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Archive for July 2013

Consumer Tips: How to Locate a Missing Life Insurance Policy

{July 31st, 2013} by Ohio Department of Insurance

If you suspect a life insurance policy exists but cannot locate it, you should conduct your own search for a policy using the following steps: Review the deceased’s personal papers to learn if there is a life insurance policy on file at the deceased’s last place of residence. In addition, check with the deceased’s bank […]

2008 economic crisis had minor effect on insurers

{July 31st, 2013} by Arthur D. Postal

The major impact of the recent financial crisis on insurers was on certain annuity products underwritten by the life insurance industry, according to a Government Accountability Office (GAO) study released today. The report said that the crisis “generally had a limited effect on the insurance industry and policyholders.” However, the stock prices—based on an index […]


Moore Blames Bullying After Son’s Suicide

{July 31st, 2013} by Steven A. Morelli

A well-known indexed annuity expert is speaking out on bullying after her 16-year-old son committed suicide last week in Iowa. Alexander “A.J.” Betts was taken off life support Sunday after he attempted to kill himself Friday. His mother, Sheryl J. Moore, said he had been bullied at Southeast Polk High School because he was half-black […]

True grit

{July 30th, 2013} by Liz Skinner

For female advisers, getting ahead takes grit, grind and goals Female financial advisers stand out in a crowd of their colleagues because of their small numbers in this male-dominated field. More importantly, they stick out because they often are the most dynamic people in the room. In a field where men often are taken more […]

Bullied to death

{July 30th, 2013} by Bill Coffin

On Saturday, July 26th, 16-year-old A.J. Betts took his own life. A.J. was born to a black father and white mother, and with a variety of birth defects (including a cleft palate that required numerous surgeries, and only recently had finally been fixed). He spoke a little funny.  Please click here to read

Sincerest Condolences to Sheryl J. Moore & Family

{July 30th, 2013} by Annuity Outlook

Sheryl J. Moore is a valued contributor to the NAFA Annuity Outlook magazine and a well-known advocate, educator and leader in our industry. The life and annuity industry is a small and close-knit group and our entire industry mourns with Sheryl and her family  on news of the unexpected passing of their 16-year old son […]

Life insurance fraud? Do you recoup this claim?

{July 30th, 2013} by Stephan Forman

I first heard of this story while enjoying drinks on the patio with friends one weekend, and before we were through debating it, I said, “Let’s put it to the experts on ProducersWEB!” My party was discussing a Friday night segment on ABC’s “20/20” in which a husband of 34 years and father of two […]

Zurich Among Insurers Said to Be Probed in Expanded N.Y. Inquiry

{July 30th, 2013} by -With assistance from Noah Buhayar in New York. Editors: John Pickering

Zurich Insurance Group AG is among companies being questioned by New York’s insurance regulator in a widening probe into compliance with an Iran sanctions law, according to a person familiar with the matter.   The state Department of Financial Services is asking insurers to explain their policies and procedures to avoid violations of the Iran […]

FIAs Power Symetra To Positive Quarter

{July 29th, 2013} by Cyril Tuohy

Net income at Symetra Financial, the Bellevue, Wash., life, annuities and benefits carrier, rose to $45 million, or 34 cents per share, from $43.8 million, or 32 cents a share, in the same period last year on the strength of fixed indexed and deferred annuities, the company reported. Revenues also rose to $513.2 million from […]

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Our hearts go out to Sheryl J. Moore, President and CEO of Wink, and her family in this difficult time of sorrow.

{July 29th, 2013} by Wink, Inc

Many of you have heard the story, however you may not have known his name or face. A.J., Sheryl J. Moore’s son, inspired her to start her company in 2005, and he is a treasured member of our Wink family. A.J.’s life ended unexpectedly early Saturday morning, we are deeply saddened to lose him. Sheryl […]

S&P: G-SII Designation Could Affect Ratings in the Longer Term

{July 25th, 2013} by Standard & Poor’s

The longer-term rating implications for insurers that the Group of 20′s Financial Stability Board (FSB) has designated global systemically important insurers (G-SIIs) will be mixed, according to a report published by Standard & Poor’s Ratings Services. The report – “Possible Ratings Implications For Global Systemically Important Insurers -” explains “how the new requirements that the […]

Another blight on the bruised annuity industry's reputation

{July 25th, 2013} by Michael K. Stanley

Last week it was quite hot in the New York City metropolitan area and keeping the oven turned off seemed like a great idea. After having seen a poster for complimentary appetizers at a tidy little Italian restaurant down the street, my girlfriend and I got dressed and slowly meandered down the hot sidewalk to […]

