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Archive for December 2010

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  • NSCC Jumping into Insurance Data Market

    {December 30th, 2010} by Allison Bell

    By ALLISON BELL Published 12/29/2010 The National Securities Clearing Corp. wants to use insurance transaction processing information to start an insurance market data service. The proposed NSCC Analytics Reporting System would use actual NSCC Insurance and Retirement Processing Service (IPS) transaction information, rather than surveys, to produce insurance product sales statistics and other insurance market statistics, […]

    Roger Sevigny to Lead IIPRC

    {December 29th, 2010} by Allison Bell

    By NU ONLINE NEWS SERVICE Published 12/28/2010  Roger Sevigny will be the 2011 chair of the Interstate Insurance Product Regulation Commission (IIPRC). Sevigny has been the New Hampshire insurance commissioner since 2003. In 2009, he was president of the National Association of Insurance Commissioners (NAIC), Kansas City, Mo., the group that organized the IIPRC, Washington. The […]

    AIG Spins Off, Sells Units To Further Bailout Repayment

    {December 29th, 2010} by N/A

    Copyright:  (c) 2010 Crain Communications, Inc. Source:  Cengage Learning Wordcount:  413 Uncertainty continues to surround American International Group Inc., but there were indications by year-end that the company’s plans to emerge from federal ownership, albeit as a smaller entity, were beginning to take shape. That was a major improvement from the start of 2010, when […]

    SEC Eyes Ratings Standardization

    {December 28th, 2010} by Allison Bell

    By ALLISON BELL Published 12/23/2010  The U.S. Securities and Exchange Commission (SEC) is seeking public comments about the idea of standardizing the credit rating system. The SEC has posted the request for comments on a Credit Rating Standardization Study today in the Federal Register. The SEC is conducting the to implement Section 939(h) of the Dodd-Frank […]

    State strikes deal with Standard Life

    {December 24th, 2010} by Bruce C. Smith

    Written by  Bruce C. Smith After two years of limbo, the policy and annuity holders of financially troubled Standard Life Insurance Co. of Indiana were assured Wednesday that they will be protected and repaid. State Insurance Commissioner Stephen W. Robertson announced late Wednesday that agreements have been reached for the $1.7 billion in policies and […]

    Creative Marketing Reveals New Resource to Benefit Insurance & Financial Professionals

    {December 24th, 2010} by N/A

    Dynamic Marketing Portal Generating More Sales without Adding Payroll Expense December 13, 2010, Leawood, Kansas – Creative Marketing™ has unveiled the industry’s first-ever online marketing portal by an Independent Marketing Organization (IMO) called, Dynamic Marketing Portal (DMP). This agent self-service tool is the doorway to marketing success, employing innovative technology designed for insurance agents and financial […]

    Creative Marketing Reveals New Resource to Benefit Insurance & Financial Professionals

    {December 24th, 2010} by N/A

    Dynamic Marketing Portal Generating More Sales without Adding Payroll Expense December 13, 2010, Leawood, Kansas – Creative Marketing™ has unveiled the industry’s first-ever online marketing portal by an Independent Marketing Organization (IMO) called, Dynamic Marketing Portal (DMP). This agent self-service tool is the doorway to marketing success, employing innovative technology designed for insurance agents and financial […]

    Pacific Life Ranks No.1 Again in IUL Sales

    {December 23rd, 2010} by Stacy Klein

    Copyright:  Copyright Business Wire 2010 Source:  Business Wire, Inc. Wordcount:  472   Industry Surveys Affirm Company’s Position as Sales Leader NEWPORT BEACH, Calif.–(BUSINESS WIRE)– Pacific Life Insurance Company continues to lead the competition in the sale of indexed universal life insurance (Indexed UL). Industry sales surveys from LIMRA International1 and AnnuitySpecs.com2 ranked the company number […]

    A.M. Best Upgrades Ratings of CNO Financial Group, Inc. and Its Key Life/Health Subsidiaries

