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Archive for July 2011

W.D.M. firm's CEO talks of annuities, economic growth

{July 29th, 2011} by Adam Belz

Sixteen years after it was founded, American Equity Investment Life Holding Co. is the second-largest seller of indexed annuities in America, and CEO Wendy Waugaman is bullish about the future. American Equity will release its second-quarter earnings on Wednesday. Since it hit bottom at $3.19 in March 2009, American Equity’s stock has risen to $11.89 […]

W.D.M. firm’s CEO talks of annuities, economic growth

{July 29th, 2011} by Adam Belz

Sixteen years after it was founded, American Equity Investment Life Holding Co. is the second-largest seller of indexed annuities in America, and CEO Wendy Waugaman is bullish about the future. American Equity will release its second-quarter earnings on Wednesday. Since it hit bottom at $3.19 in March 2009, American Equity’s stock has risen to $11.89 […]

Insurance agent to face 99 years in prison for selling phony annuities

{July 29th, 2011} by Darla Mercado

Elderly clients of Texas agent lost more than $5 million, including an investor with dementia   By Darla Mercado July 29, 2011 A 76-year-old insurance agent is facing nearly a century of prison time after pleading guilty to securities fraud stemming from the sale of unregistered securities and fake investments. John F. Langford of Amarillo, […]

RIA … RU Sure?

{July 28th, 2011} by W. Andrew Unkefer

By W. Andrew Unkefer AnnuityNews.com This is the first installment of a three-part series. Are you an insurance agent selling indexed annuities? Have you been approached by marketing companies claiming you must become a registered investment advisor (RIA) to protect your business? Are you considering becoming an RIA but not 100 percent sure why? This […]

Analysts: Sun Life Could Make a Deal

{July 28th, 2011} by Allison Bell

By NU ONLINE NEWS SERVICE Published 7/27/2011  Sun Life Financial Inc. seems as if it might make an acquisition in the United States, according to securities analysts at Citi.Colin Devine and Priya Mehrotra, the analysts at Citi, New York, suggest in a research note that Sun Life, Toronto (TSX:SLF), may be more likely engage in “transformational […]

NAFA: Fixed Annuities Not Swaps

{July 26th, 2011} by Arthur D. Postal

By ARTHUR D. POSTAL Published 7/25/2011 WASHINGTON BUREAU — The National Association of Fixed Annuities says it believes federal regulators are classifying fixed annuities as swaps. NAFA, Milwaukee, makes that point in a comment letter submitted to the Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC) in a response to […]

Personnel Changes: BCG, Delta Dental, Liberty Life, Allianz Life, Securian, Great-West, PCS

{July 25th, 2011} by Allison Bell

By NU ONLINE NEWS SERVICE Published 7/22/2011 The Boston Consulting Group Inc. (BCG) has hired Thomas McInerney to be a senior advisor. McInerney previously was chief operating officer of the global insurance division at ING Groep N.V., Amsterdam (NYSE:ING), and chief executive officer of the ING Americas division, according to BCG, Boston. McInerney has been […]

The Ohlson Group Interview with Sheryl J. Moore

{July 23rd, 2011} by Raymond J. Ohlson

Click here for a video interview with The Ohlson Group and Sheryl J. Moore

Bhojwani Says `Boomers' Buying Annuities for Retirement

{July 22nd, 2011} by Sheryl J. Moore

Click here for a Washington Post video of Allianz’s Gary Bhojwani discussing “boomers” quest for lifetime income.

Bhojwani Says `Boomers’ Buying Annuities for Retirement

{July 22nd, 2011} by Sheryl J. Moore

Click here for a Washington Post video of Allianz’s Gary Bhojwani discussing “boomers” quest for lifetime income.

