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  • ‘Tsunami’ of Rollovers Troubles Borzi as SEC Debates New Regs

    {November 12th, 2018} by James J. Green

    The author of the Labor Department’s fiduciary standard, now vacated by a federal court, believes the Securities and Exchange Commission’s best-interest initiatives are “terrific” steps forward in protecting investors. But Phyllis Borzi also worries about the “virtual tsunami” of retirees who are rolling over their ERISA-protected 401(k) assets while regulators determine the best way to […]

    Brokers Should Be Banned From Saying They Have Ongoing Duty of Care to Clients, Experts Insist

    {November 12th, 2018} by Rita Raagas De Ramos

    If the SEC will hold brokers only to best interest standards at the time a recommendation is made – instead of being required to have an ongoing duty of care – the industry watchdog should strictly monitor that brokers are not marketing themselves as providing ongoing best interest advice, according to industry experts. The SEC’s proposed Regulation […]

    Does Life Insurance Get Paid Out on Murders?

    {November 12th, 2018} by Ashley Sutphin

    At a Glance:  Some people question what happens with a life insurance payout if the insured is murdered. In short, it is possible for benefits to be paid out if there was a murder, however, in certain situations, that may not be the case. There are potential situations where a beneficiary may not receive the […]

    Mercer Advisors Acquires Sigma Investment Management Company

    {November 12th, 2018} by Mercer Advsiors Inc.

    DENVER, Nov. 12, 2018 /PRNewswire/ — Mercer Advisors Inc. (“Mercer Advisors”), a national Registered Investment Advisor (RIA), today announced the acquisition of Sigma Investment Management Company (Sigma), a large wealth management firm located in Portland, Oregon serving high net worth clients throughout the Pacific Northwest. The addition of Sigma’s office in Portland, Oregon deepens Mercer Advisors’ footprint in the Pacific Northwest and […]

    What’s keeping millennials out of the life insurance market? SE2 explores industry future

    {November 11th, 2018} by Morgan Chilson

    Millennial families aren’t buying life insurance at the same rates as previous generations, and that shift affects the industry. SE2, a Topeka-based tech company working in that field, wanted to know why. What it discovered through a survey, said chief information officer Vinod Kachroo, was that in some ways, the industry is tackling that market […]

    Ohio National Sued For Second Time In A Week

    {November 11th, 2018} by John Hilton

    A second lawsuit this week was filed Thursday against Ohio National over its decision to abandon trail commissions to be paid out on select variable annuity contracts. Veritas Independent Partners, an independent broker-dealer based in Conway, Ark., filed the lawsuit in the Southern District of Ohio court. Lance Browning, an LPL Financial broker based in […]

    Voices: Let’s not forget — Bernie Madoff was a fiduciary

    {November 11th, 2018} by John Taft

    Ten years ago next month, Dec. 11, 2008, the FBI arrested financier Bernard L. Madoff for securities fraud. Soon after, thousands of investors learned they were victims of a nearly $65 billion Ponzi scheme and what would eventually be revealed as one of the largest investment frauds in U.S. history. Not long after Madoff was […]

    Allstate said to be considering fixed-annuities business sale

    {November 10th, 2018} by Matt Sheehan

    Allstate Corporation, one of the largest primary insurers in the U.S, is reportedly considering the sale of its fixed-annuities business, which stopped selling new policies about five years ago, according to sources at Bloomberg. People familiar with the matter said the insurer was working with financial advisers to find buyers for the business, which has […]

    Prudential Posts Big Increase in Annuity Sales

    {November 10th, 2018} by Allison Bell

    Prudential Financial Inc. says its U.S. individual annuity sales climbed to $2.2 billion in the third quarter, up from $1.3 billion in the third quarter of 2017. Mark Grier, the vice chairman of the Newark, New Jersey-based company, said Thursday that the increase was due partly to “thoughtful pricing strategies.” Prudential’s emphasis on financial wellness has also […]

    Massachusetts Launches Elder Financial Abuse Training Program

    {November 10th, 2018} by NASGA

    A new training program is being offered in Massachusetts by the Securities Division to train the state’s law enforcement personnel on financial fraud and elder financial abuse. Combating Elder Financial Abuse and Securities Fraud, according to the division, “highlights common schemes and hallmarks of financial abuse that harm older adults and other vulnerable populations.” The […]

    Two Big Mutuals Post 2019 Dividend Estimates

    {November 10th, 2018} by Allison Bell

    Two big U.S. mutual life insurers are taking a cautious approach to 2019 policy dividend projections. Northwestern Mutual says it will increase its dividend rate slightly, to 5%, from 4.9% for 2018. The company expects total dividend payments to increase to $5.6 billion for 2019, from $5.3 billion for this year. Massachusetts Mutual Life Insurance […]

    Nearly Two-Thirds of Consumers Think Long-term Care Insurance Is Important

    {November 9th, 2018} by LIMRA

    New research from LIMRA identifies strong interest in combo-policies According to the U.S. Department of Health and Human Services (HHS), more than half (52 percent) of Americans turning 65 today will develop a disability serious enough to require long-term care services.1LIMRA research finds 52 percent of consumers say they personally feel they need long-term care […]

    Allstate Reported to Be Weighing Sale of Fixed-Annuities Business

    {November 9th, 2018} by Matthew Monks

    Allstate Corp., the automobile and home-insurance giant, is exploring a sale of its fixed-annuities business, which stopped selling new policies about five years ago, people familiar with the matter said. The insurer is working with financial advisers to seek buyers for the business, which has a book value of $4 billion to $5 billion, said […]

    Broker-dealer CEO sees rapid escalation of brokers abandoning commissions in favor of fees

    {November 9th, 2018} by Bruce Kelly

    The chief executive of a leading independent broker-dealer is seeing a rapid escalation of brokers abandoning commissions in favor of charging clients annual fees. Click HERE to read the full story via InvestmentNews; registration required. 

    RetireOne and Great American Life Work Together to Grow Fintech-Linked Offerings for RIAs

    {November 9th, 2018} by RetireOne

    SAN FRANCISCO, Nov. 8, 2018 /PRNewswire/ — RetireOne® has teamed up with Great American Life Insurance Company® to offer the Index ProtectorSM 7 annuity to RIAs and fee-based advisors who are seeking non-correlated assets to de-risk client portfolios. With interest rates still relatively low and rising, this no-load fixed-indexed annuity (FIA) can serve as a fixed income alternative in client portfolios […]

    Ohio National sued by broker-dealer Veritas over annuity trail commissions

    {November 8th, 2018} by Greg Iacurci

    Ohio National Financial Services Inc. and its affiliates have been sued by an independent broker-dealer, Veritas Independent Partners, over the insurer’s recent termination of trail commissions on some variable annuities. Click HERE to read the full story via InvestmentNews; registration required. 

    Are We Witnessing a Demise in the Use of Professional Financial Advice?