    {December 23rd, 2010} by N/A

    OLDWICK, N.J. December 22 (BestWire) — A.M. Best Co. has upgraded the financial strength rating (FSR) to B+ (Good) from B (Fair) and issuer credit ratings (ICR) to “bbb-” from “bb” for Bankers Life and Casualty Company (Chicago, IL), Bankers Conseco Life Insurance Company (Jericho, NY), Colonial Penn Life Insurance Company (Philadelphia, PA) and Washington National Insurance Company (WNIC) […]

    ‘Misleading’ Aviva annuity ad banned

    {December 23rd, 2010} by Rachel Charman

    Author: Rachel Charman IFAonline| 22 Dec 2010 | 10:30 A TV advert for Aviva, in which the insurer claims it can provide 20% more income for annuity customers, has been banned by the Advertising Standards Authority (ASA). The advert, starring Paul Whitehouse, features a voiceover saying: “when you retire get up to 20% more income […]

    Scott Burns: ‘Equity’ versus the euphemism

    {December 22nd, 2010} by Scott Burns

    By SCOTT BURNS Universal Press Syndicate Dec. 21, 2010, 10:33PM Words are important. Recently, for instance, Sheryl Moore declared war on MoneyWatch personal finance columnist Allan Roth. Moore is the CEO of www.annuityspecs.com, a website she founded that offers support for those who sell equity indexed annuity products. She is also a self-appointed defender of […]

    Annuities in the Post-Trust Era

    {December 22nd, 2010} by Allison Bell

    By ALLISON BELL Published 12/21/2010  Annuity sellers who want to get past consumer skepticism have to be careful to acknowledge the limits of their knowledge, a polling firm says.Maslansky Luntz + Partners, Alexandria, Va., has presented that conclusion on an analysis of results from a focus group session with 24 retirees and pre-retirees conducted in Chicago […]

    Insurer loses bid to shed some claims from annuities lawsuit

    {December 20th, 2010} by N/A

     A California federal judge has rejected an insurer’s latest bid to dismiss certain claims from a nationwide class-action suit brought by senior citizens alleging an improper annuities sales scheme. U.S. District Judge Christina A. Snyder of the Central District of California held that Allianz Life Insurance Co. was entitled to neither reconsideration of her earlier […]

    Another Agent Charged for Allegedly Trying to Scam Prudential, Aviva Out of Millions

    {December 20th, 2010} by Fran Matso Lysiak

    TRENTON, N.J. December 17 (BestWire) — A New York-licensed insurance agent has been charged for her alleged role in an insurance fraud involving applications for multimillion-dollar life insurance policies, New Jersey officials said. Beverly Stewart allegedly conspired with Pape Michael Seck, an insurance agent in New York, to commit insurance fraud by creating three documents in which Stewart pretended […]

    An equity-indexed annuity by any other name is still an equity-indexed annuity

    {December 19th, 2010} by Scott Burns

     Published: 7:48 p.m. Saturday, Dec. 18, 2010 Words are important. Recently, for instance, Sheryl Moore declared war on MoneyWatch personal finance columnist Allan Roth. Moore is the founder and CEO of
AnnuitySpecs.com, a website that offers support for those who sell equity indexed annuity products. She is also a self-appointed defender of what she calls fixed index annuities. What had Roth […]

    Watch out for new wordings

    {December 19th, 2010} by Scott Burns

    12:00 AM CST on Sunday, December 19, 2010 Scott Burns is a syndicated columnist and a principal of the Plano-based investment firm AssetBuilder Inc. E-mail questions to scott@scottburns.com. Words are important. Recently, an insurance industry expert declared war on MoneyWatch personal finance columnist Allan Roth. The expert is a self-appointed defender of fixed index annuities. […]

    Steve Kimbell to Lead Vermont Department

    {December 17th, 2010} by Chad Hemenway

    By NU ONLINE NEWS SERVICE Published 12/16/2010  Peter Shumlin, the Vermont governor elect, has picked Steve Kimbell to be the state’s next commissioner of Banking, Insurance, Securities and Health Care Administration.  At a press conference announcing a series of appointments to Shumlin’s administration, Kimbell said the regulated community can expect a “consistent, predictable and collaborative approach to […]

