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Updated Indexed UL illustration guidelines to take effect Sept. 1

{June 30th, 2015} by Insurance Forums

The National Association of Insurance Commissioners (NAIC) on June 18 approved updated, more reasonable guidelines for the illustrations that insurers, agents and brokers can use to market indexed universal life (IUL) products. The new guidelines are set to take effect Sept. 1. Adoption of Actuarial Guideline XLIX for Indexed Universal Life Illustrations (AG 49) represents […]

Advisors Fear Fiduciary Rule Will Harm Client Relationships

{June 30th, 2015} by Arthur Postal

Advisor-client relationships will be harmed to the point where advisors will be unable to serve their clients if the investment advice fiduciary rule proposed by the Department of Labor (DOL) is approved. That’s according to a survey the National Association of Insurance and Financial Advisors (NAIFA) conducted of its members. According to the survey, two-thirds […]

Former NBA Star Magic Johnson Buys Controlling Interest in EquiTrust Life

{June 30th, 2015} by Dennis Gorski

Magic Johnson Enterprises, a business conglomerate founded by National Basketball Association Hall of Fame player Earvin “Magic” Johnson, said it has completed a majority purchase of Illinois-domiciled EquiTrust Life Insurance Co. Terms were not disclosed. The purchase gives the group a greater-than-60% controlling share of the company, which has $14.5 billion in assets under management, […]

NAIC Closing the Loop on Illustrations

{June 30th, 2015} by Barry D. Flagg

On June 18, 2015, the Life Actuarial (A) Task Force of the National Association of Insurance Commissioner’s (NAIC) Life Insurance and Annuities (A) Committee adopted new Actuarial Guideline 49 governing indexed universal life (IUL) illustrations.  The new guidelines are in response to overly aggressive marketing practices and are intended to make illustrations more reasonable.  Despite insurance companies […]

Meet 4 leaders that are transforming the insurance industry

{June 26th, 2015} by Emily Holbrook

Nominations for the National Underwriter Industry Elite Awards grow stronger each year. They are a who’s who of the best and brightest in the categories of market innovation, industry awareness, community outreach and best rising star. Our winners and honorable mentions this year stand out for their leadership, drive and brilliance that only the Industry Elites can […]

These 4 Types of Annuities Are Worth Knowing

{June 26th, 2015} by Dan Caplinger

Annuities draw a lot of controversy in the financial world for such a simple financial instrument. An annuity is a contractual arrangement with an insurer to exchange an upfront premium for future payments. Yet while some see annuities as a perfect solution to many different financial issues, others focus on some of their weaknesses, which […]

Michael Babikian Joins Corporate Advisory Board at Partners Advantage Insurance Services

{June 26th, 2015} by Partners Advantage

Partners Advantage Insurance Services has announced Michael Babikian has joined the company’s Advisory Board. Babikian is the President and CEO of LegacyShield, a consumer engagement service that provides comprehensive legacy planning tools and services. He was formerly President and CEO of Transamerica Brokerage where he was responsible for six sales channels, including Transamerica Bermuda. He […]

Annuity Technology: The 30,000-Foot View And The 30-Foot View

{June 26th, 2015} by Cyril Tuohy

For Mitch Wein, a consultant steeped in the technological habits of individual annuity carriers, 2015 is a watershed year. It’s the first time that millennials will about equal the number of baby boomers in the workplace. From here on, every year will see more millennials than baby boomers in the workforce. This makes 2015 a […]

Retirement optimism running at 7-year high

{June 26th, 2015} by Nick Thornton

The Wells Fargo/Gallup Investor and Retirement Optimism Index continued to hold steady in the second quarter of 2015, tracking at a seven-year high for investors’ faith in the markets and their ability to save enough for retirement. Of the 1,000 investors surveyed in May, confidence remained equally high among retirees, whose median age was 68, […]

Pacific Life Strengthens New Channel With FIA Launch

{June 26th, 2015} by Cyril Tuohy

Pacific Index Dimensions, a new fixed index annuity launched earlier this month by Pacific Life, is the company’s new FIA designed specifically for distribution by Pacific Life’s Producer Alliance Program, a distribution channel launched three years ago. Adding the Producer Alliance Program channel has made Pacific Life’s products available to a broader range of retail […]

Labor Chief Signals Changes to Fiduciary Proposal

{June 25th, 2015} by Arthur Postal

The Labor Department is considering changing some aspects of exemptions in its proposed fiduciary standard expansion, the department’s secretary said on Tuesday. The department is focusing on additional data retention and point of sale disclosure requirements in the best interest contract exemption because of comments on the rule, Secretary Thomas E. Perez said during a […]