    {November 8th, 2018} by Larry Cohen, director, Consumer Financial Decisions Group, Strategic Business Insights

    Given the increasingly complex and crucial nature of households’ use of financial services and the growing time constraints to research and make good decisions, one might think that households’ use of professional financial advice would be increasing. However, the opposite is true. After an extended period of good economic news — and right before recessions […]

    Federal Reserve Opts To Leave Interest Rates Unchanged

    {November 8th, 2018} by INN

    The Federal Reserve voted Thursday to keep rates where they are, for now. The central bank announced the range for its benchmark interest rate will remain fixed between 2 and 2.2 percent. Click HERE to read the full story via INN; subscription required.

    Industry Groups React to… THAT

    {November 8th, 2018} by Allison Bell

    Life, health and annuity groups have known what might come out of Tuesday’s midterm elections for weeks. Political analysts were telling the groups that the most likely outcome was that the Democrats would win control over the House, and that the Republicans would keep control over the Senate. Now… the most likely outcome is here. […]

    Wells Fargo considering sale of retirement-plan unit

    {November 8th, 2018} by Bloomberg News

    Wells Fargo & Co. is considering the sale of its retirement-plan services business, according to people familiar with the matter. The unit could fetch as much as $1 billion, said one person, who asked to not be identified because the matter isn’t public. The people said deliberations are at an early stage and the bank may […]

    Broker Lawsuit Against Ohio National Could Be ‘Just The Beginning’

    {November 8th, 2018} by John Hilton

    An LPL Financial broker filed a lawsuit Tuesday, asking an Ohio court for an injunction to prevent Ohio National from eliminating trail commissions on select variable annuity contracts. A lawsuit was expected, and one industry analyst said there will be more. “This is just the beginning,” said Sheryl Moore, president and CEO of Moore Market […]

    Prudential Financial profit rises as life insurance offsets annuities weakness

    {November 8th, 2018} by Suzanne Barlyn

    (Reuters) – Prudential Financial Inc (PRU.N) on Wednesday reported a 1.74 percent rise in quarterly profit from the year-ago period as profits in its life insurance units offset weaker results in its annuities business. Prudential, the largest U.S. insurer by assets, said it earned $1.35 billion, or $3.15 per share, in adjusted operating profit after-tax […]

    Latest FIO report chock full of industry data and analysis

    {November 7th, 2018} by Brian Anderson

    The United States remained the world’s largest single-country insurance market in 2017, with a 28% market share of global direct premiums written, according to the recently released 2018 report on the insurance industry from the Federal Insurance Office (FIO). China leapfrogged Japan to claim the second spot on the list, followed by the U.K., France, […]

    SEC’s Own Investor Committee Says Reg BI Needs Fiduciary Principles

    {November 7th, 2018} by Tracey Longo

    There’s no dearth of corrective criticism surrounding the Securities and Exchange Commission’s Regulation Best Interest proposal. The latest missive comes from the agency’s own Investor Advisory Committee which today approved by a vote of 18-3 the release of an 8-page letter calling on the SEC to create explicit fiduciary principles for brokers. Reg BI is […]

    SEC’s Clayton: Advice Standards Package Done by September, ‘if Not Sooner’

    {November 7th, 2018} by Melanie Waddell

    Securities and Exchange Commission Chairman Jay Clayton told ThinkAdvisor on Thursday morning that the commission is “aiming to get [the advice standards package] done by September [2019], if not sooner.” When asked by ThinkAdvisor on his way into the 2018 Financial Markets Quality Conference at Georgetown University in Washington if the agency’s regulatory agenda setting […]

    Wells Fargo Is Exploring Sale of Its Retirement Plan Services

    {November 7th, 2018} by Matthew Monks and Hannah Levitt

    Wells Fargo & Co. is considering a sale of its retirement-plan services business, according to people familiar with the matter. The unit could fetch as much as $1 billion, said one of the people, who asked to not be identified because the matter isn’t public. The people said deliberations are at an early stage and […]

    Ohio National Class Action Lawsuit: Morgan Stanley Gets Special Treatment While Others Suffer Heavy Annuities Trailing Commission Losses

    {November 7th, 2018} by Rita Raagas De Ramos

    Up in arms over Ohio National Financial Services’ decision to terminate variable annuities selling agreements with broker-dealers and stop paying trailing commissions, an LPL Financial broker has brought a class action suit against the firm. The suit reveals that while some broker-dealer groups may be suffering heavy losses in annuities trailing commissions, Morgan Stanley is still getting preferential treatment from […]

    Life Insurers applaud SEC for new variable annuity disclosure rule

    {November 7th, 2018} by Dave Kovaleski

    The American Council of Life Insurers (ACLI) supports a new proposal from the Securities and Exchange Commission (SEC) to increase transparency for consumers considering variable life insurance and variable annuities. The proposed rule change is designed to improve disclosure for investors and help them better understand the features, fees, and risks so they can make […]

    SEC Proposes Disclosure Improvements for Variable Annuities and Variable Life Insurance Contracts

    {November 7th, 2018} by U.S. Securities and Exchange Commission

    FOR IMMEDIATE RELEASE 2018-246 Washington D.C., Oct. 30, 2018 — The Securities and Exchange Commission today announced that it has voted to propose rule changes designed to improve disclosure for investors about variable annuities and variable life insurance contracts.  The proposal is intended to help investors better understand these contracts’ features, fees, and risks, and to more […]

    Northwestern Mutual expects biggest dividend payout in company history

    {November 7th, 2018} by Sari Lesk

    Northwestern Mutual expects to pay about $5.6 billion in dividends for 2019, an uptick from the 2018 dividend payout of $5.3 billion.  The life insurance and financial services provider, which is based in Milwaukee, says the 2019 payout is expected to be the highest in company history. The 2017 dividend payout was $5.2 billion.  Northwestern Mutual […]

    Prudential to Enhance Customer and Producer Experience with iPipelines e-Delivery Solution

    {November 7th, 2018} by iPipeline

    EXTON, PA (November 6, 2018) – iPipeline® – a leading provider of cloud-based software solutions for the life insurance and financial services industry – today reported Prudential, a financial services leader with more than $1 trillion in assets under management, has selected the DocFast® e-Delivery solution to improve speed, customer and producer experience, scalability and flexibility. […]

    What The Midterms Mean For Financial Services

    {November 7th, 2018} by John Hilton

    The costliest, and possibly most intense, midterm election concluded Tuesday with a little something for everyone. Democrats regained control of the House and several states, while Republicans expanded Senate control and won several high-profile races. Click HERE for the three key takeaways for the financial services’ industry via INN; subscription required. 