Fixed Annuity Interest Rates Ticking Up

{July 25th, 2013} by Linda Koco

Are fixed annuity rates heading up along with the uptick in interest rates on 5- and 10-year Treasury bonds? Why, yes they are. At least a bit. At least at some carriers. This could start giving certain annuities a boost in competitive attractiveness, bringing a little steam into the sales environment for annuity agents, distributors […]

Why Millennials matter

{July 25th, 2013} by Michael K. Stanley

Millennials, Generation Y, Generation Next, Generation Net or whatever the term de jour is to describe the demographic cohort born somewhere between 1980 and 1999 are a group that perplex, frustrate and intrigue anyone trying to keep a pulse on their habits and culture. Assailed for being lazy while lauded for their entrepreneurial acumen; derided […]

Marketers, how valuable are you to advisors?

{July 25th, 2013} by Blog by Kathran Martin

You know that connecting with advisors is essential to a growing business. No connections = no growth. Period. End of story. How do you cut through all the noise and build connections with the right advisors? Michael Lazerow, a serial entrepreneur, is currently CMO for Salesforce Cloud. He knows a little about selling and marketing […]

S&P: ‘Systemically Important’ Designations Could Trigger Restructurings of Global Insurers

{July 25th, 2013} by Standard & Poor’s, A.M. Best

New requirements that will be imposed on insurers that the Group of 20′s Financial Stability Board has designated to be global systemically important insurers (G-SII) may motivate restructurings of these companies down the road, Standard & Poor’s said in a report. Overall, the report says that long-term rating implications for the nine G-SII designees are […]

The Curious Case Of Bad Math & Why It Does Not Matter

{July 25th, 2013} by Chris Burand

I have recently been reminded of some of the nonsensical insurance idiosyncrasies that veterans of the industry take for granted. Several of these involve math—and bad math in particular 1. Combined Ratios Combined Ratio = Loss Ratio + Expense Ratio. A ratio is a fraction. Sometime around the fourth grade most kids learn that to […]

Salazar Chosen as New Colorado Insurance Commissioner

{July 25th, 2013} by Thomas Harmon, Associate Editor, BestWeek: Tom.Harman@ambest.com

DENVER – Marguerite Salazar, a former U.S. Department of Health and Human Services director, has been chosen as the new Colorado state insurance commissioner. Doug Dean has been serving as interim director since July 9. Dean was chosen to follow Director Jim Riesberg, who resigned July 8 after two years on the job. Gov. John […]

Partners Advantage Unveils Partners Elite Advisory Group

{July 25th, 2013} by N/A

Riverside, CA – July 24, 2013 – Partners Advantage is pleased to announce the newest member of its premier division, Partners Elite Advisory Group. Partners Elite will enhance the overall value proposition that Partners Advantage currently provides to select insurance professionals, financial advisors, and agencies. The senior leadership of Partners Elite combines the unique talents […]

3 Time Saving Tips for Financial Advisors Using Social Media

{July 25th, 2013} by Amy McIlwain

It’s happened to all of us.  You were just going to check your Facebook for five minutes and the next thing you know it’s been an hour.  Social media has a reputation for being one big black hole.  It sucks you in and makes you lose all sense of time and any chance for productivity. One […]

Court: Insurance company not to blame for wrong beneficiary designation

{July 24th, 2013} by Steven A. Meyerowitz

A federal district court in Illinois has ruled that a life insurance company owed no duty to an insured’s employer (in this case, the U.S. government) to properly maintain designation of beneficiary forms. If that duty existed, the district court found, it ran to the insured and beneficiaries. The case: A lawsuit against the U.S. […]

New Jersey broker’s Ponzi scheme defrauded elderly clients

{July 24th, 2013} by Harry Lew

A New Jersey broker has been sentenced to a 15-year prison sentence for scamming elderly clients out of their savings and using the money to pay for his mortgage, house repairs and European vacations. According to authorities, the advisor persuaded his clients to invest in a health-care investment program, which was to make investments in […]

FSOC Meets to Consider Prudential's Challenge to Non-Bank SIFI Designation

{July 23rd, 2013} by Jeff Jeffrey

WASHINGTON – The Financial Stability Oversight Council held a hearing in Washington to consider Prudential Financial Inc.’s challenge to a proposed designation as a non-bank systemically important financial institution. Prudential was included on a proposed list of non-bank SIFIs earlier this month. However, Prudential requested a hearing, arguing that its businesses do not pose a […]

