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Blog + Articles

Top 10 attributes of ‘elite’ retirement advisors

{October 22nd, 2014} by Marlene Y. Satter

To come out ahead in the retirement business today, there are 10 attributes that advisors and service providers need to demonstrate. These same attributes are associated with leadership, stewardship and are critical to an ethical decision-making framework. So says Don Trone, founder and CEO of 3ethos, a Mystic, Connecticut leadership consultancy. Trone has co-written a […]

4 mistakes advisers make with Millennial women

{October 22nd, 2014} by Mary Beth Storjohann

Make sure you don’t alienate the next generation of women poised to amass more wealth than their parent   Working with Millennial clients has become a hot topic within our industry in recent years and months. How to market/not market, how to invest/save, communication preferences, goals and the big question — “Why even bother?” Whether […]

Five reasons to postpone retirement

{October 22nd, 2014} by New York Life

Are you considering postponing your retirement? Well, you’re not alone. According to the Employment Benefits Research Institute, in 2011 36 percent of workers expected to retire after age 65, compared to only 25 percent of workers in 2006. Gallup likewise finds that people are retiring on average four years later than they were in the […]

Fixed Index Annuities can be a Perfect Fit for Women

{October 22nd, 2014} by Women, Money & Power

There’s no question that finance is traditionally a male-dominated industry. Though the number of female financial professionals has increased dramatically over the last several years, there is a lingering sense among many female consumers that they are not part of the club when it comes to fully understanding and controlling their finances. A recent study […]

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Insurance Carrier & Agent Summit

{October 22nd, 2014} by Jamie Johnson

Wink’s CEO, Sheryl J. Moore will be speaking at Laser App Software’s two day Insurance Carrier & Agent Summit event at the West Des Moines Marriott in West Des Moines Iowa. The summit is designed to educate insurance carriers and agencies. Both sessions are free to attend. Insurance Carrier Day Wednesday, November 5th: 8 am – […]

Indexed universal life insurance faces fresh scrutiny

{October 22nd, 2014} by Darla Mercado

Regulators homing in on whether insurers are presenting a picture of performance that’s too ros  Financial advisers working with indexed universal life insurance are finding themselves in the middle of a heated battle between state regulators and the life insurance industry. In an otherwise sleepy corner of the product market, indexed universal life insurance has […]

Phoenix Companies Partners with Credit Suisse to Launch CS Tactical Multi Asset Index

{October 22nd, 2014} by The Phoenix Companies

New Crediting Options Linked to Exclusive Index Enhances Fixed Indexed Annuities Portfolio HARTFORD, Conn.–(BUSINESS WIRE)– The Phoenix Companies, Inc. (NYSE: PNX) today announced that it has entered into a partnership with Credit Suisse to license the CS Tactical Multi Asset Index?, a new Exchange Traded Fund (ETF)-based index available exclusively to Phoenix fixed indexed annuities […]

Carriers Ramp Up For National Save For Retirement Week

{October 22nd, 2014} by Cyril Tuohy

Congress has declared Oct. 19-25 National Save for Retirement Week, so advisors and employees should be prepared for an onslaught of tips and advice courtesy of their insurance carriers and retirement-services providers. The most effective way to encourage employees to save is through their workplace retirement plans. Insurers promoting employer-based retirement planning are reminding employees […]

Apollo-backed Athene invests $8.4 billion over 12 months

{October 22nd, 2014} by Laura Davison, Bloomberg

(Bloomberg) — Athene Holding Ltd., the insurer tied to Apollo Global Management LLC, added $8.4 billion of investments over 12 months at an average yield of 6.76 percent as the company pursues mortgage-related wagers. Net investment income for the quarter ended June 30 was “in line” with results from the prior three months, when the […]

A.M. Best Revises Outlook to Positive for Athene USA Group’s Members; Assigns Ratings to Athene Life Re and Athene Holding Ltd

{October 22nd, 2014} by Best's News Service

Oldwick – A.M. Best has revised the outlook to positive from stable and affirmed the financial strength rating (FSR) of B++ (Good) and the issuer credit ratings (ICR) of “bbb+” of the members of Athene USA Group (AUSAG). (See below for a detailed listing of AUSAG’s group members and ratings.) AUSAG is the consolidating rating […]