    Legal & General America Appoints Mark Holweger as President and CEO of its Insurance Division

    {November 7th, 2018} by Legal & General America

    Wednesday, September 19, 2018 Legal & General America (LGA), a top five U.S. life insurer*, today announced the appointment of Mark Holweger as President and CEO of its insurance division, which includes operating companies Banner Life Insurance Company and William Penn Life Insurance Company of New York. Holweger previously served as Executive Vice President, Distribution […]

    Charles Schwab executive talks financial literacy

    {November 7th, 2018} by Sarah Skidmore Sell

    Carrie Schwab-Pomerantz is an industry leader in financial literacy. A seasoned financial planner, she is senior vice president of Charles Schwab & Co., the company her father founded in 1971. Schwab-Pomerantz has advised two White House administrations and is the author of multiple personal finance books. Schwab-Pomerantz recently spoke to The Associated Press about financial […]

    New Strategic Design Annuity Offers Industry-first Flexibility for Retirement Income Planning, Downturn Protection

    {November 6th, 2018} by North American Company for Life and Health

    WEST DES MOINES, Iowa, Nov. 06, 2018 (GLOBE NEWSWIRE) —  The Strategic Design AnnuitySM X (SDA X), fixed index annuity from North American Company for Life and Health Insurance® (North American) is being introduced to offer the flexibility needed to help meet the challenges of retirement income planning. “SDA X is designed to be as dynamic as life […]

    AIG Announces Closing of Glatfelter Acquisition

    {November 6th, 2018} by American International Group

    NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (NYSE:AIG) today announced it has completed its acquisition of Glatfelter Insurance Group (“Glatfelter”). The transaction, which was first announced on September 21, 2018, has closed following receipt of regulatory approvals and satisfaction of other customary closing conditions. As part of AIG, Glatfelter brings a high-quality specialty programs business, a […]

    DOL Rule Forced Changes On Advisors, Survey Finds

    {November 6th, 2018} by John Hilton

    The reviled Department of Labor fiduciary rule is gone, but a majority of advisors ended up making major changes anyway, a new survey finds. Fifty-four percent of advisors say they will “very likely” increase compliance infrastructure as a direct result of the DOL rule. The data comes from “Harnessing Growth: The LIMRA-EY Experienced Financial Advisor […]

    NAIC Working Group Set to Hammer Out Annuity Sales Model Reg

    {November 6th, 2018} by Elizabeth Festa

    A key annuity-sales governing committee of the National Association of Insurance Commissioners is set to meet Nov. 15 at the groups’ national fall meeting in San Francisco to hammer out issues before reaching a consensus on a new model regulation to set a standard for annuity sales. The Annuity Suitability Working Group is scheduled to […]

    How 6 Annuity Issuers Are Doing Now

    {November 6th, 2018} by Allison Bell

    U.S. annuity issuers continued to face mixed conditions in the third quarter, with sales increasing for some issuers for some products but falling for others. Many of the issuers are reporting higher overall earnings. Most of the issuers that break out earnings for their annuity units are reporting higher earnings for their annuity units. But […]

    The Society of Annuity Facts and Education (SAFE) responds to “Steak Dinner and Annuities: Retirement Product Surges after Fiduciary Rule’s Demise”

    {November 6th, 2018} by Bob Phillips

    Dear Mr. Eisen and Ms. Beilfuss, We are longtime readers and subscribers to the Wall Street Journal and are always interested in discussing the facts about annuities. That said, we found some errors in your article “Steak Dinner and Annuities: Retirement Product Surges after Fiduciary Rule’s Demise” and would like to clarify some misconceptions. Because the […]

    LPL Adds Teams From Cetera, Foresters

    {November 6th, 2018} by Janet Levaux

    LPL Financial says it recruited a $365 million team from Cetera Advisors and a $110 million group from Foresters Financial. The ex-Cetera group, Infinity Financial Partners, is now part of LPL’s hybrid platform. It is based in Richmond, Virginia, and was founded in 2000 by Ronnie Poindexter and Phillip Heesen Jr. Other Infinity advisors are Alex Robinson, Robert Kellis Jr., […]

    Commissioner Races Could Shape Sales Standards Debate

    {November 6th, 2018} by Allison Bell

    California voters will get to decide today on whether to bring their old Republican insurance commissioner back as an independent, or make a Democratic candidate with little insurance experience their new commissioner. Voters will also be electing insurance commissioners in Georgia, Kansas and Oklahoma. Commissioners in all of these states could play a major role […]

    MassMutual Approves Record $1.72 Billion Estimated 2019 Dividend Payout

    {November 6th, 2018} by Targeted News Service

    The MassMutual board approved a record $1.72 billion estimated dividend payout in 2019 to eligible participating policyowners and members. The all-time high estimated dividend payout represents an increase of more than $125 million over 2018, and marks the 151st consecutive year that MassMutual will be paying a dividend. Additionally, the 2019 estimated payout reflects a dividend interest rate1 of […]

    Life Insurance Provides A Financial Safety Net For Families

    {November 6th, 2018} by Salina Journal (KS)

    Life insurance provides a financial safety net for families. Sounds simple, but decisions over whether and how much to buy can get complicated, and mistakes can be costly. Here are common mistakes financial planners see: Buying too much or not enough Not everyone needs life insurance. “If there’s no one else depending on your income, […]

    NAIC Working Group Plans Deeper Dive Into Annuity Illustrations

    {November 6th, 2018} by John Hilton

    A state insurance commissioners’ working group wants more time to consider tweaks to a plan allowing insurers to illustrate indexed annuities using indices that have been around less than 10 years. During their latest conference call today, the Annuity Disclosure Working Group seemingly reached an impasse when John Robinson of Minnesota proposed changes. The substantive change would […]

    Election Day Preview: Insurance Is On The Ballot, Too

    {November 6th, 2018} by John Hilton

    Tuesday’s midterm Election Day is filled with fascinating races coast to coast – from the Florida gubernatorial contest to the Texas Senate race, with control of Congress hanging in the balance. Not as many people are paying attention to the expected turnover among state insurance commissioners. Click HERE to read the full story via INN; […]

    SEC Considers New Annuity and Life Insurance Summary Disclosures

    {November 6th, 2018} by John Manganaro

    The U.S. Securities and Exchange Commission (SEC) this week voted to propose rule changes designed to simplify disclosures for investors in variable annuities and variable life insurance contracts. According to SEC’s announcement, the proposal is intended to help investors better understand these contracts’ features, fees and risks, and to more easily find the information needed to make an informed investment […]

    Top Five Most Heavily Fined Issues This Year (Annuities Among Them)

    {November 6th, 2018} by Rita Raagas De Ramos

    The number of disciplinary actions reported by self-regulator Finra decreased in the first six months of 2018 compared with the same period in 2017, according to Eversheds Sutherland’s latest annual midyear analysis of Finra’s disciplinary actions. Finra reported 342 disciplinary actions during the first six months of 2018, a 25% decline compared to the first six months of […]

    American Equity Reports Third Quarter 2018 Results

    {November 6th, 2018} by American Equity Investment Life Insurance Company

    WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (NYSE: AEL), a leading issuer of fixed index annuities (FIAs), today reported third quarter 2018 net income of $169.3 million, or $1.85 per diluted common share, compared to net income of $57.0 million, or $0.63 per diluted common share, for third quarter 2017. Non-GAAP operating […]

    Delaware Life Adds Variable Annuity With Optional Benefits Guarantee Rider

    {November 6th, 2018} by Allison Bell

    Delaware Life Insurance Company has introduced an individual deferred variable annuity contract that offers an optional guaranteed lifetime withdrawal benefit (GLWB) rider. The Waltham, Massachusetts-based company says it will distribute the new Delaware Life Masters Prime Variable Annuity contract through the bank and broker-dealer channels. A copy of the GLWB rider filed with Delaware insurance regulators […]