    Illinois Stays Out of IIPRC – But Not Really

    {December 16th, 2010} by Allison Bell

    By ALLISON BELL Published 12/15/2010  The Illinois Department of Insurance needs more time to comply with Interstate Insurance Product Regulation Compact (IIPRC) standards, an official says. Michael McRaith, the director of the Illinois department, has sent the IIPRC a letter asking for a temporary stay of uniform standards retroactive to Dec. 13. Technically, McRaith also is […]

    Futurity First Buys Dressander

    {December 15th, 2010} by Warren S. Hersch

    By NU ONLINE NEWS SERVICE Published 12/14/2010  Futurity First Insurance Group Inc. has acquired an independent marketing organization (IMO). Futurity First, Rocky Hill, Conn., is an insurance distributor. The IMO, Dressander & Associates, Inc., Naperville, Ill., specializes in the sale of retirement-oriented annuities. Futurity First and Dressander have not announced the price of the deal. Dressander, […]

    NAIC Picks New Leaders in Wake of Electoral Defeat

    {December 15th, 2010} by Sean P. Carr

    Copyright:  (c) 2010 A.M. Best Company, Inc. Source:  A.M. Best Company, Inc. Wordcount:  422 The National Association of Insurance Commissioners tapped Louisiana Insurance Commissioner Jim Donelon as its next vice president and Illinois Insurance Director Michael McRaith as secretary-treasurer in a conference call meeting made necessary by the outcome of the Nov. 2 elections. Insurance […]

    Futurity First Acquires BHC Marketing

    {December 15th, 2010} by N/A

    National Insurance Distributor Expands Platform With Addition of Leading Independent Marketing Organization ROCKY HILL, CT and THE WOODLANDS, TX–(Marketwire – September 27, 2010) – Futurity First Financial Corporation (“Futurity First”), a nationwide insurance distribution organization, today announced the acquisition of BHC Marketing, Ltd. (“BHC”), an independent insurance marketing organization.  This transaction expands Futurity First’s platform […]

    Forecast: Boomers to Inherit $12 Trillion

    {December 15th, 2010} by Warren S. Hersch

    By NU ONLINE NEWS SERVICE Published 12/14/2010  Baby boomers could get about $12 trillion from parents and other relatives in coming years, according to researchers at the Center for Retirement Research at Boston College. The Great Recession may have raised questions in some minds about whether there will be anything left for the boomers to inherit, […]

    Why So Much Misinformation on Indexed Annuities?

    {December 14th, 2010} by Sheryl J. Moore

    By Sheryl Moore InsuranceNewsNet Dec. 13, 2010 — To everyone selling indexed annuities, the products seem like a Godsend: Be able to deliver your clients a product that will protect them from loss in the event of market downturn, while also providing the potential to outpace traditional fixed savings instruments. To those unfamiliar with indexed […]

    No Relief for Depressed Bank Annuity Sales

    {December 14th, 2010} by N/A

    Windsor, CT, December 10, 2010 –  Total annuity sales through the bank channel declined in October 2010 according to the Kehrer-Jackson Monthly Bank Annuity Sales Survey. Total sales were at their lowest level since January, dragged down by the persistent low interest rate environment.  Financial institutions sold $2.5 billion of fixed and variable annuities in […]

    Kehrer-LIMRA: Bank Life Sales Rise; Annuity Sales Fall

    {December 14th, 2010} by Trevor Thomas

    By TREVOR THOMAS Published 12/13/2010  The total amount of life premiums collected by banks was 41% higher in the third quarter than in the third quarter of 2009, but October sales of annuities through banks were 29% lower than in October 2009. Kehrer-LIMRA, Windsor, Conn., has reported those results in two separate survey reports. U.S. bank […]

    Eric Thomes to Lead NAFA

    {December 14th, 2010} by Allison Bell

    By NU ONLINE NEWS SERVICE Published 12/13/2010  The National Association for Fixed Annuities (NAFA) has named Eric Thomes to be the 2011 chair. Thomes is a senior vice president of sales at Allianz Life Insurance Company of North America, Golden Valley, Minn., a unit of Allianz S.E., Munich, Germany, according to NAFA, Milwaukee. He also has […]