A.M. Best Upgrades Ratings of Americo Life, Inc. and Its Core Subsidiary

{October 22nd, 2014} by BusinessWire

OLDWICK, N.J.–(BUSINESS WIRE)– A.M. Best has upgraded the financial strength rating (FSR) to A (Excellent) from A- (Excellent) and issuer credit rating (ICR) to “a” from “a-” of Americo Financial Life and Annuity Insurance Company (AFL) (Dallas, TX). The outlook has been revised to stable from positive. Concurrently, A.M. Best has affirmed the FSRs of […]

Carriers Ramping Up For FIA Sales Through B/Ds

{October 22nd, 2014} by Linda Koco

Say that this week’s stock market volatility stirs up consumer desire to put money in financial products with guarantees. Say that fixed annuities come to mind. Who is likely to get that sale or that inquiry? Would it be a life insurance agent, a rep at the local bank or maybe the family stockbroker/financial advisor? […]

LPL cuts profit forecast to cover higher-than-expected regulatory costs

{October 21st, 2014} by Bruce Kelly

B-D projects it will need another $18M, which will slice 11 cents a share from third-quarter earnings Indicating it still had unfinished and costly business with regulators, LPL Financial Holdings Inc. said on Tuesday it was cutting its third-quarter earnings forecast by 11 cents a share. The company now expects its broker dealer, LPL Financial, […]

A tough stretch for variable annuities

{October 21st, 2014} by Ed McCarthy, CFP

It’s been a so-so stretch for variable annuity (VA) sales. According to LIMRA Secure Retirement Institute, VA sales fell 5 percent in 2014’s second quarter, totaling $36.2 billion. Year-to-date, VA sales reached $70.4 billion, a 4 percent drop from 2013.  Click here to read…

FSB Releases Guidance on Approach to Resolution of Insolvent Systemically Important Companies

{October 21st, 2014} by Jeff Jeffrey

WASHINGTON – Insurance companies with highly complex business models that become insolvent may not be able to rely on traditional resolution mechanisms to avoid suffering a catastrophic collapse that affects the global financial system, according to new guidance released by the G-20’s Financial Stability Board. In an update to its guidance on the Key Attributes […]

MassMutual Sues JPMorgan Seeking Judgment That ‘RetireSmart’ Doesn’t Constitute Trademark Infringement

{October 21st, 2014} by Fran Matso Lysiak

BOSTON – Massachusetts Mutual Life Insurance Co. has sued JPMorgan Chase & Co. in federal court over its use of the term “RetireSmart” for financial services, saying it does not constitute trademark infringement on JPMorgan’s rights in the term “SmartRetirement.” In its complaint, filed in the U.S. District Court of the District of Massachusetts, MassMutual […]

How a Red Pen can Be Bloody Mess for an Annuity IMO

{October 21st, 2014} by Steven A. Morelli

The pen is mightier than the sword. You heard that one, right? As such, a pen can slice off a goodly amount of your assets and puncture your reputation. Does that pen scribble lies or defame another? No. It merely draws a red circle, this one around a number – 12.2% perhaps. That was a […]

Prudential Operations Chief: The Time for Federal Regulation Is ‘Clearly Here’

{October 21st, 2014} by Jeff Jeffrey

WASHINGTON – The 50-state approach to regulating life insurance has proven itself through the industry’s stability, but the time for federal regulation is “clearly here,” said Stephen Pelletier, executive vice president and chief operating officer of Prudential Financial’s U.S. businesses. Speaking to an audience at the American Council of Life Insurers’ annual conference in Washington, […]

Americans Share Their Biggest Financial Fears

{October 21st, 2014} by PR Newswire

BLOOMINGTON, Ill., Oct. 21, 2014 /PRNewswire/ — Americans are finding cause for concern with their finances, and uncertainty over their spending habits and overall financial confidence might be behind it. According to the latest COUNTRY Financial Security Index® survey nearly half of individuals (47 percent) do not keep track of their monthly discretionary spending whatsoever. […]

Barely half of new producer hires last 12 months in their new jobs … and other bad news

{October 21st, 2014} by PropertyCasuality360

Independent agents/brokers posted a 56 percent success rate in producer hiring in the past five years, although the hiring performance of the top and bottom firms varied widely, found a new study from Reagan Consulting. Another key result of the Reagan Consulting Producer Recruiting & Development (PR&D) research was that only 35 percent of producers […]

White House support for insurance-specific rules

{October 20th, 2014} by Arthur D. Postal

The White House appears likely to support legislation allowing the Federal Reserve Board to apply insurance-based capital standards to the insurance portion of any insurance holding company it oversees, the president and CEO of the American Council of Life Insurance said today. Indeed, the bill will be “well-received at the White House,” Dirk Kempthorne said […]