    Tata Consultancy comes to town

    {November 6th, 2018} by The Gazette

    When Transamerica went looking for a company to which it could outsource part of its Cedar Rapids business, it didn’t think small. In January, it announced a $2 billion third-party agreement with Mumbai, India-based Tata Consultancy Services. Tata Consultancy, which as part of Tata Group overnight became one of the largest private employers in Cedar […]

    Jackson Acquires John Hancock’s Group Payout Annuity Business

    {November 6th, 2018} by Jackson National Life Insurance Company

    LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®) announced today it has executed definitive agreements with John Hancock Life Insurance Company (U.S.A.) (John Hancock) to reinsure 100% of the Group Payout Annuity business of John Hancock and its affiliate, John Hancock Life Insurance Company of New York. The transaction closed yesterday on the non-New York portion […]

    Brandon Carter to Lead LL Global Board

    {November 6th, 2018} by Allison Bell

    Brandon Carter has now taken over as the chair of the board of LL Global, the organization that oversees LIMRA and LOMA. Carter is the president of USAA Life Insurance Company. He succeeds Michael Doughty, the president of Manulife Canada. The board of LL Global typically chooses its incoming chair a year ahead of time […]

    Relay Designers Create Cash-Back Annuity Arrangement

    {November 6th, 2018} by Allison Bell

    Group One Thousand One LLC — the parent of Delaware Life — has come up with a new annuity product idea: an annuity that’s kind of fun. Group1001 has developed an immediate annuity that will pay the annuity holders cash back, just as a credit card or debit card might. The company has made that possible by combining the […]

    Brighthouse Financial: 3Q Earnings Snapshot

    {November 5th, 2018} by The Associated Press

    CHARLOTTE, N.C. (AP) _ Brighthouse Financial Inc. (BHF) on Monday reported a loss of $271 million in its third quarter. The Charlotte, North Carolina-based company said it had a loss of $2.26 per share. Earnings, adjusted for non-recurring costs, were $2.23 per share. The results topped Wall Street expectations. The average estimate of six analysts surveyed […]

    American National introduces two new products for New York: Century Plus Annuity and Limited Pay Whole Life

    {November 3rd, 2018} by American National

    GLENMONT, N.Y., Nov. 02, 2018 (GLOBE NEWSWIRE) — Effective immediately, American National announces the addition of a new tax-deferred fixed annuity and a limited premium whole life product, Limited Pay Whole Life Insurance. Century Plus Annuity This single premium, fixed, deferred annuity may be the right choice for someone who is a conservative investor who […]

    Northwestern Mutual’s Internship Program Ranked Top 25 in U.S.

    {November 3rd, 2018} by Northwestern Mutual

    MILWAUKEE, Nov. 2, 2018 /PRNewswire/ — Vault has announced its latest rankings for the top 50 internships in America and Northwestern Mutual continues its year over year trend of being one of America’s Top 25 internships overall, and one of the Top 10 internships in the financial services industry. Additionally, the company is one of the Top […]

    John Hancock Announces Leadership Transitions At Retirement Plan Services

    {November 3rd, 2018} by John Hancock Retirement Plan Services

    BOSTON, Nov. 2, 2018 /PRNewswire/ — In support of its holistic retirement offerings, John Hancock announced today that Gary Tankersley has been promoted to head of Sales and Distribution for John Hancock Retirement Plan Services (JHRPS). He will report to Patrick Murphy, president and CEO, JHRPS, and join the senior leadership team at RPS. The appointment is effective immediately. In this role, Mr. […]

    Insured Retirement Institute applauds SEC’s new disclosure plan for annuities

    {November 2nd, 2018} by Dave Kovaleski

    The Securities and Exchange Commission (SEC) introduced a proposal this week that would modernize the process of disclosing information about variable annuities. The proposal calls for a layered disclosure approach designed to provide investors with vital information relating to the contract’s terms, benefits, and risks in a concise and more reader-friendly presentation. Additionally, access to […]

    Are You Insured? When It Comes To Life Insurance, Many Are Not

    {November 2nd, 2018} by Michael Seale, Patch Staff

    BIRMINGHAM, AL – Few people likely perk up when they are asked to talk about what their families will do when a family member dies, especially if the primary bread-winner in the family passes away. However, the subject is one that is important to discuss, and in light of numbers that show how few people […]

    RGA completes two annuity transactions covering $3 billion of reserves

    {November 2nd, 2018} by Charlie Wood

    Reinsurance Group of America, a leading global life reinsurer, has completed a set of transactions with John Hancock Life Insurance Company that will see a subsidiary of the firm acquire an in-force block of individual payout annuities and provide reinsurance on a second block of similar business contracted in New York. Reinsurance Group of America […]

    SEC Proposes Summary Prospectus Option and Modernized Disclosure for Variable Insurance Products

    {November 2nd, 2018} by JD Supra

    On October 30, the SEC voted to propose modernized disclosures for variable annuities and variable life insurance policies (“variable insurance products” or “contracts”), including the use of an optional summary prospectus. Perhaps the most striking aspect of the proposal is the “access equals delivery” approach to prospectus delivery for the mutual funds that serve as the underlying […]

    FBL Financial Group Reports Third Quarter 2018 Results

    {November 2nd, 2018} by FBL Financial Group

    WEST DES MOINES, Iowa–(BUSINESS WIRE)–FBL Financial Group, Inc. (NYSE: FFG): Financial Highlights (Dollars in thousands, except per share data) Three months ended September 30, 2018 2017 Net income attributable to FBL Financial Group $ 31,010 $ 26,127 Non-GAAP operating income(1) 31,872 24,776 Earnings per common share (assuming dilution): Net income 1.24 1.04 Non-GAAP operating income(1) […]

    A.M. Best Upgrades Issuer Credit Ratings of Liberty Bankers Life Insurance Company and Its Subsidiaries

    {November 2nd, 2018} by A.M. Best

    OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best has upgraded the Long-Term Issuer Credit Ratings (Long-Term ICRs) to “bbb+” from “bbb” and affirmed the Financial Strength Rating (FSR) of B++ (Good) of Liberty Bankers Life Insurance Company (Oklahoma City, OK), and its wholly owned life insurance subsidiaries, The Capitol Life Insurance Company (Dallas, TX) and American Benefit Life Insurance Company […]

    John Hancock CEO Discusses New Vitality Program in the November Issue of Best’s Review

    {November 2nd, 2018} by A.M. Best

    OLDWICK, N.J.–(BUSINESS WIRE)–The November issue of Best’s Review features an interview with Marianne Harrison, chief executive officer, at John Hancock, for the past year. In “Choosing Disruption,” Harrison explains how she hopes to revitalize the brand, and potentially reinvent the life insurance model, by dramatically increasing engagement with customers. To do this, the insurer has integrated its interactive vitality […]

    RGA Announces Annuity In-Force Block Transactions with John Hancock and Reinsurance Transactions with Manulife Canada

    {November 2nd, 2018} by Reinsurance Group of America, Incorporated

    ST. LOUIS–(BUSINESS WIRE)–Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global life reinsurer, today announced the completion of a transaction with John Hancock Life Insurance Company (John Hancock). Under the agreement, an RGA subsidiary acquired an in-force block of individual payout annuities and agreed to reinsure a second block of similar business contracted in New […]

