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Archive for May 2010

AARP & IMSA Address the Changing Annuities Conversation and Regulation at Upcoming Summit Meeting

{May 27th, 2010} by N/A

WASHINGTON, DC — 05/25/10 — AARP and The Insurance Marketplace Standards Association (IMSA) will convene an Annuity Suitability Summit Meeting in Washington, D.C. on June 10, 2010. State and federal regulators, consumer advocates, life insurance companies, and those who sell and distribute products will gather to address the critical issues regarding the suitability of annuity [...]

AARP & IMSA Address the Changing Annuities Conversation and Regulation at Upcoming Summit Meeting

{May 27th, 2010} by N/A

WASHINGTON, DC — 05/25/10 — AARP and The Insurance Marketplace Standards Association (IMSA) will convene an Annuity Suitability Summit Meeting in Washington, D.C. on June 10, 2010. State and federal regulators, consumer advocates, life insurance companies, and those who sell and distribute products will gather to address the critical issues regarding the suitability of annuity [...]

Annuities Should Do Well: IRI

{May 27th, 2010} by NU ONLINE NEWS SERVICE

By NU ONLINE NEWS SERVICE Published 5/25/2010  Participants in the variable annuity industry say retirement income and principal protection features, should help VA products do well. The Insured Retirement Institute, Washington, and Cerulli Associates, Boston, joined to conduct a survey of executives at more than three dozen companies. The participants, who were interviewed in the first [...]

Producer Groups Sue Over N.Y. Department Comp Regs

{May 27th, 2010} by NU ONLINE NEWS SERVICE

By NU ONLINE NEWS SERVICE Published 5/26/2010  Organizations that represent New York state agents and brokers have gone to court to try to block implementation of a new compensation disclosure rule. The Independent Insurance Agents & Brokers of New York, DeWitt, N.Y., and the Council of Insurance Brokers of Greater New York, New York, have started [...]

Jackson® Announces Expansion

{May 26th, 2010} by N/A

Company to Add 500 Positions to Accommodate Rapid Growth LANSING, Mich.–(BUSINESS WIRE)– Jackson National Life Insurance Company® (Jackson) announced today that it will establish a regional headquarters employing 400 people in Franklin, Tennessee, a suburb of Nashville. In Lansing, Michigan, where Jackson is headquartered, the company plans to hire an additional 50-100 people and expand [...]

Great American To Dispose Of Broker-Dealer Business

{May 25th, 2010} by NU ONLINE NEWS SERVICE

By NU ONLINE NEWS SERVICE Published 5/24/2010  An insurer has agreed to hand a business that serves independent broker-dealers over to another company. Lincoln Investment Planning Inc., Wyncote, Pa., is acquiring the independent broker-dealer business from Great American Financial Resources Inc., Cincinnati. Lincoln Investment, an independent broker-dealer, and Great American, a unit of American Financial Group [...]

Aviva North America Names New Chief Risk Officer

{May 25th, 2010} by N/A

CHICAGO, May 24 /PRNewswire/ — Aviva North America, part of global insurance and annuities company Aviva plc, has appointed Dan Guilbert to the role of Chief Risk Offer (CRO), the company’s CEO, Igal Mayer, announced today. “Managing risk is central to our business and to our ability to deliver prosperity and peace of mind to [...]

Stranger-Originated Annuities: It’s About More Than Annuities

{May 24th, 2010} by Allison Bell

By ALLISON BELL Published 5/21/2010  The battle over stranger-originated annuities is part of a larger battle over the insurance product resale market, representatives from an insurer group and a life settlement group agree. Witnesses from the American Council of Life Insurers, Washington, and the Life Insurance Settlement Association, Orlando, Fla., appeared Thursday at a STOA hearing [...]

Vermont's Insurance Commissioner Going to Private Sector; Deputy Promoted

{May 21st, 2010} by Meg Green

Copyright 2010 A.M. Best Company, Inc.All Rights Reserved BestWire May 20, 2010 Thursday 12:11 PM EST 156 words Vermont’s Insurance Commissioner Going to Private Sector; Deputy Promoted Meg Green MONTPELIER, Vt. Vermont’s top insurance regulator is leaving next month to take a private sector job, and a deputy commissioner has been tapped to take her [...]