Symetra Hires Kevin Knull to Develop Registered Product Strategy

{July 22nd, 2011} by N/A

BELLEVUE, Wash., Jul 21, 2011 (BUSINESS WIRE) — Symetra Life Insurance Company today announced plans to expand its annuities portfolio and develop new registered products. Symetra also named a new leader to head up product strategy and development for this emerging registered annuity business. Kevin Knull has joined the company as senior vice president, Registered […]

Eleanor Kitzman to Lead Texas Department

{July 22nd, 2011} by Allison Bell

By NU ONLINE NEWS SERVICE Published 7/21/2011 Eleanor Kitzman, a former South Carolina insurance commissioner, is on track to be the next Texas insurance commissioner. Texas Gov. Rick Perry, R, will appoint Kitzman to take office Aug. 15 for a term set to expire Feb. 1, 2013, officials say. Kitzman will succeed Mike Geeslin, who […]

ING cementing broker-dealer relationships amid push for new fixed indexed annuity feature

{July 20th, 2011} by Darla Mercado

Shopping fixed indexed annuities to B-Ds, insurer faced questions on retreat from VA business By Darla Mercado July 20, 2011 ING is making another go at the independent broker-dealer market, this time with a new fixed indexed annuity feature scheduled for an August release. The new feature would use the three-month Libor rate as a […]

The Harkin Amendment’s Big What-If Question

{July 20th, 2011} by Linda Koco

By Linda Koco InsuranceNewsNet What if all 50 states do not adopt the new annuity suitability regulations developed by National Association of Insurance Commissioners by June 16, 2013 — and what insurance agents need to know about this? The question arises because the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank ) […]

Surprise! U.S. Chamber takes swipe at Finra

{July 20th, 2011} by Mark Schoeff Jr

Calls for more transparency and accountability at SRO   By Mark Schoeff Jr July 19, 2011 The nation’s largest business organization wants Finra and other self-regulatory organizations to be more transparent and accountable for their actions. In a report released today, the U.S. Chamber of Commerce said that the Dodd-Frank financial reform law failed to […]

A.M. Best Downgrades Ratings of Investors Insurance Corporation

{July 20th, 2011} by N/A

OLDWICK, N.J. July 19 (BestWire) — A.M. Best Co. has downgraded the financial strength rating to B++ (Good) from A (Excellent) and the issuer credit rating to “bbb+” from “a” of Investors Insurance Corporation (IIC) (Wilmington, DE). Both ratings have been removed from under review with negative implications and assigned a stable outlook. The rating […]

Athene Acquires U.S. Life Company from SCOR

{July 20th, 2011} by Allison Bell

By ALLISON BELL Published 7/19/2011 Athene Holdings Ltd. has moved ahead with efforts to build an annuity supplier by completing previously announced plans to buy Investors Insurance Corp. from SCOR S.E. Athene, Hamilton, Bermuda, announced in February that it would be paying $55 million to acquire the company from SCOR S.E., Paris. Investors Insurance, Jacksonville, […]

Manulife Financial Selling Life Retrocession Business to Pacific Life

{July 20th, 2011} by Fran Matso Lysiak

Copyright: (c) 2011 A.M. Best Company, Inc. Source: A.M. Best Company, Inc. Wordcount: 370 Manulife Financial Corp. plans to sell its life retrocession business to the U.S.-based Pacific Life Insurance Co. due to more “restrictive” Canadian regulatory requirements, according to Manulife’s chief executive officer. The sale, which will result in an after-tax gain of about […]

A.M. Best Reviews Rating Outlook for U.S. Life/Annuity Sector

{July 20th, 2011} by N/A

Copyright: (c) 2011 A.M. Best Company, Inc. Source: A.M. Best Company, Inc. Wordcount: 390 A.M. Best Co. over the past few months has grown increasingly concerned with the heightened level of global economic uncertainty. Continuing economic weakness in certain European countries and the debt crisis in the United States, which remains unresolved, have elevated the […]