    Voya Financial Exiting The Life Insurance Business

    {November 2nd, 2018} by Wire Reports

    Voya Financial will stop all new life insurance sales on Dec. 31 and retain its in-force block, the company announced this week. The decision “supports Voya’s focus on its higher-growth, higher-return, capital-light businesses,” the company said in a news release accompanying third-quarter results. “Retaining the block provides value to shareholders, including earnings and capital diversification […]

    Annuities: Predictable Income, Protection Against Inflation

    {November 1st, 2018} by Steve Dinnen

    Annuities can be an important piece of your retirement income strategy. But it helps to first understand them, which is no mean feat as they seem to come in as many variations as do snowflakes.All annuities have the same aim—to take some of your money now, invest it for a while, and then guarantee they’ll […]

    Why the Indexes Are Multiplying

    {November 1st, 2018} by Allison Bell

    Jason Wellmann, a top U.S. life distribution expert, was in New York earlier this week to attend LIMRA’s annual conference. Wellmann — the senior vice president of life insurance sales for Allianz Life, and a sometime ThinkAdvisor Life/Health blogger — is worried about the effects of the shrinking U.S. agent force on U.S. life insurance sales. He’s […]

    SEC panel pushes strengthening Regulation Best Interest, in line with a fiduciary duty

    {November 1st, 2018} by Jeff Benjamin

    The Securities and Exchange Commission’s Investor Advisory Committee is pushing to “strengthen and clarify” rules requiring broker-dealers to act in the best interest of investors, potentially sharpening the rules to take the form of a fiduciary duty. The IAC, a volunteer committee designed to represent the interests of ordinary investors, is scheduled to vote Nov. […]

    NCOIL Staff Participates in “No-Shave November” for Third Consecutive Year

    {November 1st, 2018} by NCOIL

    Effort Raises Funds & Awareness for Cancer Research   Manasquan, NJ – Commissioner Tom Considine, NCOIL CEO announced today that for the third consecutive year, the organization’s staff will participate in No-Shave November 2018.   “For the past two years the NCOIL staff participated in No-Shave November and it has proven to be an itchy and […]

    Voya Financial to Halt Sales of Life Insurance to Individuals

    {November 1st, 2018} by Frank Klimko

    NEW YORK – Voya Financial Inc. said it plans to discontinue new individual life-insurance sales at the end of the year and will focus on selling policies through the workplace and institutional clients. Existing life-insurance policies would be paid as they come due. The decision was based on a strategic review of the company’s individual […]

    SEC Proposes Streamlined Prospectus for Life Insurance Variable Annuities

    {November 1st, 2018} by Frank Klimko

    WASHINGTON – The U.S. Securities and Exchange Commission has proposed a new rule to allow life insurers to provide a streamlined prospectus for variable annuity and variable life insurance contracts rather than the longer prospectus that was difficult for investors to understand. Under the rule, life insurers would be allowed to use a summary prospectus […]

    For Annuities, It’s Looking Like A Very Good Year

    {November 1st, 2018} by Ben Mattlin

    In late summer, the LIMRA Secure Retirement Institute released several startling facts about the annuities market: 1. Total sales in the second quarter had jumped to a level not seen since the first quarter of 2015—they were nearly $60 billion, a 10% increase from the second quarter a year earlier and 15% more than in […]

    Life, Reimagined

    {November 1st, 2018} by Brooks Tingle

    It’s time for the life insurance industry to look in the mirror. In this age of smart technology and changing consumer expectations, it’s clear that we are seeing a dramatic shift in the way Americans are living their lives. So, we must ask ourselves: isn’t it time to disrupt the life insurance industry by focusing […]

    SEC proposes variable annuity summary prospectus

    {November 1st, 2018} by Mark Schoeff Jr.

    The Securities and Exchange Commission is attempting to help investors grasp how variable annuities work and what they cost, but one skeptic says the agency’s proposal would not deliver plain-language clarity. The SEC released for public comment Tuesday night a proposal for a summary prospectus for variable annuities and variable life insurance contracts. Click HERE to read […]

    New Jersey Solicits Comments on Its Preliminary Fiduciary Rule

    {November 1st, 2018} by Bernice Napach

    New Jersey is moving ahead with a proposed state fiduciary rule that would affect all broker-dealers, agents, investment advisers and investment adviser representatives registered to do business in the state. After Gov. Phil Murphy announced his intent for the state to develop “the strongest investor protections in the nation” last month, the state’s Bureau of […]

    What’s Up, Doc Huffman?

    {November 1st, 2018} by Kerry Pechter

    Gary “Doc” Huffman, the chairman and CEO of Ohio National Life, was sitting in a vast ballroom in New York’s Marriott Marquis Hotel Tuesday, waiting with a thousand other life insurance executives to hear former FBI director James Comey deliver a keynote address at LIMRA’s annual conference. I approached him and asked about his firm’s […]

    Worry of Waning Retirement Income Big Reason for Annuity Purchases: Study

    {November 1st, 2018} by Marlene Y. Satter

    Consumers looking to bolster their Social Security or pension income, or looking for a guaranteed lifetime income, are buying annuities. Those are the top two reasons for annuity purchases, according to a LIMRA Secure Retirement Income study of annuity owners. According to its research, the primary source of income for 70 percent of retirees is expected to […]

    SEC seeks new variable annuity disclosure — but doesn’t require it

    {November 1st, 2018} by Tobias Salinger

    A new SEC proposal aimed at greater disclosures on variable insurance products would not actually impose any new requirements on issuers. Variable annuity and life insurance issuers could optionally provide clients with a new summary prospectus under the 480-page proposal, which the SEC issued with a request for public comment until mid-February. “This proposal is another important […]

    Another Insurer to Cease Selling Life Insurance to Individuals

    {November 1st, 2018} by Leslie Scism

    Voya Financial Inc. is the latest U.S. life insurer to exit a business that was once a core part: life insurance sold to individuals. The company, spun out of Dutch giant ING Groep in 2013, on Tuesday said it would cease new individual life-insurance sales at year-end. It will keep its existing block of life-insurance policies and pay out […]

    Voya to exit individual life insurance business

    {November 1st, 2018} by Greg Iacurci

    By the end of the year, Voya Financial Inc. will no longer sell individual life insurance in order to focus on higher-growth business lines. Voya, which was spun off from Dutch parent ING Groep in a 2013 initial public offering, decided to exit the individual life business following a strategic review, said CEO Rodney O. Martin Jr. […]

    Director, Advisor Acquisition & Development

    {November 1st, 2018} by Asset FMO

    Role: Under limited supervision, responsible for making outbound calls to potential Producers with the goal of increasing sales. Essential Duties and Responsibilities: Conduct outbound phone calls from a list of prospective Producers by use of an automated dialing system. Schedule call-back appointments, set appointments for other team members via Outlook, and determine if there is […]

    Voya Financial Announces Third-Quarter 2018 Results

    {November 1st, 2018} by Voya Financial, Inc.