Vermont’s Insurance Commissioner Going to Private Sector; Deputy Promoted

{May 21st, 2010} by Meg Green

Copyright 2010 A.M. Best Company, Inc.All Rights Reserved BestWire May 20, 2010 Thursday 12:11 PM EST 156 words Vermont’s Insurance Commissioner Going to Private Sector; Deputy Promoted Meg Green MONTPELIER, Vt. Vermont’s top insurance regulator is leaving next month to take a private sector job, and a deputy commissioner has been tapped to take her [...]

State Regulators Scrutinize Annuity Scams

{May 21st, 2010} by N/A

Stranger Originated/Owned Annuities Subject of Public HearingWASHINGTON, D.C. (May 20, 2010) — The National Association of Insurance Commissioners (NAIC) held a public hearing today on the emergence of Stranger Originated/Owned Annuities. The hearing, hosted by the NAIC Life Insurance and Annuities Committee, focused on the suspect practice of targeting seniors and terminally ill patients by [...]

National Life Group Introduces Consumer Promotion for Living Benefit Riders

{May 21st, 2010} by N/A

Montpelier, VT – National Life Insurance Company and Life Insurance Company of the Southwest, members of National Life Group, have recently added new consumer materials regarding its optional, no-additional cost Living Benefit rider portfolio, also known as Accelerated Benefit Riders(1). With new true client stories and a multimedia presentation, National Life Group emphasizes to clients and potential [...]

S. 3217: Harkin Indexed Annuity Amendment Hits Wall

{May 21st, 2010} by Arthur D. Postal

By ARTHUR D. POSTAL Published 5/20/2010  WASHINGTON BUREAU – Sen. Daniel Akaka acted today to keep an indexed annuity amendment from coming up for a vote on the Senate floor. Sen. Thomas Harkin, D-Iowa, introduced the amendment, S.A. 3920, together with a bipartisan group of colleagues that included Sen. Charles Grassley, R-Iowa, as well as Sens. [...]

Fixed indexed annuities make a comeback

{May 19th, 2010} by Melissa Mlasko

Melissa Mlasko Published 5/3/2010  The fixed indexed annuity industry has made tremendous strides since the infamous Dateline NBC “sting” operation, “Tricks of the Trade” (April 13, 2008). Today, because of volatility of the equity market, this space is making a strong comeback and is becoming an invaluable strategic tool for retirees now and for the foreseeable [...]

11 Ways To Spruce Up FA Rates

{May 19th, 2010} by Timothy Pfeifer

By TIMOTHY PFEIFER Published 4/29/2010  The motto for the real estate world might be “location, location, location,” but for fixed annuities, it’s “rate, rate, rate.” Sales compensation, liquidity, and features can be important, but the fixed annuity focus usually comes down to rate. So, what is a company to do when it can only earn gross [...]

Suitability: The Rules Are Changing

{May 19th, 2010} by John L. Olsen

By JOHN L. OLSEN Published 4/29/2010  It used to be that the rules governing when an annuity recommendation was considered “suitable” depended upon whether the annuity in question was a variable contract. Variable annuities, as insurance products, were regulated by state departments of insurance. As securities, VAs were also subject to the rules of the Financial [...]

Actuaries to Departments of Labor and Treasury: Annuities Are an Efficient Way to Insure Retirement

{May 18th, 2010} by N/A

WASHINGTON, May 14 /PRNewswire-USNewswire/ — The American Academy of Actuaries believes that longevity risk – the risk of living longer than one had financially planned for and thus outliving one’s retirement savings – is a real and serious threat to a stable and financially secure retirement. Longevity risk can be managed efficiently, however, through various [...]

Wisconsin Securities Law Penalty Enhancer Legislation Is Signed and Becomes Effective

{May 18th, 2010} by N/A

May 17, 2010 The new law is contained in 2009 Wisconsin Act 196 (Assembly Bill 529) and became effective May 6, 2010. It provides penalty enhancers applicable to persons who commit violations of the Wisconsin Securities Law involving persons/seniors aged 65 or more. The penalty enhancers are applicable in several contexts: (1) in civil injunctive [...]

First Quarter Indexed Annuity Sales Drop 4%

{May 18th, 2010} by Sheryl J. Moore

First Quarter 2010 Indexed Insurance Sales   Indexed Annuity AnnuitySpecs.com’s 1st Quarter Indexed Sales & Market Report shows first quarter 2010 indexed annuity sales were $6819 million compared with sales of $7097 million for the previous quarter. First quarter sales were down nearly 4% when compared with the same period one year ago. Total 1Q2010 [...]