Legacy Launches New Fixed Indexed Annuity Series

{July 19th, 2011} by Gretchen Barry

Newest offering features robust bonus, income rider, and interest crediting options Petaluma, CA (PRWEB) July 18, 2011  Legacy Marketing Group® has launched its newest fixed indexed annuity series, the highly anticipated CommandMark. The new 10-year declining surrender charge annuity, which is designed and marketed by Legacy Marketing Group® and issued by PHL Variable Insurance Company, […]

Allianz Preferred perks strike nerve with agents

{July 18th, 2011} by Darla Mercado

By Darla Mercado July 17, 2011 A new Allianz Life distribution program, which rewards high-producing indexed-annuity sellers with exclusive products, is ruffling feathers among agents and marketing groups. The sales model, Allianz Preferred, was introduced by Allianz Life Insurance Co. of North America last week and provides qualifying field marketing organizations — groups that license […]

Lincoln Financial Group to Delist from the Chicago Stock Exchange

{July 15th, 2011} by N/A

Copyright: unknown Source: unknown Wordcount: unknown PHILADELPHIA, July 12, 2011 /PRNewswire/ — Lincoln National Corporation (NYSE:LNC) has notified the Chicago Stock Exchange that it intends to withdraw listing of its shares of common stock and its $3.00 Cumulative Convertible Preferred Stock, Series A on the Chicago Stock Exchange. Lincoln can continue to meet investor needs […]

Regulatory Advocacy Award

{July 13th, 2011} by Michael K. Stanley

By MICHAEL K. STANLEY Published 7/11/2011 National Underwriter Life & Healthwould like to acknowledge Nick Gerhart as the winner of the Industry Elite Award for Regulatory Advocacy. Gerhart, who is currently working for Sammons Financial Group, previously represented American Equity. Nominated by Andrew Unkefer, president and CEO of Unkefer & Associates Inc., Nick was instrumental […]

Allianz Unveils New FMO Distribution Model

{July 11th, 2011} by N/A

MINNEAPOLIS–(BUSINESS WIRE)– Allianz Life Insurance Company of North America (Allianz Life) today announced the launch of Allianz PreferredSM, a new model for distributing fixed index annuities (FIAs) that will give qualifying Field Marketing Organizations (FMOs) added support through increased education, training and resources for third-party oversight, as well as access to exclusive products. The first […]

Agent Receives Largest Fine For Colorado Insurance Fraud

{July 11th, 2011} by N/A

Copyright:  (c) 2011 ProQuest Information and Learning Company; All Rights Reserved. Source:  Proquest LLC Wordcount:  226   An administrative law judge has fined a former Thornton man $1.2 million for violating Colorado insurance law, one of the largest in state history handed down to an insurance agent, according to the Division of Insurance. Salies Kwann […]

Allianz holds out carrot for top distributors

{July 11th, 2011} by Darla Mercado

Offers exclusive program for high-producing FMOs — if they agree to tougher compliance standards By Darla Mercado July 11, 2011 Allianz Life Insurance Co. of North America today launched Allianz Preferred, a program that will step up suitability measures for high-producing distributors in return for access to an exclusive fixed indexed annuity. The Preferred program will […]

RETIRING: Retirees Need Less Stocks, More Annuities

{July 11th, 2011} by Robert Powell

By Robert Powell, A DOW JONES COLUMN Less stocks, more annuities. That, in essence, is the advice gleaned from two just-published reports for the benefit of those living in or approaching retirement. Retirees should invest just 5% to 25% of their portfolios in stocks, or at least that’s the case for those whose primary goal […]

The ins and outs of indexed products

{July 8th, 2011} by Charles K. Hirsch

Charles K. Hirsch Published 7/1/2011 Michael Earle Gray Jr., president, MEG Financial Inc., has 17 years of life and disability insurance experience and is a licensed resident life and health agent in Florida and licensed non-resident agent in 49 other states and the District of Columbia. He has devoted his entire career to the insurance […]