    Third-quarter 2018 net income available to common shareholders of $0.87 per diluted share Third-quarter 2018 adjusted operating earnings1 of $0.84 per diluted share, after-tax; Normalized for the following items, third-quarter 2018 adjusted operating earnings were $1.34 per diluted share, after-tax: $(0.70) per diluted share, after-tax, of unfavorable deferred acquisition costs and value of business acquired (“DAC/VOBA”) […]

    Private equity: Apollo’s lucrative but controversial bet on insurance

    {October 31st, 2018} by Where to Get Finance

    Marlene Albert had $110,000 in her investment account when she left her job at AT&T a decade ago. But what she needed instead, she told her broker, was a monthly cheque for the rest of her life. “He didn’t charge [for advice], because my mother would bake him fudge,” recalls her daughter, Sherrie Kelly. “She […]

    Voya to exit individual life sales at end of the year

    {October 31st, 2018} by Brian Anderson

    Voya Financial, Inc. announced on Tuesday, Oct. 30, that it will stop selling new individual life insurance at the end of the year. The announcement came as part of the company’s third quarter earnings report, which revealed the company, spun out of ING in 2013, had concluded the strategic review of its individual life business. […]

    Consumers See Annuities As Answer To Top Retirement Worry: Survey

    {October 31st, 2018} by LIMRA SRI

    NEW YORK CITY – A new LIMRA Secure Retirement Institute (LIMRA SRI) study of annuity owners finds the top two reasons consumers buy annuities are to supplement Social Security/pension income and to receive guaranteed income payments for life. “Our research consistently shows consumers are worried about running out of money in retirement – 67 percent of pre-retirees […]

    SEC Proposes Long-Awaited Variable Annuity Summary Prospectus

    {October 31st, 2018} by Melanie Waddell

    The Securities and Exchange Commission proposed late Tuesday its long-awaited summary prospectus for variable annuities and variable life insurance contracts. The plan is designed to help investors “better understand these contracts’ features, fees, and risks, and to more easily find the information that they need to make an informed investment decision,” the SEC said in […]

    Genworth Reminds Analysts That GLIC Will Stand Alone

    {October 31st, 2018} by Allison Bell

    Genworth Financial Inc. executives said they are optimistic about being able to complete the sale of the company to China Oceanwide Holdings Group Co. Ltd. by the end of the year — and they took pains to emphasize that the units that have written Genworth’s long-term care insurance (LTCI) and annuities will have to stand on […]

    Fill the Gaps of Special Needs Financial Planning

    {October 31st, 2018} by Tom Halloran, Voya Financial Advisors

    Across the United States, one in five children and adults — 65 million people — will experience a special need or disability during their lifetimes.1Without assistance from government programs, non-profit organizations or employers, caregivers often face a tough and confusing journey — especially when it comes to planning for retirement and a lifetime of continuous […]

    Annuity Collections May Replace Swiss Army Knife VA Contracts

    {October 31st, 2018} by Allison Bell

    Fifteen years ago, many financial professionals tried to meet clients’ needs with variable annuity contracts that could do everything. Advisors dreamed of annuities that could help clients save for retirement, collect income in retirement, pay long-term care bills, pass estates on to heirs, and, possibly, hammer nails, cut wires and open wine bottles. Today, the variable […]

    RetireUp Adds AXA Equitable Life’s Leading Structured Variable Annuity to Its Comprehensive Retirement Planning Platform

    {October 31st, 2018} by RetireUp

    CHICAGO, Oct. 30, 2018 /PRNewswire/ — Retirement income planning software provider RetireUp announced today the addition of AXA Equitable Life’s Structured Capital Strategies® variable and index-linked deferred annuity to its broad selection of products available in the RetireUp Pro platform. The industry-leading RetireUp Pro platform enables financial professionals to convey complex concepts using simple numbers, visuals and “what-if” scenarios. […]

    Life Insurers Set Records For Payouts, Coverage, Investments In 2017

    {October 31st, 2018} by Targeted News Service

    WASHINGTON, Oct. 29 — The American Council of Life Insurers issued the following news release: America’s life insurers set new records last year for life insurance and annuity benefit payouts, coverage issued and investments in corporate bonds, continuing their strong commitment to families’ financial security and investing in America. These and other industry highlights are […]

    Get The Framing Right And Consumers Love Annuities

    {October 31st, 2018} by John Hilton

    NEW YORK — When LIMRA Secure Retirement Institute researchers quizzed survey respondents on how big the lump sum would have to be to forgo a monthly guaranteed income option – they were surprised by the results. Respondents were told hypothetically how the lifetime income option – an annuity – works before answering. “It turns out […]

    The midterm elections: What’s at stake for financial advisers

    {October 31st, 2018} by Mark Schoeff Jr.

    As voters head to the polls in three weeks, the fate of many issues affecting financial advisers will hang on the outcome. If Democrats gain control of the House of Representatives in November’s midterm elections — as is widely predicted — advisers will feel the impact. Click HERE to read the full story via InvestmentNews; […]

    State Of The Fiduciary: States Step In Where Federal Agencies Left Off

    {October 31st, 2018} by Cassie Miller

    While the Securities and Exchange Commission revises its rule-making package containing regulation best interest, Form CRS and title reform, several states are taking matters into their own hands, establishing a fiduciary standard in the hopes of better-protecting investors. Nevada passed Senate Bill No. 383 last July, creating needed definitions of financial planners and broker-dealers. The […]

    Let’s Talk About The ‘Insurance Company Of The Future’

    {October 31st, 2018} by John Hilton

    NEW YORK — The “insurance company of the future” will be leaner and meaner, while empowering advisors through technology. And advisors are optimistic about it, according to new data via a joint LIMRA-Ernst & Young survey. LIMRA hosted a session led by David Holtzman, principal, insurance advisory, for Ernst & Young. “People are acknowledging that […]

    Ohio National Offers Annuity Buyouts

    {October 31st, 2018} by Ross Snel

      Ohio National Financial Services is offering buyouts to some variable-annuity customers, sparking criticism from financial professionals. So reports InvestmentNews. The offer appears to be related to Ohio National’s recent decision to cancel commission trails for advisors, some experts say. Early last month the insurer said it would stop writing new annuity contracts. Click HERE to view the […]

    WHAT’S NEW IN ANNUITIES: October 2018

    {October 30th, 2018} by Wink's RockStars

    Wink’s AnnuitySpecs analysis provides an up-to-date view of the of the traditional fixed, multi‐year guaranteed, indexed, structured, and variable annuities being launched and retired on a monthly basis so you can quickly view trends in product development. The AnnuitySpecs display will default to the last three months and one can view historical data in quarterly […]

    6 myths about millennials that could harm adviser businesses

    {October 30th, 2018} by Gre

    Financial advisers, like society at large, get an awful lot wrong about millennials — that group of 20- and 30-somethings who are an obsessive focus of generational discussion. To a certain extent, it’s not entirely advisers’ fault. Seemingly endless articles spout broad and often negative generalizations about this large demographic: They are lazy, technology-dependent, disloyal, […]

    Choosing the right annuity

    {October 30th, 2018} by Sheryl J. Moore

    So, if someone has decided that an annuity is indeed right for them, they typically next need assistance identifying which type of annuity they are going to purchase. But which type of annuity is right for this prospect? There are so many choices… To that end, it is important to consider a fundamental principal of risk: […]

    What is happening to Variable Annuities?