Aviva tackles retirement market with TV campaign

{May 18th, 2010} by Gill Montia

by Gill Montia Story link: Aviva tackles retirement market with TV campaign Aviva is tackling the UK’s retirement market with a marketing campaign, including TV advertising, to be launched this week. The thrust is designed to encourage consumers to take action at retirement and shop around for an annuity, possibly boosting retirement income by up [...]

Forethought Financial Group, Inc. Names AIG Veteran Tom Burkhard as EVP and Chief Administrative Officer

{May 18th, 2010} by N/A

Thirty-Year Insurance Industry Veteran Will Lead Forethought’s Operations, IT and HR Functions Indianapolis, IN — May 17, 2010 — Forethought Financial Group, Inc. (Forethought) a leading provider of insurance and financial products focused on the over-50 market, today announced the appointment of 30-year industry veteran Tom Burkhard as executive vice president and chief administrative officer. [...]

Equity-Indexed Annuities Sales Drop 4% in 1Q

{May 18th, 2010} by Fran Lysiak

May 18, 2010 Copyright 2010 A.M. Best Company, Inc.All Rights Reserved BestWire May 17, 2010 Monday 02:39 PM EST 497 words US Sales of Equity-Indexed Annuities Drop 4% in First Quarter Fran Lysiak PLEASANT HILL, Iowa Total sales of equity-indexed annuities in the United States dropped to $6.8 billion in the first quarter of 2010, [...]

Why Index Annuity Sales Are Turning Heads

{May 17th, 2010} by Sheryl J. Moore

The close of 2009 was particularly challenging in terms of forecasting index annuity sales. During the year, some companies had tried to limit competitiveness by making their index annuities less attractive, thereby limiting sales. All indicators suggested that these companies had probably placed more premium than they had cared to. So, predicting which way sales [...]

AnnuitySpecs: Q1 Indexed Annuity Sales Off 4%

{May 17th, 2010} by Linda Koco

Sales of indexed annuities fell slightly in the first quarter from the total for the first quarter of 2009, an annuity tracking service says.Sales amounted to $6.8 million in the first quarter, according to AnnuitySpecs.com, Des Moines, Iowa. That figure is down 4% from $7.1 million in the comparable period in 2009, the firm says. [...]

Regulators cracking down on advisers' outside business deals

{May 15th, 2010} by Dan Jamieson

By Dan Jamieson May 14, 2010 3:33 pm ET The brokerage industry is facing a crackdown on the practice of selling away, as firms and regulators — still fearful of undetected frauds — dig deeper into the outside business activities of registered representatives. The increased scrutiny could spill over into the independent advisory firms run [...]

Regulators cracking down on advisers’ outside business deals

{May 15th, 2010} by Dan Jamieson

By Dan Jamieson May 14, 2010 3:33 pm ET The brokerage industry is facing a crackdown on the practice of selling away, as firms and regulators — still fearful of undetected frauds — dig deeper into the outside business activities of registered representatives. The increased scrutiny could spill over into the independent advisory firms run [...]

Allianz Life annuities add to strong quarter

{May 13th, 2010} by Dan Browning

The Twin Cities insurer expects to expand. Last update: May 12, 2010 – 9:29 PM Allianz Life Insurance Co. of North America reported Wednesday that it earned a first-quarter operating profit of $110 million, which it attributed to strong operations, a growing asset base and stable capital markets. “We continue to see solid top and [...]

ING reports swing to 1Q profits as markets improved

{May 12th, 2010} by Karen Mracek

By KAREN MRACEK • kmracek@dmreg.com • May 12, 2010 ING Group reported a return to profits for the first quarter, as both its banking and insurance division posted strong numbers. The Dutch insurance and financial services company reported a net profit of euro1.33 billion ($1.69 billion), compared to a loss of euro793 million in the [...]

Life insurers facing annuity squeeze

{May 11th, 2010} by Darla Mercado

Premiums on the decline; days of double-digit growth long gone By Darla Mercado May 11, 2010 2:50 pm ET A period of fierce competition to build annuity premiums awaits life insurers as they contend with industry consolidation and the difficulties of standing out from rivals. Premium growth for individual annuities has been on the decline [...]

Insurer Conseco's Shareholders Ok Name Change

{May 11th, 2010} by N/A

May 11, 2010 | Associated Press Copyright: The Associated Press. All rights reserved. Source: Associated Press Wordcount: unknown CARMEL, Ind. — Insurer Conseco Inc. said Tuesday its shareholders approved a name change to CNO Financial Group Inc., a switch company leaders believe will help distinguish the holding company from its main insurance units. The new [...]