How Hybrid Annuities Might Fit Into LTC Reform

{June 25th, 2015} by Linda Koco

Hybrid insurance products, such as deferred annuities with long-term care (LTC) riders, would be eligible for a LTC subsidy program proposed in a paper released this week by The Hamilton Project at Brookings, Washington, D.C. The paper also proposes modifications to the Employee Retirement Income Security Act (ERISA). These modifications would allow for penalty-free withdrawals […]

About 1 In 10 ‘Expect’ To Rely On Annuities In Retirement

{June 25th, 2015} by Linda Koco

Slightly less than one-tenth (9 percent) of Americans of all ages do “expect to be able to rely” on an annuity for part of their retirement income, and 43 percent are somewhat or very interested in the features that annuities include. But 26 percent have no money saved for retirement, and 12 percent are not […]

First Protective Expands by Purchasing Brokerage Business in Chattanooga, Tennessee

{June 25th, 2015} by Jennefer Meyer

First Protective Insurance Group, Inc., a subsidiary of Protective Life Corporation, today announced the acquisition of the brokerage business Profit Plans, LLC. Profit Plans is a Chattanooga, Tennessee, based brokerage agency founded in 1963 that specializes in both life insurance and annuities. The acquisition will allow producers at Profit Plans brokerage to access a broader […]

Magic Johnson Adds Life Insurance To His Business Empire

{June 25th, 2015} by USA Today

Retired basketball superstar Earvin “Magic” Johnson has added a $14.5 billion life insurance company to his growing business and sports empire, Magic Johnson Enterprises. Tuesday, MJE, which Johnson founded in 1987, said it completed its planned acquisition for a majority, controlling interest in EquiTrust Life Insurance Company, which manages $14.5 billion in annuities, life insurance […]

Bank Products Steal Annuities’ Thunder

{June 25th, 2015} by Cyril Tuohy

Usually a solid performer in terms of annuity sales, banks weren’t their old reliable selves in the first quarter. Consumers preferred shorter-term bank products such as certificates of deposit, in hopes of benefiting from rising interest rates. Rising equity markets also made variable annuities and hybrid annuity products more attractive than fixed annuities to depositors. […]

New Jersey Commissioner Kobylowski to Resign; Gov. Christie Nominates Civil Attorney as Successor

{June 25th, 2015} by Thomas Harman

Gov. Chris Christie will nominate civil trial attorney Richard Badolato to succeed Kenneth Kobylowski as New Jersey’s insurance commissioner. Badolato is expected to start on Aug. 1. Christie had nominated Kobylowski to serve as the Commissioner of Banking and Insurance in January 2012 and the Senate confirmed him in December of that year (Best’s News […]

AXA takes advantage of rising M&A activity

{June 25th, 2015} by Emily Holbrook

Taking advantage of the recent spike in M&A activity, AXA Equitable and SRS Acquiom have partnered to launch Escrow Shield Plus, an investment alternative for escrow accounts designed exclusively for mergers and acquisitions.  Escrow Shield Plus combines the following: A collateralized guarantee of principal from AXA Equitable The opportunity for higher yields than traditional deposit […]

Study shows immediate annuities need bigger place in retirement

{June 25th, 2015} by Nick Thornton

Are plan sponsors and participants giving immediate annuities short shrift in designing income distribution strategies? One Harvard PhD and veteran retirement wonk has published a working paper suggesting that may be the case. Mark Warshawsky, a visiting scholar at George Mason University’s Mercatus Center, a think-tank dedicated to market-oriented policy solutions, has been testing the […]

Selling is not telling: 4 tips to offer better insurance solutions

{June 25th, 2015} by Jim Kuerschner

They say insurance is a relationship business. How do you forge and maintain relationships with your customers and prospects? Consider the answer as a question. Click here to read…

10 tips for new insurance agents

{June 23rd, 2015} by Lynette Gil

Whether you call yourself “rookie,” “newbie,” or “noob” (the youngsters’ version of this word), we’ve all found ourselves in a new job at one time or another. We may have had peers or coworkers joke with us by saying words like these as terms of endearment … or, better, had them take us under their wings […]

