp. to maintain […]

Sullivan To Lead NAIC Life Panel

{February 1st, 2010} by NU ONLINE NEWS SERVICE

By NU ONLINE NEWS SERVICE Published 1/29/2010  The National Association of Insurance Commissioners has announced its 2010 committee chairs and vice chairs. The NAIC, Kansas City, Mo., has made the following appointments to panels that oversee matters relating to life and health insurance: Life Insurance and Annuities Committee. – Chair: Thomas Sullivan, Connecticut. – Vice Chair: […]

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