Insurer Conseco’s Shareholders Ok Name Change

{May 11th, 2010} by N/A

May 11, 2010 | Associated Press Copyright: The Associated Press. All rights reserved. Source: Associated Press Wordcount: unknown CARMEL, Ind. — Insurer Conseco Inc. said Tuesday its shareholders approved a name change to CNO Financial Group Inc., a switch company leaders believe will help distinguish the holding company from its main insurance units. The new [...]

Aviva pulls back on annuities, sales drop

{May 11th, 2010} by Karen Mracek

By KAREN MRACEK • kmracek@dmreg.com • May 11, 2010 Aviva PLC reported a drop in new sales for the first three years of 2010, pushed down by a pull back in North American annuity sales. The London insurance and financial services company, showed sales growth in Europe and the U.K. over the previous year, but [...]

Allianz Life Adds PIMCO Index Allocation to Allianz Pro V1 Annuity

{May 11th, 2010} by N/A

May 10, 2010 PIMCO US Advantage IndexSM Licensed Exclusively for the Allianz Pro V1SM Annuity MINNEAPOLIS–(BUSINESS WIRE)– Allianz Life Insurance Company of North America (Allianz) today announced that it has added the PIMCO US Advantage Bond Index to the recently launched Allianz Pro V1 Annuity. This new index allocation option is an Allianz exclusive and [...]

Conning Research: After Capital Rebuilding, Individual Annuity Insurers Seek Growth Again

{May 11th, 2010} by N/A

May 10, 2010 | PR Newswire US Copyright: unknown Source: PR Newswire US Wordcount: unknown HARTFORD, Conn., May 10 /PRNewswire/ — As individual annuity insurers shift away from rebuilding capital and towards premium growth, they will need to redevelop their competitive positioning, according to a new study by Conning Research & Consulting. “The first priority [...]

Harkin, Other Dems Back Indexed Annuity Amendment

{May 10th, 2010} by Allison Bell

By ALLISON BELL Published 5/10/2010  Sen. Thomas Harkin has offered an amendment to S. 3217, the Restoring Financial Stability Act bill, that would give states and territories explicit authority to regulate indexed annuities. The amendment, S.A. 3920, would define indexed annuities as insurance products and nullify Rule 151A, an effort by the U.S. Securities and Exchange [...]

Big insurers launching fee-based annuities

{May 10th, 2010} by Darla Mercado

Sensing demand, they ready products that are lower-cost, simpler  By Darla Mercado May 9, 2010 6:01 am ET In an attempt to appeal to dually registered advisers, major life insurers are launching fee-based annuities. Allianz Life Insurance Company of North America said May 1 that it had filed a registration statement with the Securities and [...]

Annuities Coming To Your Retirement Plan

{May 10th, 2010} by Robert Powell

Copyright 2010 MarketWatch.com Inc.All Rights Reserved MarketWatch May 6, 2010 Thursday 11:37 AM EST SECTION: PERSONAL FINANCE; Retirement; Robert Powell LENGTH: 1058 words HEADLINE: Annuities coming to your retirement plan BYLINE: Robert Powell, MarketWatch mailto:rjpiii@comcast.net BOSTON (MarketWatch) — Some folks want ‘em. Some don’t. That’s the upshot of the 600-plus letters the U.S. Labor and [...]

New York May Ban Annuity Death Benefit Bonus Recapture

{May 10th, 2010} by Allison Bell

By ALLISON BELL Published 5/7/2010  The New York State Insurance Department has drafted a circular letter that could change the way the state treats annuity death benefits. Department officials describe the proposed death benefit bonus recapture change in a draft circular letter posted on the department website. The circular letter would affect sellers of fixed annuities, [...]

Florida's senior citizens to get more protection from fraud

{May 5th, 2010} by Nirvi Shah

BY NIRVI SHAH nshah@MiamiHerald.com After three years of trying, a law that would better protect older Floridians from several types of insurance and annuities fraud was passed by the Florida Legislature. In the past year, state Chief Financial Officer Alex Sink has opened nearly 500 investigations into possible cases of financial fraud that affect Florida [...]

Florida’s senior citizens to get more protection from fraud

{May 5th, 2010} by Nirvi Shah

BY NIRVI SHAH nshah@MiamiHerald.com After three years of trying, a law that would better protect older Floridians from several types of insurance and annuities fraud was passed by the Florida Legislature. In the past year, state Chief Financial Officer Alex Sink has opened nearly 500 investigations into possible cases of financial fraud that affect Florida [...]

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