The most interest-rate sensitive insurers

{July 23rd, 2013} by Arthur D. Postal

While interest rates are a key area of concern for life insurers at this time, a new report said interest-rate sensitive life insurance premiums constituted only 4.1 percent of total premiums of large insurers for 2012. The report said insurers with more than $10 billion in premiums had $433.069 billion in premiums written outstanding at […]

Clients are an advisor’s biggest competition

{July 23rd, 2013} by Joyce Hanson

Advisors’ biggest competition comes not from other advisors but rather from their own clients’ human nature, which poses obstacles such as inertia, fear, overspending and under-saving, according to the results of a Principal Financial Group study released Monday. Key findings in the Principal Financial Well Being Index show that for 80 percent of clients, their top financial […]

How to overcome 4 real barriers to social media engagement

{July 23rd, 2013} by Jay Palter

Social media is one of the best ways to communicate, network and market your business, but for many of us there are some serious barriers to fully engaging. To start, there may be compliance concerns associated with jumping into social media. Then, what if someone says something negative about you online — how do you deal […]

Florida puts squeeze on life insurers for millions of dollars in death benefits

{July 23rd, 2013} by Jay Weaver, Miami Herald

The state of Florida has put the squeeze on some of the nation’s biggest life insurance companies to hand over benefits from almost 96,000 unclaimed policies worth more than $75 million — money that might be yours. But be warned: the vast majority of those unclaimed death benefits are worth less than $1,000 each, according […]

Same-sex couples to get estate taxes back

{July 23rd, 2013} by Darla Mercado

In New York, Gov. Cuomo announces opportunity to file for refunds Same-sex couples in New York who paid estate taxes can expect to get their money back. The Empire State will be issuing estate tax refunds to qualified spouses, according to an announcement today by Gov. Andrew Cuomo. He cited last month’s Supreme Court decision […]

North American Intros Flexible Annuity With Enhanced Death Benefit

{July 23rd, 2013} by Press Release

  WEST DES MOINES, IA – July 23, 2013 – North American Company for Life and Health Insurance® has introduced a flexible annuity solution featuring an enhanced death benefit. The NAC SecureChoiceSM is the first fixed index annuity from North American that offers a built-in enhanced death benefit equipped with a stacking roll-up feature to […]

Dodd-Frank regulations would fill 28 copies of ‘War and Peace’

{July 23rd, 2013} by STAFF WRITER

The epic 15-million-word law has been frustrating regulators, politicians and anyone in the compliance world since it came down the pike. According to a recent examination by The Wall Street Journal, it could fill the novel 28 times. Could it be even more daunting than Napoleon’s invasion of Russia itself? Read the story.

Court: Lapsed life insurance is no life insurance

{July 23rd, 2013} by Steven A. Meyerowitz

A federal district court in South Carolina has ruled that an insured’s failure to make payments on his life insurance policy led it to lapse before his death. The court rejected the insured’s widow’s contentions that the insurer had not properly notified the insured of the lapse and had not acted in good faith. The […]

Moody's downgrades Lincoln Benefit

{July 23rd, 2013} by Michael K. Stanley

Moody’s Investor Service (Moody’s) has downgraded the insurance financial strength of Lincoln Benefit Life Company (Lincoln) to Baa1 from A1. The downgrade is a result of last week’s announcement that Lincoln, a wholly-owned subsidiary of Allstate Life Insurance Company (Allstate Life), its self a subsidiary Allstate Insurance Company (Allstate), will be sold to Resolution Life […]

Hiring an intern can be a win-win

{July 23rd, 2013} by Kelli Cruz

Having a long-term mindset can lead to the discovery of a productive full-time employee   One of my first jobs in human resources was managing a college summer internship program. The main goal was to hire the interns as full-time employees upon graduation. College internship programs are still one of the most cost-effective methods for […]

NAFA Responds To INN Article On Fiduciary Standard Debate

{July 22nd, 2013} by Jeff Mose

NAFA, the National Association for Fixed Annuities, has responded to a recent InsuranceNewsNet article, “War of the Advisor Groups Heats Up,” written by Cyril Tuohy and published July 12. Read Cyril’s article here. Cyril, You’ve articulated the fiduciary agenda very well. And you presented an interesting editorial comment in your column when you write “…or […]

NAIC Weighs In On FSB Systemic Designations

{July 22nd, 2013} by Targeted News Service

WASHINGTON, July 18 — The National Association of Insurance Commissioners issued the following news release: The following is a statement from Thomas B. Leonardi, Connecticut Insurance Commissioner, on the list of Global Systemically Important Insurers released by the Financial Stability Board (FSB). Leonardi represents state insurance regulators at the Financial Stability Committee at the International […]

Four Steps To Selecting The Right Annuity

{July 22nd, 2013} by Bill Martina, a divisional Vice President, American General Life Companies. Bill.Martina@innfeedback.com.