Hacked! What to Do When Personal and Financial Information has been Compromised

{October 20th, 2014} by Targeted News Service

WASHINGTON,Oct. 15 — The Certified Financial Planner Board of Standards issued the following news release: With a number of large retailers and banks reporting massive data security breaches in the last year, leaving hundreds of millions of consumers’ personal information compromised, it seems inevitable that one’s identity and personal information will be stolen at some […]

Most Millennials Seek Budgeting, Savings, Lending Advice

{October 20th, 2014} by Cyril Tuohy

When millennials seek financial advice — having lived through low wages, high unemployment and heavy debt loads — they look for guidance in budgeting, saving for school and managing student loans, a recent TIAA-CREF survey shows. For many members of Generation Y, budgeting is difficult and that’s why they need help, Amy Podzius, director of […]

EMC Insurance Office to Replace Downtown Des Moines Buildings

{October 20th, 2014} by Associated Press

An insurance company plans to begin demolishing three downtown Des Moines, Iowa, structures to make room for a new office building. EMC Insurance spokeswoman Lisa Hamilton tells The Des Moines Register that crews will begin tearing down the three brick buildings next week. The century-old Foster Building, Robertson Building and an annex will be replaced […]

4 more answers every investor needs to know about annuities

{October 20th, 2014} by Daniel Williams

From Oct. 15-17 many of the major players in the annuity world gathered in Scottsdale, Ariz. at the Westin Kierland Resort & Spa for the 2014 IMO Summit. You can read more information about annuities from the event. Prior to the 2014 IMO Summit, NAFA sent out a paper (“Answers every investor needs to know […]

Private equity to buy European insurance assets in 2015

{October 20th, 2014} by Sarah Jones

(Bloomberg) — Private-equity investors are expected to buy European insurance assets in 2015 as more companies sell non-essential businesses, according to a Towers Watson report. About 82 percent of the 264 executives surveyed in Europe, the Middle East and Africa predict private equity to be among the top three groups of acquirers, lured by insurers’ […]

New rules for IRA rollovers coming

{October 20th, 2014} by Allen Greenberg

SAN ANTONIO, Texas – The Department of Labor is likely to hold broker-dealers who chase IRA rollovers to the same fiduciary standards that retirement advisors must meet. That was the prediction offered Friday by ERISA attorney Fred Reish, who noted that, with an estimated $2 trillion in the 401(k) accounts of baby boomers at stake, […]

10 commandments of investor behavior

{October 20th, 2014} by Emily Zulz

Investor misbehavior: It’s the scurvy of the financial services industry. So suggested Daniel Crosby, the psychologist and behavioral finance expert who recently co-authored Personal Benchmark, during the Financial Services Institute’s second annual Financial Advisor Summit. It took over 500 years for the official cure for scurvy, Vitamin C, to be established — despite the fact […]

Elder Victims Lose $30K On Average To Scams And Theft, Survey Finds

{October 20th, 2014} by Cyril Tuohy

A new study by Allianz Life has found that older Americans who are victims of elder abuse experience an average financial loss of $30,000. Those losses are more likely to come at the hands of people with whom the victims are familiar. The Safeguarding Our Seniors survey was taken by more than 2,000 Americans 65 […]

Elder Financial Abuse Under-Reported And Misunderstood

{October 20th, 2014} by Proquest LLC

Elder financial abuse remains an under-reported and misunderstood issue – one likely to get worse as America’s population ages – according to the 2014 Safeguarding Our Seniors study from Allianz Life Insurance Company ofNorth America (Allianz Life). In its release, the company said that as America’s population ages and life expectancy rises, more cases of […]

More than half of seniors don’t report elder financial abuse by family

{October 20th, 2014} by Warren S. Hersch

Most seniors fail to report incidents of financial exploitation, according to new research. In “2014 Safeguarding Our Seniors,” published by Allianz Life, one in five (19 percent) of adults ages 40 to 64 reported they have an older friend or family member who has been a victim elder abuse. Of this total, more than half […]

Top 10 life insurers: On a four-week losing streak

{October 20th, 2014} by Warren S. Hersch

The past month can hardly be described as bullish for life insurance stocks. For the fourth week running, share prices of most leading life insurers tracked by LifeHealthPro declined, albeit modestly. But the dips don’t come as a surprise, given that major indices have also been trending in negative territory. Click here to read…