N.J. Banking and Insurance Commissioner Kobylowski to Leave Post

{June 23rd, 2015} by Insurance Journal

New Jersey Gov. Chris Christie announced Monday the departure of three long-serving cabinet members: Banking and Insurance Commissioner Ken Kobylowski, State Treasurer Andrew Sidamon-Eristoff and Health Commissioner Mary O’Dowd. Kobylowski will leave the administration over the next several weeks, according to the governor’s announcement. Christie said he plans to nominate Richard J. Badolato, a partner […]

4 myths Dave Ramsey is spreading about fixed annuities (and how to overcome them)

{June 23rd, 2015} by Michael Markey

Yesterday’s experiences shape tomorrow’s beliefs. Had Dave Ramsey’s past experiences not been marred by financial ruin; had his past not been sensationalized by giving off-the-cuff, hard-to-hear, overly simplified advice; had he not generated most of his wealth during one of the strongest bull markets our country has ever seen; then we wouldn’t have a Dave […]

How advisors can protect their elder clients against financial fraud

{June 23rd, 2015} by Daniel Williams

Today, June 15, 2015, is World Elder Abuse Awareness Day. To put a spotlight on the importance of the day, we’ve contacted advisor Christian Cordoba, president and founder of El Segundo-based California Retirement Advisors, who helped an elder client of his work through a very difficult fraud situation.  On the following pages, Cordoba offers eleven important points […]

Why financial literacy is more important than a universal fiduciary standard

{June 23rd, 2015} by Chris Carosa

File this one under “Teaching a man to fish vs. giving man a fish.” We’ve all read plenty of stories about the need to improve financial literacy. Indeed, the lack of financial literacy has been fingered as one of the primary culprits behind savings and investing woes. Click here to read…

Voya restricts variable-annuity sales under regulatory pressure

{June 23rd, 2015} by Trevor Hunnicutt

The brokerage firm Voya Financial Advisors revamped its variable-annuity sales policies on Monday, restricting the sale of a popular investment option for retirement planning amid increasing pressure from regulators concerned about the products’ suitability for investors. As of Monday, Voya’s 2,200 registered representatives are no longer allowed to sell a type of variable-annuity contract known […]

The Basics Of Life Insurance

{June 23rd, 2015} by Dee Lee

Insurance can be a budget buster. Take the time to review your insurance policies annually. With a bit of research you may be able to save hundreds of dollars and keep the same coverage you have. Let’s start with life insurance: life insurance is used primarily to cover the loss of your income stream for […]

Insurers Raise Rates Amid Ad Spend Boom

{June 23rd, 2015} by The Palm Beach Post

Insurance companies are pushing it real good — right to the top of the 10 biggest U.S. industries when it comes to growth in advertising spending. Geico’s “Push It” ad from Salt-n-Pepa, for example, aired at a Super Bowl this year where commercials cost an average of $4.5 million for 30 seconds. That’s a record-breaking […]

Md. Attorney General Seeks To Shut Down ‘The Money Guys’

{June 23rd, 2015} by Michael Dresser

Maryland Attorney General Brian E. Frosh is seeking to shut down a prominent Towson financial-advice business, charging that it has fraudulently misrepresented the risks of its investment strategy. Frosh also announced Thursday that his office wants to permanently prohibit Phillippe Rousseaux, owner of Everest Wealth Management and Everest Investment Advisors Inc., from offering his investment […]

NAFA: Emotional Stories Make An Impact With Congress

{June 23rd, 2015} by LifeHealthPro

Blaine Luetkemeyer, R-Mo., Chairman of the Housing and Insurance Subcommittee, opened the 2015 NAFA Annuity Leadership Forum with a call to the emotions of our country’s lawmakers. While legislators may, at times, seem removed from the problems of regular Americans, Luetkemeyer said that if constituents want to get through to their Congressmen, then telling real […]

RIAs, Listen Up: Your Clients Want Digital

{June 23rd, 2015} by InsuranceNewsNet

Clients’ approval means the robo trend is here to stay — and some traditional advisors are choosing to embrace it. During a panel at the In|Vest conference in New York, David Lyon, CEO of Main Street Financial and Oranj and Barry Ritholtz, CIO of Ritholtz Wealth Management, talked about how they incorporated digital tools into […]

In Case of a Bear Market: Do This

{June 23rd, 2015} by Imeriti

The good news? The U.S. economy is in much better shape than it was a few years ago. The bad news? Because we’re doing better, the Federal Reserve has signaled that it will hike interest rates soon, which could cause stocks to tank. During the recession, the Fed kept rates low to help prop up […]