    {October 30th, 2018} by Sheryl J. Moore

    Funny thing happened yesterday… I “met” a guy on the phone, who asked me if I had recently learned about indexed life insurance. Uh, no. I’m actually THE indexed life guru…have been for 19.33 years. I cut my teeth on participating whole life, then moved over to the tough stuff. He remarked, “Oh! I thought you were […]

    Women advisors share the tough advice that shaped their careers

    {October 30th, 2018} by Amanda Schiavo

    Long-standing cultural norms and stereotypes have kept finance a boy’s club, but some women financial planners have received bracing advice that has helped them grow and thrive in this challenging field.  Just 32% of financial advisors are women, according to the federal Bureau of Labor Statistics, and only 23% of advisors with a CFP designation […]

    How Do You Measure the Effects of Owning an Annuity?

    {October 30th, 2018} by Allison Bell

    Annuity market players here in New York for LIMRA’s annual conference came up with an idea for improving annuities’ image: Develop a tool that can show how purchasing annuities has affected the purchasers’ well-being. Robert Kerzner, the outgoing president of the Windsor, Connecticut-based industry consortium, talked about the effect of annuities on retirees’ well-being today […]

    Do annuities have a place in your retirement portfolio?

    {October 30th, 2018} by Mark Hulbert

    To annuitize or not to annuitize? Hardly the elegant alliteration of a Shakespeare. But, nonetheless, this remains an urgent question that nearly all retirees and soon-to-be-retirees face at one time or another. And, despite an enormous amount of ink having been spilled on the question over the last few decades, a consensus answer appears as […]

    How Life Insurers (Just Barely) Escaped a Tax Bill Catastrophe…

    {October 30th, 2018} by Allison Bell

    A year ago, life insurers were saying little about the tax bill debate in Washington, even though the tax bill drafts were all full of life insurance provisions. Carolyn Coda — the deputy head of Americas regulatory affairs at Swiss Re  — explained Monday why life insurers were so quiet: The original version of the Tax Cuts and […]

    Insurers ‘Back To Square One’ After Election, Panelist Predicts

    {October 30th, 2018} by John Hilton

    NEW YORK — Next Tuesday is sure to be a wild Election Day, and there are enough important issues on the table to keep life insurers fully engaged. In fact, if control of Congress changes in any way, a very real possibility, insurer teams will likely have to retrace lobbying steps, said a panelist Monday […]

    Next Stop, TechTown: Where LIMRA’s New CEO May Go

    {October 30th, 2018} by Steve Morelli

    NEW YORK — If Bob Kerzner helped put LIMRA/LOMA on track after 14 years as CEO, the incoming chief executive is expected to take it and the industry to new territory. The incoming LIMRA board chairman, Brandon Carter, said Kerzner had stabilized and nurtured the association to be an essential part of the life insurance […]

    Picturing Life In Retirement Leads To More Savings: Survey

    {October 30th, 2018} by Capital Group

    LOS ANGELES, Oct. 23, 2018 /PRNewswire/ — A large majority of Americans agree they need to save more and invest better to prepare for retirement, but new research reveals an action that may make all the difference: When people envision how they want to live in their retirement years, they are motivated to save more. The research, based […]

    Ohio National offers new round of variable annuity buyouts

    {October 30th, 2018} by Greg Iacurci

    Ohio National Financial Services Inc. is offering buyouts to some variable-annuity customers, a move that some industy experts believe is related to a recent announcement that it would be cutting advisers’ trail commissions by the end of the year. Around Nov. 12, Ohio National will begin offering clients the ability to surrender some variable annuities […]

    If You Hate Annuities, You May Not Understand Them

    {October 30th, 2018} by RICHARD W. PAUL, CFP, RFC, INVESTMENT ADVISER

    No investment or insurance strategy is more polarizing than annuities. Some financial professionals love them. Some hate them. Others claim to hate them — but only certain kinds. All of which is extremely confusing for the average investor. The bottom line is that annuities can be a wonderful tool for those looking to generate guaranteed […]

    4 Ways New Annuity Market Options Can Open Doors

    {October 30th, 2018} by Chris Conklin

    When it comes to purchasing the right annuity, every client wants and needs something different. One thing most clients have in common, however, is the desire to make meaningful choices. With so many different annuities out there, it can be difficult for clients to know every option that is available to help them reach their […]

    Commission By Stealth? In a Raymond James Ruling, a Federal Court May Have Opened the Door

    {October 30th, 2018} by Miriam Rozen

    When can financial advisors call a commission something else and have clients pay it? “Never,” is the short answer. “I believe that most firms understand that commissions must be clearly identified as such,” says Brad Bennett, the former chief of enforcement at Finra, who is now a law partner at Baker Botts in Washington, D.C. A ruling this month […]

    State Regulators Unveil Annuity Sales Rules Draft … Here’s What it Means for Advice

    {October 30th, 2018} by Alex Padalka

    Members of the National Association of Insurance Commissioners have rolled out a proposal to subject annuity sales to the suitability standard, which one consumer watchdog says doesn’t do enough to protect investors, InvestmentNews writes. NAIC says the regulation would require that sales of the product “are suitable, in the consumer’s interest and result in transactions involving annuity […]

    RetireOne Adds Symetra Advisory FIAs to Annuity Platform

    {October 30th, 2018} by Symetra Life Insurance Company and RetireOne

    SAN FRANCISCO & BELLEVUE, Wash.–(BUSINESS WIRE)–Symetra Life Insurance Company and RetireOne™ today announced the addition of Symetra Advisory Edge and Symetra Advisory Income Edge fixed indexed annuities (FIAs) to the RetireOne™ platform. Engineered for registered investment advisors and fee-based advisors, the Symetra FIAs help provide protection against market losses while offering upside potential via two […]

    Change is Inevitable – Embrace it

    {October 30th, 2018} by LIMRA

    NEW YORK CITY, Oct. 29, 2018—Opening the 2018 LIMRA Conference amidst more than 900 attendees, Robert A. Kerzner, CLU, ChFC, president and CEO of LIMRA, LOMA and LL Global, discussed how the life insurance and retirement industries have changed over his 44-year career, declaring the rate of change is accelerating especially for distribution. “Traditional distribution is […]

    Brighthouse Financial Aims to Simplify Advisor Experience with End-to-End Digital Platform

    {October 30th, 2018} by Business Wire

    October 23, 2018 — CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial® (Nasdaq: BHF) today announced the availability of the Brighthouse Financial Digital Desk, an online platform designed for firms to help their financial advisors navigate the fixed annuity purchase process from start to finish. The Digital Desk acts as a one-stop resource for fixed and income annuities. It allows advisors […]

    Diversity in Financial Services

    {October 30th, 2018} by Jocelyn D. Wright, MBA, CFP

    In August, The American College of Financial Services held its’ 13th Annual Conference for African American Financial Professionals (CAAFP). More than 600 financial service professionals from across the country convened in the nation’s capital for the day and a half event of professional development, continuing education and networking. This is likely the largest annual gathering […]