Understanding the protection gap: It’s like peeling an onion

{October 17th, 2014} by Neil Sprackling

If you want an illustration of the current state of life insurance sales, look no further than Generation Y, the largest generation group in the US. When they hear the word “agent” they think of the FBI. When they hear “protection” they think of birth control. “Policy” to them means general rules, not an insurance […]

MetLife, AIA said to mull bids for NAB’s life insurance unit

{October 17th, 2014} by Brett Foley and Narayanan Somasundaram

(Bloomberg) — AIA Group Ltd. and MetLife Inc. are among companies weighing bids for National Australia Bank Ltd.’s life insurance unit, which may fetch as much as AU$1.5 billion (US$1.3 billion), people with knowledge of the matter said. National Australia, the nation’s largest lender by assets, is working with JPMorgan Chase & Co. on the […]

Shades Of Gray In The Advisor World

{October 17th, 2014} by Cyril Tuohy

Consultant, advisor, counselor, broker, intermediary. Call them what you will, each provides a service. But following testy exchanges last month between proponents of different standards of fiduciary advice, it was easy to get lost in the fog of labels identifying a registered investment advisor, a fee-based advisor or a commission-based broker. Nailing down the nuances […]

Whole life: where cash value is king

{October 17th, 2014} by Sean Quigley

The phrase “cash is king” is so true, especially for negotiable transactions such as purchasing a vehicle, a home, gold or any other type of investment. Having cash in hand is power, but there is something that can be even more valuable than cash. And that is the cash value in a permanent life insurance […]

NY Life’s deferred income annuity sales top $2B

{October 17th, 2014} by Marlene Satter

Americans are looking for ways to ensure they won’t outlive their income in retirement, said New York Life, and as a result are driving sales higher for its Guaranteed Future Income (GFI) deferred income annuity. Sales of GFI have totaled more than $2 billion since the company introduced it in July of 2011, and 10 […]

A Washington insider’s outlook on annuities

{October 17th, 2014} by Daniel Williams

Speaking at the 2014 IMO Summit in Scottsdale, AZ today, Andy Friedman gave reason for optimism for annuity advisors. “Be wary of tax drag on clients,” said Friedman, who is a political affairs expert and the founder of The Washington Update. “Look at clients’ mutual fund. If those funds are not tax efficient, the clients […]

Insurance & tech: What is big data and how to use it?

{October 17th, 2014} by Lynette Gil

“If there is Big Data, is there Little Data?” – Philosoraptor Ok, so there is no such thing as a velociraptor that is also a philosopher and is called a philosoraptor. That’s just an Internet meme that has been going viral for some time (a meme is a concept that spreads rapidly from person to […]

Fixed Annuities Must Tell A Simple Story

{October 17th, 2014} by Cyril Tuohy

Financial commentators of all stripes harp on high-profile cases in which annuity contract holders were sold annuities ill-suited to their needs, how annuities are too complicated and expensive, and how inflexible terms make annuities unattractive to changing needs. Enough! says Kim O’Brien, president and chief executive officer of the National Association for Fixed Annuities (NAFA). […]

Americans’ outlook for U.S. economy soars to two-year peak

{October 16th, 2014} by Danielle Trubow

(Bloomberg) — Americans’ expectations for the economy in October climbed to the highest level in almost two years as a pickup in hiring, falling gasoline prices, and low borrowing costs heartened households. A measure tracking the economic outlook climbed to 51 this month, the strongest since November 2012, from 41.5 in September, data from the […]

Is the fixed annuity market like playing Russian roulette — and will you get hurt?

{October 16th, 2014} by George Shave

Quite possibly.” That’s the short answer. It’s funny how quickly we forget the past. Let me take you back to 2010. Anyone working in the fixed annuity market dodged a potentially career-ending bullet when Rule 151A was vacated by the DC Circuit Court Of Appeals following the passage of the Dodd-Frank Wall Street Reform and […]

Allianz Life And Wells Fargo Collaborate For Essential Income 7 Annuity

{October 16th, 2014} by Close-Up Media, Inc

Allianz Life Insurance Company of North America reported that the Essential Income 7SM Annuity is now available on the Wells Fargo enhanced Index Annuity Platform. Designed for Wells Fargo, the new fixed index annuity and its Essential Income Benefit1, embedded in the product for an additional cost, provides customers retirement accumulation options and lifetime retirement […]

New York Life Expanding Its Presence In N.J.

{October 15th, 2014} by Richard Newman, The Record (Hackensack, N.J.)