    Allianz Takes the Blows, and Yet Still Grows

    {December 13th, 2010} by Steven A. Morelli

    Click here to read the article

    Source of Funds, A Source of Pain

    {December 13th, 2010} by Jack Marrion

    Click here to read the article

    Allianz Life Promotes Bob Densmore to SVP-National Sales Manager

    {December 10th, 2010} by Laurie Bauer

    MINNEAPOLIS–(BUSINESS WIRE)– Allianz Life Insurance Company of North America (Allianz Life) has named Bob Densmore as senior vice president – national sales manager. In this role, Densmore will lead Allianz annuity sales strategy through the independent, bank, regional and wire broker/dealer distribution channels. “Bob has successfully demonstrated his ability to drive revenue as an individual […]

    Securian Life enters N.Y. market with new indexed UL product

    {December 10th, 2010} by Staff Writer

    STAFF WRITER Published 12/8/2010  Securian Life Insurance Company, St. Paul, Minn., has entered New York’s individual life insurance market with Eclipse Indexed Universal Life Insurance. Securian Life’s Eclipse design is based upon a product that last year helped boost individual life insurance sales of Securian Life’s parent, Minnesota Life Insurance Company, by 57%.Larry Cochrane, Securian Financial […]

    Weighs in on financial reform

    {December 10th, 2010} by Jean Toillion

    To the editor: The recently signed federal financial reform bill had a significant impact for Iowa’s insurance industry and rural Iowa. A special thanks is owed to Iowa’s congressional delegation for including language that stopped an attempt by the U.S. Securities and Exchange Commission to regulate fixed indexed annuities, which offer guaranteed returns to investors. […]

    Be sure you understand that annuity before buying

    {December 10th, 2010} by Humberto Cruz

    Be sure you understand that annuity before buying By Humberto Cruz, Tribune Media Services 3:53 PM CST, December 9, 2010 The topic of annuities generates much confusion — and passion. In response to a recent column, one annuity seller said I had “seemingly been brainwashed” against index annuities. Another reader considered the column favorable to […]

    Response: A Flawed but Diligent Watchdog

    {December 3rd, 2010} by Sheryl J. Moore

    PDF for Setting it Straight with National Underwriter ORIGINAL ARTICLE CAN BE FOUND AT: A Flawed but Diligent Watchdog  Trevor, Good afternoon. My name is Sheryl J. Moore and I am the foremost authority in the indexed annuity market. I believe that you are acclimated with my work, as I wrote for National Underwriter: Life and […]

    New York Compensation Disclosure is Here

    {December 3rd, 2010} by Sheryl J. Moore

    ATTENTION AGENTS AND FMOS DOING BUSINESS IN NEW YORK! New York insurance agents need to be aware of the new compensation disclosure rules (Regulation 194) that take effect January 1, 2011. It is important to note that this regulation is not only for those who SELL IN New York. This impacts all insurance agents licensed to do business in New York, […]

    Aegon to Cut 5% of US Work Force, Stop Sales of Bank-Owned, Corporate-Owned Life Insurance

    {December 3rd, 2010} by Fran Matso Lysiak

    Symbols: AEG THE HAGUE, Netherlands, Dec 02, 2010 (A. M. Best via COMTEX) — Aegon NV said it will cut about 5% of its U.S. work force over the next two years as it will stop new sales of executive non-qualified benefit plans and related bank-owned and corporate-owned life insurance in the United States. Most […]

    Indexed Annuities, A Perfect Investment During Recession

    {December 1st, 2010} by Matthew Sturdevant

    By MATTHEW STURDEVANT, msturdevant@courant.com The Hartford Courant November 27, 2010  A wobbly economy, low interest rates and cautious investors are the perfect conditions for selling indexed annuities. So what is this investment product, which is neither a fixed annuity nor a variable annuity? Dana Pedersen, vice president responsible for annuity product development and pricing for […]

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