The Future of the Insurance Industry Is a Present Concern

{June 23rd, 2015} by The National Alliance for Insurance Education & Research

According to William J. Hold, CRM, CISR, Vice President of The National Alliance for Insurance Education & Research, “We are all focused on the future of our industry.  Our collaborative mission with Gamma Iota Sigma and Assurex Global will assure quality, credentialed professionals in insurance and risk management.” Meg Allwein, Executive Vice President of Gamma […]

5 major risks to a client’s retirement income

{June 23rd, 2015} by David Port

Retirement is risky business. Just ask The American College of Financial Services, which recently identified 18 distinct risks that retirees face — any one of which, if not addressed with careful planning, could irreparably damage a retirement nest egg. From longevity and long-term care to sequence of returns and public policy, the far-ranging list of […]

Annuities and the tug-of-war over retirement accounts

{June 23rd, 2015} by Ed McCarthy

There’s a tug-of-war going on over retirement income. Fewer employees have access to traditional defined benefit pension plans and that trend is likely to continue. On the one hand, workers miss the security of a pensions’ guaranteed income. Click here to read…

Principal CEO: Better Design Can Shrink Retirement Savings Gap

{June 23rd, 2015} by Meg Green

Larry Zimpleman, chairman and chief executive officer of Principal Financial Group, said techniques such as auto enrollment and re-enrollment can help boost participation in employer-sponsored retirement savings plans. Zimpleman spoke with A.M. BestTV at the International Insurance Society’s 51st Annual Seminar in New York. Following is an edited transcript of the interview. Q: What is […]

Variable Annuity Plus Guaranteed Income Merits Careful Scrutiny

{June 23rd, 2015} by TARA SIEGEL BERNARD

ASK retirees to design the perfect investment and it would surely be a guaranteed paycheck for life, providing protection in the market’s darkest hours, yet allowing them to profit during upswings. A product that claims to achieve all of this, and often more, already exists: It is called a variable annuity with a guaranteed income […]

Hartford CEO Channels Timberlake to Put Sexy Back in Insurance

{June 23rd, 2015} by Sonali Basak

Hartford Financial Services Group Inc. Chief Executive Officer Chris Swift said the insurance industry is innovating more than people realize, as he looks to draw young and diverse talent to his company. “Our industry often gets knocked for being stale,” Swift said Thursday at a conference in New York hosted by the Insurance Industry Charitable […]

SEC exams target advisers’ retirement-saving guidance

{June 23rd, 2015} by Trevor Hunnicutt

Securities regulators announced Monday a program to examine the retirement-planning guidance provided by financial advisers, placing new scrutiny on an industry already debating requirements that brokers act in the best interest of investors. The Securities and Exchange Commission said it would conduct a string of examinations on broker-dealers and other financial advice firms as part […]

The Best Annuities

{June 23rd, 2015} by Karen Hube

Fixed-income annuities have never paid out so little, and yet had so much appeal. These annuities, which provide a lifetime of guaranteed income, are paying out 12% less, on average, than in 2011, and 25% less than in 2007. And yet sales jumped 17% last year, to their highest level in five years.   The […]

NAFA: Congresswoman Ann Wagner will ‘punch a bear’ to halt DOL

{June 19th, 2015} by Daniel Williams

Rhetoric runs rampant in Washington, D.C., especially among legislators, but Congresswoman Ann Wagner, R-Mo., is fighting mad about the DOL’s fiduciary rule. How mad? Mad enough to put aside words and put up her dukes to “punch a bear” if it means an end to the DOL’s fiduciary rule, she joked to a frothy audience […]

Update: Zurich Starts Talks to Possibly Buy Takaful Player in Malaysia

{June 19th, 2015} by Ernesto Calucag

Zurich Insurance Group Ltd. said it has started preliminary negotiations with MAA Group Bhd. to buy the Malaysian group’s 75% stake in MAA Takaful Bhd. Both parties have obtained approval from Bank Negara Malaysia to begin talks for the disposal of a majority stake in the takaful company, Zurich said in a statement. Zurich, however, […]

Athene Introduces Performance Elite Annuity Suite

{June 19th, 2015} by Athene USA

As one of the top five indexed annuity sellers for first quarter 2015, Athene is proud to introduce a new series of fixed indexed annuities with a simple but compelling design. Athene Performance Elite® annuities are built to help individuals accumulate money for retirement – the reason FIAs were originally developed. Athene Performance Elite Plus […]

Annuity Sales In Banks Fell 10% In 1Q

{June 19th, 2015} by InsuranceNewsNet

BISRA today announced that annuity sales in banks fell 10 percent in the first quarter of 2015, and a decline in the sales of fixed annuities was a major factor.  “Sales of variable annuities in the bank channel grew 5 percent, but the increase was not enough to compensate for the bank channel’s drop in […]

Federal Regulation of Fixed Equity Indexed Annuities Redux?