Oct. 15– Mutual life insurer New York Life Insurance Co. is out to increase its New Jersey market share and is boosting its sales force in the state by 78 agents this year, a company official said. The firm has already hired 44 of them since the beginning of the year, and is planning to […]

Engaging the Next Generation

{October 15th, 2014} by Byran Mills

ENGAGING THE Next Generation As a seasoned financial professional who has grown a successful business, you’ve seen consumer marketing trends come and go, and through it all, you’ve helped your clients achieve their financial goals. These goals can range from beginning a retirement plan to funding a child’s education to enjoying a comfortable lifestyle during […]

Compliance question hurts LTC awareness funding

{October 15th, 2014} by Allison Bell

The leaders of Life Happens — the organization formerly known as the LIFE Foundation — think life insurers and life insurance producers should use the upcoming Life Insurance Awareness Month campaign to promote the need for long-term care (LTC) planning. Marvin Feldman, president of Life Happens, said today during an interview that he would like […]

Voya Financial Announces Leadership Change for Retirement Solutions Business

{October 15th, 2014} by PR Newswire

WEDNESDAY, OCTOBER 15, 2014 NEW YORK, Oct. 15, 2014 /PRNewswire/ — Voya Financial, Inc. (NYSE: VOYA) announced today that, effective immediately, the company’s Retirement Solutions business, which consists of the Retirement and Annuities segments, will be led directly by Voya Financial Chairman and CEO Rodney O. Martin, Jr. “Over the past few years, we have […]

Allianz Life Launches Essential Income 7 Annuity Through Wells Fargo

{October 14th, 2014} by Business Wire

MINNEAPOLIS–(BUSINESS WIRE)–Allianz Life Insurance Company of North America (Allianz Life®), announced today that the Essential Income 7SM Annuity is now available on the Wells Fargo enhanced Index Annuity Platform. Designed for Wells Fargo, the new fixed index annuity (FIA) and its Essential Income Benefit1, embedded in the product for an additional cost,provides customers retirement accumulation […]

Allianz joins Wells Fargo’s new indexed annuity platform

{October 14th, 2014} by Darla Mercado

Insurer brings its Essential Income 7 indexed annuity, Essential Income Benefit feature, to the platform Allianz Life Insurance Co. of North American has joined Wells Fargo Advisors’ revamped indexed annuity platform, which now features simplified products and lower commissions. Allianz will bring its Essential Income 7 indexed annuity and Essential Income Benefit feature, to Wells […]

Why Bermuda is the natural domicile for life re/insurers

{October 14th, 2014} by Seth Darrell

Bermuda has long been known as a centre of excellence and innovation in the world of re/insurance. Nowhere is this more evident than in the rapidly growing field of offshore life re/insurance and annuity products. Life re/insurance today represents a significant portion of Bermuda’s re/insurance market, with numerous registered life re/insurers deriving their business principally […]

Court Dismisses Excessive Fees Case Against John Hancock

{October 14th, 2014} by Cyril Tuohy

A U.S. appeals court has upheld a lower court’s dismissal of a lawsuit against John Hancock, which was sued for charging too much for the sale and management of group annuity contracts to retirement plan participants. The three-judge panel of the U.S. Court of Appeals for the Third Circuit in Philadelphia said the plan participants […]

Insurers Should Keep A Wary Eye On E-Commerce Firms: BLOG

{October 14th, 2014} by Linda Koco

Should the traditional insurers fear non-insurance firms like e-commerce companies? The answer will interest agents, since the issue impacts them as well as their carriers. According to a June survey of 338 C-suite executives in the life and property-casualty insurance business, the answer is yes, they should. Researchers for the Economist Intelligence Unit (EIU) found […]

Fidelity & Guaranty Lands Two Big Guns

{October 14th, 2014} by Linda Koco

The bench strength at annuity carrier Fidelity & Guaranty Life (FGL) has deepened. The company has named Christopher J. Littlefield as president and James M. Benson to the board of directors. Littlefield is well-known in annuity circles. He was president and chief executive officer of big fixed indexed annuity (FIA) seller Aviva USA from 2009 […]

Insurance & tech: Use of e-signatures expected to increase

{October 14th, 2014} by Lynette Gil

A recent survey by LIMRA, “Survey of tech tools: Use of e-signatures expected to increase,” reveals that 60 percent of insurance companies that sell their products through financial professionals use e-signatures. Short for electronic signature, e-signatures are used to validate that a person wrote a message, much like a regular, pen-to-paper signature. Sometimes, in order […]