If you’re fairly new to the world of helping people prepare for retirement, here is something that may not be readily apparent. Financial professionals who offer a suite of diverse, well-structured annuity products that can be paired with optional lifetime income riders may be a boon to certain clients. In particular, the ideal clients for […]

Allianz Joins AIG On FSBs List Of Too-Big-To-Fail Insurers

{July 22nd, 2013} by Carolyn Bandel and Zachary Tracer

CFO says even though the insurance business in general and Allianz in particular does not represent a systemic risk, Allianz acknowledges the decision of the FSB and will continue to support its efforts for more stable financial markets. (Bloomberg) –American International Group Inc. and Allianz SE are among insurers deemed systemically important by global financial […]

Allianz Joins AIG On FSBs List Of Too-Big-To-Fail Insurers

{July 22nd, 2013} by Carolyn Bandel and Zachary Tracer

CFO says even though the insurance business in general and Allianz in particular does not represent a systemic risk, Allianz acknowledges the decision of the FSB and will continue to support its efforts for more stable financial markets. (Bloomberg) –American International Group Inc. and Allianz SE are among insurers deemed systemically important by global financial […]

Cowdery’s Resolution Buys Allstate Life Business in U.S.

{July 22nd, 2013} by Noah Buhayar

Clive Cowdery, who earned a fortune cutting deals that consolidated the U.K. life-insurance industry, is making a foray into the U.S. by buying a business from Allstate Corp. for $600 million (394 million pounds). Resolution Life Holdings Inc., a company founded by Cowdery’s London-based Resolution Group, agreed to buy Lincoln Benefit Life Co. from Allstate, […]

UNITE HERE Urges Iowa Insurance Commissioner to further investigate Apollo's proposed acquisition of AVIVA Life & Annuity

{July 22nd, 2013} by BusinessWire

DES MOINES, Iowa–(BUSINESS WIRE)– UNITE HERE on Wednesday, July 17 urged Iowa Insurance Commissioner Nick  Gerhart to ask some tough questions about the proposed acquisition of  AVIVA Life & Annuity by affiliates of the private equity firm Apollo  Global Management (APO), and to consider placing restrictions and  conditions on the transaction. A copy of the […]

UPDATE 2-NY regulator targets buyout firms' focus on annuities -sources

{July 22nd, 2013} by Karen Freifeld

* Lawsky focusing on Sun Life, Aviva transactions -sources * Concern over private equity firms’ oversight By Karen Freifeld July 16 (Reuters) – New York’s top financial regulator is examining whether to let two insurers with links to investment firms buy annuity businesses, perhaps imposing requirements to cut potential risks to policyholders, people familiar with […]

G-SIIs named; list includes big U.S. insurers

{July 19th, 2013} by Elizabeth Festa

The G-20’s Financial Stability Board designated an initial group of Global Systemically Important Insurers (G-SIIs) today. The U.S. insurers are: Prudential Insurance, MetLife, AIG, Allianz SE, Assicurazioni Generali S.p.A., Aviva plc, AXA S.A., Inc., Ping An Insurance Group Company of China, Ltd. and Prudential Financial, Inc. The nine insurers designated by the FSB will be […]

S&P Raises Rating of Fidelity & Guaranty Life to Investment Grade Level

{July 19th, 2013} by BUSINESS WIRE

Also Increases from Stable to Positive Outlook BALTIMORE, Jul 18, 2013 (BUSINESS WIRE) — On July 17, 2013, Standard & Poor’s Rating Services raised its financial strength rating of Fidelity & Guaranty Life Insurance Co. and Fidelity & Guaranty Life Insurance Co. of New York, collectively referred to as FGL, to BBB- from BB+. The […]

A.M. Best Places Ratings of Lincoln Benefit Life Company Under Review With Negative Implications