{June 19th, 2015} by Gary Cohen

When SEC Commissioner Luis A. Aguilar recently cited “the need for the Commission and state regulators to focus on combatting fraud involving complex securities” including “equity-indexed annuities,” he did not discuss specific details concerning indexed annuities. It is, therefore, unclear whether he advocates for enhanced state regulation or, less likely, a Commission effort to obtain […]

NAIC OKs New IUL Illustration Rule

{June 19th, 2015} by Arthur Postal

“More realistic” guidelines for the illustrations insurers, agents and brokers can use in marketing indexed universal life insurance (IUL) products was approved today by the full National Association of Insurance Commissioners (NAIC). The decision clears the way for implementation of the new guidelines on Sept. 1. It is intended to address existing regulatory loopholes that […]

Celebrating 20 years of indexed annuities and bad chicken dinners

{June 19th, 2015} by Jack Tatar

In line with June being National Annuity Awareness Month, I’d like to also remind readers that fixed-index annuities, FIA, celebrated their 20th birthday this year. As MarketWatch RetireMentors contributor and annuity expert, Stan Haithcock, reports “in 1995, Keyport, which is now Sun Life, introduced the first fixed index annuity.” Stan reminds us of the tainted […]

A Tale of Two Annuities: Exchange of Variable for Fixed Annuity Integral in SLUSA Dismissal

{June 19th, 2015} by Paul Williams

After attending an annuity seminar, Robert and Diane Ruud exchanged their variable annuity for a fixed annuity sold by PHL Variable. According to the Ruuds, seminar provider John Friendshuh represented the fixed annuity as superior but did not disclose his commission, causing plaintiffs financial loss due to reduction in annuity value and fee payments. The […]

7 risks for retirement income planning

{June 19th, 2015} by Wade Pfau

Retirement income planning has emerged as a distinct field in the financial services profession. And while it suffers from many growing pains as it gains recognition, increased research and brainpower in the field have benefited retirees and those planning for retirement. One matter has become even clearer than before: The financial circumstances facing retirees differ […]

Retirement Savings Rates Are Too Low, Vanguard Study Says

{June 17th, 2015} by Arthur Postal

The good news is that Americans are setting aside money for retirement. The bad news is that they are not setting aside enough. A new study by Vanguard indicates that the average American is setting aside 7 percent of their income in retirement savings accounts. However, according to Vanguard, this is less than the optimum […]

Americans are taking fewer crazy risks with their retirement money

{June 17th, 2015} by Ben Steverman

To prepare for retirement, workers need to do two things: save enough and choose the right investments. The first is essential, and many Americans aren’t saving enough to retire on. But for those who are saving, there’s good news: Their retirement money is ending up in a better mix of investments. Click here to read…

LIMRA: Life Combination Products Sales Rise, But Premium Drops

{June 17th, 2015} by Dennis Gorski

Sales of combination life insurance products continued to grow but new premium paid for these hybrid policies fell in 2014, a LIMRA study concluded. New combination life product sales registered just shy of 100,000 last year, up 4%, but premium of $2.4 billion was off 9% from 2013, LIMRA’s “2014 Individual Life Combination Products Annual […]

What Americans don’t know about Social Security

{June 17th, 2015} by Nichole Morford

Just 28 percent of Americans received a passing grade (60 percent or higher) when asked basic Social Security questions, a new study from MassMutual finds. Moreover, from a pool of 1,500 respondents ages 18­ to 65, just one person answered all 10 true/false questions correctly. The quiz touched on a range of topics, including the […]

New Retirement Income Challenge: QLACs, DIAs, GLBs

{June 17th, 2015} by Linda Koco

Agents and advisors have numerous retirement income tools and solutions to consider when structuring a guaranteed monthly income stream for clients. The question is, which products to use and how much to allocate to each one? It is a question that experts at CANNEX have been pondering, especially in light of the arrival of newer […]