Wisconsin Insurance Commissioner Named in Election Complaint

{July 8th, 2011} by Sean P. Carr

MADISON, Wis. July 07 (BestWire) — Wisconsin Insurance Commissioner Ted Nickel and nine other donors to Gov. Scott Walker’s election campaign allegedly violated campaign finance laws, according to a complaint filed with the state’s Government Accountability Board. Nickel gave $10,255 to Walker’s 2010 campaign, exceeding the $10,000 limit for the gubernatorial campaign cycle, according to […]

Securian Buys Life Insurance Companies from Bank of America

{July 8th, 2011} by N/A

Securian Buys Life Insurance Companies from Bank of America ST. PAUL, Minn.–(BUSINESS WIRE)–      Securian Financial Group, Inc. is acquiring Balboa Life Insurance      Company (BLIC) and Balboa Life Insurance Company of New York (BLICNY)      from a subsidiary of Bank of America. Pending regulatory approval, the      transaction is expected to close October 1, 2011. Christopher M. Hilger, […]

Aviva USA Launches Status for Youth on Facebook

{July 8th, 2011} by N/A

Aviva USA Launches Status for Youth on Facebook Aviva pledge is part of ongoing commitment to “Putting People Before      Policies” WEST DES MOINES, Iowa–(BUSINESS WIRE)–      Aviva USA today introduced Status      for Youth – a campaign allowing people to donate their Facebook      status for a day to one of four youth-focused charities. Each charity is      vying […]

GAO Highlights Annuity Benefits, Policy Recommendations

{July 6th, 2011} by Sean P. Carr

WASHINGTON July 05 (BestWire) — A U.S. Government Accountability Office report highlighted the merits of investing in annuity products to protect retirees from outliving their savings in a time of fewer guarantees. The report also encouraged the adoption of policies to promote the growth of annuities. The GAO identified recommendations from industry and consumer sources, […]

IRS Changes Annuity Partial Exchange Rules

{July 6th, 2011} by Arthur D. Postal

  Published 7/5/2011   Subscribe to Life & Health     Print This Article Return To Article Normal Text Large Text ShareThis   WASHINGTON BUREAU — The Internal Revenue Service (IRS) has changed the rules governing partial exchanges of annuity contracts. The IRS is reducing the period of time it will consider when reviewing a […]

First-Class Financing

{July 5th, 2011} by Bob Calandra

By Bob Calandra Published 6/30/2011 For many insurance agents, premium financing must seem like the industry’s equivalent of a riddle wrapped inside of an enigma. Premium financing is, after all, a notoriously niche solution. Most agents will probably only encounter a few potential candidates over the course of their career. But when the client and […]

To average or not to average?

{July 5th, 2011} by Jack Marrion

BY Jack Marrion Published 7/1/2011 I have often heard agents suggest that averaging should be used to measure index movement if one thinks the market will be volatile. Such an approach would be used instead of measuring the index gain or loss from one start point to one end point—the annual point-to-point method. The belief […]

Colorado Division of Insurance Fines Agent $1.25 Million for Life Insurance Fraud

{July 4th, 2011} by Caroline Saucer

Copyright:  (c) 2011 A.M. Best Company, Inc. Source:  A.M. Best Company, Inc. Wordcount:  202 An administrative law judge has fined insurance agent Salies “Kwann” Perry$1.25 million for committing unfair trade practices and fraud. The fine is believed to be one of the largest in state history ever handed down to an insurance producer, the Colorado […]

Virginia Sets the Date for Shenandoah Life Acquisition Hearing

{July 1st, 2011} by Allison Bell

By ALLISON BELL Published 6/29/2011 The Virginia State Corporation Commission (SCC) plans to hold a hearing Oct. 11 on efforts by United Prosperity Life Insurance Company to acquire Shenandoah Life Insurance Company. The Virginia SCC will stream the audio portion of the hearing on the Web at http://www.scc.virginia.gov/case/webcast.aspx United Prosperity Life — a company backed […]