{July 19th, 2013} by N/A

FOR IMMEDIATE RELEASE / OLDWICK, N.J., JULY 19, 2013 A.M. Best Co. has placed under review with negative implications the financial strength rating of A+ (Superior) and issuer credit rating of “aa-” of Lincoln Benefit Life Company (LBL) (headquartered in Northbrook, IL) following The Allstate Corporation’s (Allstate) (Northbrook, IL) [NYSE: ALL] announcement of a definitive […]

NAIC seeks to create captive transactions review board

{July 19th, 2013} by Elizabeth D. Festa

The National Association of Insurance Commissioners (NAIC) is going further to address solvency concerns regarding the use of captives by life insurers. The regulatory group is contemplating a system where regulators review certain captive transactions, collect data and express any concerns or recommendations to the state regulatory and a key reserving NAIC task force. The goal, […]

It’s Time to Remove the Gag Order on Guaranty Fund Disclosure

{July 19th, 2013} by Kim O'Brien

Section 19 of the NAIC LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION MODEL ACT 520 prohibits the “advertisement of the Insurance Guaranty Association in insurance sales.”  The Act specifically states that: “No person, including an insurer, agent or affiliate of an insurer shall make, publish, disseminate, circulate or place before the public, or cause directly or […]

Long-suffering Detroit finally turns to bankruptcy

{July 19th, 2013} by Corey Williams, Ed White

DETROIT (AP) — At the height of its industrial power, Detroit was an irrepressible engine of the American economy, offering well-paying jobs, a gateway to the middle class for generations of autoworkers and affordable vehicles that put the world on wheels. But by Thursday, the once-mighty symbol of the nation’s manufacturing strength had fallen into […]

Standard & Poor’s affirms A (Strong) rating for the insurance companies of National Life Group

{July 19th, 2013} by N/A

Montpelier, Vermont – Standard & Poor’s has affirmed its A (Strong) financial strength ratings for National Life Insurance Company and Life Insurance Company of the Southwest, the two insurance companies of National Life Group.   According to Standard & Poor’s, the ratings “reflect our view of National Life Group’s strong business and very strong financial […]

Alarm sounds on bid for Aviva

{July 18th, 2013} by Victor Epstein

Apollo accused of shifting assets in ways that put policyholders in jeopardy Union representative Jim Baker was outnumbered at Wednesday’s state hearing on Apollo Global Management’s $1.8 billion bid for West Des Moines-based Aviva USA, but that didn’t stop him from sounding the alarm on the managed equity fund. The proposed deal could boost Apollo’s […]

Former Minnesota Allstate Agent Files Suit Against Company

{July 18th, 2013} by Best's News Service

ST. PAUL, Minn. – A former Allstate Corp. agent in Minnesota who was fired for not meeting life insurance sales quotas has filed a lawsuit against his former employer, according to a statement from the National Association of Professional Allstate Agents. Jerry Deleski, who had worked for Allstate for 39 years, alleges the insurer violated […]

MetLife Reaches Stage Three in FSOC Process to Determine Whether it Will be Named a Non-Bank SIFI

{July 18th, 2013} by Best's News Service

NEW YORK – MetLife Inc., the largest life insurance company in the United States, said the Financial Stability Oversight Council has notified it that it had reached stage three in the process to determine whether it would be named a non-bank Systemically Important Financial Institution, or SIFI. “Not only does exposure to MetLife not threaten […]

A.M. Best Affirms Ratings of Pacific LifeCorp and Its Subsidiaries

{July 18th, 2013} by Best's News Service

OLDWICK, N.J. – A.M. Best Co. has affirmed the financial strength rating of A+ (Superior) and issuer credit ratings (ICR) of “aa-” of Pacific Life Insurance Company (PLIC) (Omaha, NE) and its wholly owned subsidiary, Pacific Life & Annuity Company (PLAC) (Phoenix, AZ) (together referred to as Pacific Life). Concurrently, A.M. Best has affirmed the […]

Succession Planning Still Major Issue For Advisors

{July 18th, 2013} by PR Newswire Association LLC

BOSTON, July 17, 2013 /PRNewswire/ –Despite succession planning being a major topic facing the graying financial advisor market, a new survey conducted by Mathew Greenwald and Associates for Signator Investors, Inc. shows few financial professionals are fully prepared for succession. A strong majority also say the industry does not do a good job helping with […]

Fixed annuities no longer in Allstate’s hands

{July 18th, 2013} by Maria Wood

Allstate Corp. has agreed to sell its Lincoln Benefit Life Co. to Resolution Life Holdings Inc., for $600 million, yet another in a string of recent deals that have seen large insurers sell off their annuity businesses. Once the deal is finalized, which should happen by the end of the year, Allstate will essentially abandon […]