Annuities Face A ‘Fiduciary Threat’ As They Enter A Golden Age

{June 17th, 2015} by Cyril Tuohy

Even as the annuity industry seems primed to enter a golden age with retirees looking for guaranteed income, it faces a new “fiduciary threat” from the U.S. Department of Labor (DOL) and the Securities and Exchange Commission (SEC). That’s the view from annuity expert Jack Marrion. Marrion, CEO of the consulting firm Advantage Compendium, said […]

How Technology Can Keep Grandma Out Of The Nursing Home

{June 17th, 2015} by Cyril Tuohy

The notion that older Americans are a bunch of luddites is dead. The latest news is that the elderly are as wired as ever – if not now, then very soon. What’s hidden under their mattresses? They aren’t quarters or silver dollars. They’re wired mattress pads streaming data to servers analyzing sleep patterns of an […]

Ninth Circuit Finds Bonus Indexed Annuity Delivers Exactly What was Promised

{June 16th, 2015} by Christine A. Stoddard

Observing that it “delivered precisely what it promised,” the Ninth Circuit Court of Appeals recently affirmed summary judgment for an insurer in a case alleging violations of the Racketeer Influenced and Corrupt Organizations Act (RICO) and state consumer fraud laws related to its sale of annuities. In Eller v. EquiTrust Life Insurance Co., the purchaser […]

NAIC to Expedite Info on Agents Who Lose Advisor License

{June 16th, 2015} by Arthur Postal

The National Association of Insurance Commissioners plans in July to start forwarding information on insurance agents who have been reprimanded for financial wrongdoing. The NAIC is setting up a system to get the reports from the Financial Industry Regulatory Authority (FINRA) and pass them to states, then commissioners will look at privacy issues and other […]

6 Questions To Ask About Variable Annuities

{June 16th, 2015} by LifeHealthPro

Like any financial tool, a variable annuity can be a great addition to your client’s portfolio. Used properly, it can help manage the amount of taxes they’re paying on your money while also providing growth and security for their retirement years. There are some nuances, however, that you may not be aware of. Here are […]

Life Happens Launches Online Marketing Solution

{June 16th, 2015} by Jas Dhami

Insurance agents and financial advisors now have all the benefits of a full-service marketing team at their fingertips, for a fraction of the cost. The nonprofit organization Life Happens today announced the launch of Life Happens ProSM, a groundbreaking new self-service, online solution that offers insurance agents and financial advisors a simple and cost-effective way […]

Penn Mutual Launches New IUL Product

{June 16th, 2015} by Cyril Tuohy

Penn Mutual has announced the release of Accumulation Builder Advantage, an index universal life (IUL) insurance product offering four fixed accounts and a fixed account option, as well as a bonus credited in year 11. Penn Mutual said the 0.75 percent bonus, credited to the policy’s “non-loaned” index and fixed accounts, is credited regardless of […]

Advisors Move Away From Recommending Annuities, FPA Survey Says

{June 16th, 2015} by Arthur Postal

Fixed annuities are fading as an investment option financial advisors offer their clients, according to a new survey. The study found that, during the height of the financial crisis, fixed annuities were a priority investment option financial advisors offered their clients. But financial advisors are suggesting fixed annuities at a lower rate now than they […]

A.M. Best Affirms Ratings of Kansas City Life Insurance Company and Its Subsidiaries

{June 16th, 2015} by Business Wire

A.M. Best has affirmed the financial strength rating (FSR) of A (Excellent) and the issuer credit rating (ICR) of “a” of Kansas City Life Insurance Company (Kansas City Life) [NASDAQ: KCLI]. Concurrently, A.M. Best has affirmed the FSR of A- (Excellent) and the ICRs of “a-” of Kansas City Life’s wholly owned subsidiary, Sunset Life […]

Insurance Executive Pleads Guilty in $100 Million Scam

{June 16th, 2015} by Frank Klimko

 A Maryland insurance company president pleaded guilty to federal fraud charges in connection with a long-running insurance scam that involved sending false financial documents to state regulators, independent auditors and A.M. Best Co. Jeffrey Brian Cohen, 39, of Reisterstown, Maryland, pleaded guilty to wire fraud, aggravated identity theft, making false statements to an insurance regulator […]

Nevada Insurance Commissioner Announces Resignation Effective July 2

{June 16th, 2015} by Thomas Harman

Nevada Insurance Commissioner Scott Kipper has announced his resignation from the post at the state Division of Insurance effective July 2, but he did so without any public explanation. Kipper has neither specified a reason for his departure, nor indicated any importance to the July 2 resignation date, according to Yeraldin Deavila, public information officer. […]