5 answers every investor needs to know about annuities

{October 14th, 2014} by Daniel Williams

From Oct. 15-17 many of the major players in the annuity world will gather in Scottsdale, Ariz. at the Westin Kierland Resort & Spa for the 2014 IMO Summit. I will provide live highlights from the conference. In the meantime, here you can find out more information about the event. Prior to the 2014 IMO […]

Inheriting An Advisor, Along With Great Wealth

{October 14th, 2014} by Cyril Tuohy

Millennials from families with a net worth between $25 million and $100 million aren’t only going to inherit tens of billions of dollars’ worth of wealth, they are also likely to “inherit” their parents’ advisors. The Morgan Stanley Private Wealth Management/Campden Wealth “Next Generation” Survey of 87 ultrahigh-net-worth individuals under age 40 found that 49 […]

40,000 Suicides Annually, Yet America Simply Shrugs

{October 14th, 2014} by developed tools to better tolerate feelings of sadness and hopelessness.

Standing high above the San Francisco Bay, perched on an I-beam outside the Golden Gate Bridge railing, the man dressed neatly in khakis and a button-down shirt hesitated. Kevin Briggs stood a few feet away, imploring him not to jump. In nearly 20 years as a California Highway Patrol officer policing the famous span, Briggs […]

The top 10 annuity sales leaders for Q2 2014

{October 14th, 2014} by Emily Holbrook

MetLife, which was recently designated a SIFI, has made measured gains in the annuity marketplace in the past year. In the first quarter of 2014, it was a different story, however, as the company experienced a 42 percent decline in annuity sales (compared to Q1 2013) and placed 7th on this list. The story now […]

The geek shall inherit the earth: Opinion

{October 14th, 2014} by Bill Coffin

Every year, I attend the New York ComiCon, one of the biggest gatherings of comic book fans and industry professionals in the country. Comic books have always been popular, but only in recent years have they gained such wide mainstream appeal, helped in no small portion by the stunning success of multiple movies and TV […]

Axa cites marriage of bible’s Jacob in defending derivatives

{October 14th, 2014} by Zachary Tracer

(Bloomberg) — To fight wrong-headed oversight, insurers traditionally turn to lobbyists and lawmakers. Axa SA is picking up the Bible. Some regulators have proposed restrictions on contracts that they see as new and risky.  Click here to read…

Everybody Panic, Again

{October 13th, 2014} by Steven A. Morelli

Why are you not on a ledge? Haven’t you been reading and hearing the news? The end is near. Or the end of the bull run in the stock market. So, yes, the end of everything, of course. That would be the inescapable conclusion that a consumer would draw from the news over the past […]

Stock performance of the top 10 life insurers: Oct. 6-10

{October 13th, 2014} by Warren S. Hersch

For the third consecutive week, share prices of leading life insurers fell, the declines mirroring a slide in most major market indexes. That’s the word for this fifth installment of a weekly analysis of the stock performance of 10 leading publicly held life insurers. The 10 companies are the same as those featured in an […]

Protecting client information is more than just a computer issue

{October 13th, 2014} by Sheryl Rowling

Taking every precaution to guard against today’s threats means focusing on both physical and electronic security   With Internet scams, phishing, identity theft and just plain burglary, we investment advisers have an enormous responsibility to keep our clients’ personal information safe. Try as I might, it seems that every few months, I hear of some […]

NAIC Proposed 2015 Budget Seeks 1.26% Bump in Revenue to $90.6 Million

{October 10th, 2014} by Thomas Harman

WASHINGTON – The National Association of Insurance Commissioners’ 2015 proposed budget seeks slightly higher revenue and operating expenses than the 2014 budget passed last year. The proposal seeks total operating revenue of $90.6 million and operating expenses of $96.1 million, increases of 1.26% and 3.35% respectively over the 2014 budget, according to the budget executive […]

Florida Modifies Its Annuity Suitability Rule

{October 10th, 2014} by Ann Young Black, Kelly Cruz-Brown, Steven Kass

On October 1, the Florida Department of Financial Services (DFS) amended Florida Administrative Code Rule 69B-162.011, “Suitability and Disclosures in Annuity Contracts – Forms Required” (the Suitability Rule). This amendment implemented the July 1, 2013 changes to Florida Statutes section 627.4554, which expanded the applicability of Florida’s suitability requirements to sales to all consumers instead […]

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