Allstate Announces Sale Of Lincoln Benefit

{July 18th, 2013} by Linda Koco

Allstate is bowing out of writing life insurance and annuities and selling the products through the independent agency distribution channel business. Late yesterday, the big U.S. carrier issued a statement saying it plans to sell its Lincoln Benefit Life Co. to Resolution Life Holdings for $600 million. Resolution Life is a Delaware corporation established by […]

Rising interest rates positive for U.S. life insurers

{July 18th, 2013} by Warren S. Hersch

The recent rise in interest rates is credit-positive for U.S. insurers, Moody’s Investors Service concludes in a new report. In a July 15 “Special Comment,” the New York-based credit rating agency cites an 85 basis-point rise in the yield of 10-year U.S. Treasury bonds—to about 2.6 percent on July 11 from less than two percent […]

A Q&A with Athene CEO Jim Belardi

{July 18th, 2013} by Victor Epstein

Jim Belardi is in a difficult position, but one that’s the envy of many of his peers. The insurance industry veteran is head of a fast-growing company named Athene Holding Ltd. that’s backed by Apollo Global Management, a Wall Street investment firm with deep pockets. Athene won the bidding war for Aviva USA, a West […]

Allstate Announces the Sale of Lincoln Benefit Life Company

{July 18th, 2013} by PR Newswire

– Sharpens focus on Allstate’s segmented customer strategy – Increases deployable capital by $1 billion NORTHBROOK, Ill., July 17, 2013 /PRNewswire via COMTEX/ —  The Allstate Corporation today announced a definitive agreement to sell its Lincoln Benefit Life Company (“LBL”) to Resolution Life Holdings, Inc. (“Resolution Life”) for $600 million, thereby exiting the consumer segment […]

Why Even Single People Need Life Insurance

{July 17th, 2013} by Kimberly Palmer

People without dependents can plan ahead to protect their future families   If you’re married with children, then you probably know you should  have life insurance to protect your dependents in the event of your  death. But do single people without those same dependents also need to  insure themselves? According to a 2011 survey from […]

The word is annuity. Try using it.

{July 17th, 2013} by Stan Haithcock

I’m one of those people that must have the radio, TV and multiple computer screens running at the same time to have my brain work properly. I guess this comes from my previous life in the stock business where data is king, and I have carried that information overload habit with me to this day. […]

Why the insurance technology vendor relationship is important

{July 17th, 2013} by Justin Brown

If you ever feel like the insurance technology vendor relationship isn’t worth your time, then consider for a moment what your day would be like without the use of your computer, network or the Internet. It’s essential to have open communication and a positive relationship with the team who keeps the technological end of the […]

A.M. BestTV Transcript: Women Slowly Making Strides to Insurance C-Suites

{July 17th, 2013} by Best's News Service

OLDWICK, N.J. – Recently released research found that there is a lack of gender diversity at the executive and board of director levels of the insurance industry. The following A.M. BestTV episode, hosted by Senior Associate Editor John Weber, looks at a continuing under-representation of females in positions of leadership. Go to http://www.ambest.com/v.asp?v=genderdiversity713 to view […]

Tarullo: Insurers really are different from banks

{July 17th, 2013} by Elizabeth D. Festa

In U.S. Senate Banking Committee testimony today, Federal Reserve Board Gov. Daniel K. Tarullo offered a few insights into thinking at the Federal Reserve as it develops capital rules for insurers that are under its oversight. Tarullo reminded the committee, however, that banking regulators are constrained by the strictures of the law — the Wall Street […]

'Follow the Money' radio host gets 20 years in prison

{July 17th, 2013} by Mark Schoeff Jr.

A former radio show host in Minnesota who dispensed financial advice is likely to spend the rest of his life in jail. Patrick Kiley, 75, was sentenced to 20 years in prison Monday by a Minnesota federal judge for his participation in a Ponzi scheme attracted more than 1,000 victims who lost a total of  […]

New York regulator seeks strict rules on Athene/Aviva deal

{July 16th, 2013} by Business Record

New York’s top financial  regulator is threatening to scuttle a proposed purchase of Aviva USA by Athene  Holding Ltd. unless Athene agrees to follow new rules that don’t apply to  traditional insurers, The Wall Street Journal  reported.   Athene, an insurer funded  by an affiliate of Apollo Global Management LLC, in December announced its  intent to […]