    Delaware Schedules China Oceanwide-Genworth Hearing

    {October 29th, 2018} by Allison Bell

    China Oceanwide Holdings Group Co. Ltd. may be about to get a step closer to completing its proposed acquisition of Genworth Financial Inc. The Delaware Department of Insurance has agreed to hold a public hearing on China Oceanwide’s application to acquire a key Genworth subsidiary, Genworth Life Insurance Company (GLIC) Nov. 28. China Oceanwide has been trying to […]

    State insurance commissioners plan tougher annuity sales rules

    {October 29th, 2018} by Lyle Adriano

    The National Association of Insurance Commissioners (NAIC) has produced the latest draft of its annuity transactions suitability model regulation – a rule that will hopefully enhance the standard of care for sales of the products. According to NAIC working group chairman and Idaho Department of Insurance director Dean Cameron, the proposal would require insurers and […]

    RGA Sees Strong Competition for Annuity Reinsurance Deals

    {October 29th, 2018} by Allison Bell

    Executives at Reinsurance Group of America Inc. say competition for annuity and pension reinsurance business is strong. RGA executives talked about the state of the longevity deal market Friday, during a conference call with securities analysts. Anna Manning, the president of the Chesterfield, Missouri-based life reinsurer, told the analysts that the performance of reinsurance arrangements […]

    Intruders May Have Viewed Some Social Security Numbers on Insurer’s System

    {October 29th, 2018} by Allison Bell

    Intruders used the credentials of some Bankers Life and Casualty Company employees to get into Bankers Life systems from May 30 through Sept. 30, the company announced last week. The intruders may have obtained unauthorized access to the full Social Security numbers, driver’s license numbers, bank account numbers, or medication, diagnosis or treatment plan information for “a limited […]

    Change Or Fall Behind, Outgoing LIMRA CEO Warns

    {October 29th, 2018} by John Hilton

    NEW YORK — Bob Kerzner issued one final warning to insurers today to either change or fall behind. The popular, outgoing CEO of LIMRA/LOMA delivered his regular state of the industry talk to kick off the trade association’s annual meeting. Kerzner was more emphatic than normal in urging industry execs to embrace technology and change. […]

    What 4 Carriers Are Saying About Agents and Agent Comp

    {October 27th, 2018} by Allison Bell

    Only a few U.S. life and annuity insurers have stock that trades on the New York Stock Exchange or Nasdaq, but many of those insurers are giants. Their quarterly earnings releases, financial supplements and reports can give financial professionals insights into the chief financial officers (CFOs) might look more nervous than the chief executive officers. The stuff that […]

    Gift Annuity Offers Tax Break and Retirement Income

    {October 27th, 2018} by Mary Kane

    Donor-advised funds and qualified charitable distributions have grabbed the spotlight for charitable giving under the new tax law, and for many people, those giving vehicles may work best. But that doesn’t necessarily mean ruling out other ways to give. For some donors, a charitable gift annuity could be a way to meet charitable goals and […]

    State insurance commissioners draft annuity sales rule

    {October 27th, 2018} by Mark Schoeff Jr.

    State insurance regulators want to strengthen rules for annuity sales by requiring they be conducted with the consumer’s interest as the priority, rather than the insurance professional’s compensation. Members of the National Association of Insurance Commissioners hammered out the latest draft of their annuity transactions suitability model regulation earlier this week in Chicago.  Click HERE to read […]

    Lincoln Financial Network Advisors Recognized at Women in Insurance and Financial Services National Conference

    {October 26th, 2018} by Lincoln Financial Network

    PHILADELPHIA–(BUSINESS WIRE)–Lincoln Financial Network (LFN), the retail wealth management affiliate of Lincoln Financial Group (NYSE:LNC), announced today that 13 independent registered representatives from across LFN were recognized by Women in Insurance & Financial Services (WIFS) at its Leading the Way 2018 National Conference. The advisors each received the WIFS “Circle of Excellence” honor and were […]

    The ABCs of Structured Annuities

    {October 26th, 2018} by Scott Stolz

    Commentary: Today, registered index-linked annuities, buffered annuities, index-linked variable annuities and structured annuities are all used to describe a single product. Given the many names for this relatively new annuity structure, I suspect there is some confusion as to what these products are and when they should be recommended. I refer to these products as […]

    Time for RIAs to Rethink Insurance

    {October 26th, 2018} by Michael Finke

    At a recent conference of financial planners who strongly consider themselves fiduciaries, I explained the benefit of tax-favored longevity insurance using a qualified longevity annuity contract (QLAC). I even called them a “no brainer” when building a retirement income plan for a client who doesn’t have a pension. A planner in the audience raised her […]

    Industry Pressured To Find UL Policy Fix

    {October 26th, 2018} by John Hilton

    Pressure is growing on insurance regulators and carriers to address failing universal life insurance policies sold decades ago. Even those who want the industry to step in are not sure what they can do. But one industry veteran said it’s an impending “public relations disaster” for the life insurance industry. Click HERE to read the […]

    Ameriprise Increases Variable Annuity Sales 3%

    {October 25th, 2018} by Allison Bell

    The third quarter was pretty good for Ameriprise Financial Inc., but not that great for the company’s annuity operations. The Minneapolis-based financial services company is reporting $503 million in net income for the quarter on $3.3 billion in revenue, compared with $507 million in net income on $3 billion in revenue for the third quarter […]

    Life insurance advisors selling less life insurance but more of other products, says study

    {October 25th, 2018} by The IIJ Staff

    A new study from LIMRA and EY indicates significant growth of advisory services in financial professionals’ business mix across multiple types of advisor channels, but that’s putting a damper on the amount of life insurance advisors are selling. The U.S. study indicates that the largest growth of fee-based advisory services comes from full-service broker-dealer advisors, which grew nearly five […]

    Brighthouse Financial Launches Digital Desk to Support Fixed and Income Annuity Sales

    {October 24th, 2018} by WCRC LEADERS

    Brighthouse Financial announced Tuesday the availability of its new Digital Desk platform, which is designed to help financial advisors with the selection and purchase of fixed and income annuities. Described in a prepared statement as a “one-stop resource” for fixed and income annuities, the Digital Desk is meant to assist advisors in educating their clients […]

    Officials seek to highlight elder financial abuse problem, new protections for reporting

    {October 24th, 2018} by Elizabeth Crisp

    Louisiana and federal officials on Thursday held a town hall meeting to raise awareness of the dangers of financial exploitation of the elderly and new protections in state law that may make it easier to prevent. “When people prey on the elderly, they are preying on our most vulnerable, when they should be enjoying that […]

    Insured Retirement Institute chooses new president/CEO

    {October 24th, 2018} by Rob Kozlowski

    Wayne Chopus was named president and CEO of the Insured Retirement Institute, the organization announced in a news release Tuesday. He will start Jan. 1, 2019, succeeding Catherine J. Weatherford, who is retiring after 10 years of leading the Washington-based organization, which represents major insurers, money managers, broker-dealers and financial professionals. Mr. Chopus, who is a member […]

    Will Fee-Only Advisors Warm to Annuities?

    {October 24th, 2018} by Kerry Pechter

    At the National Association of Personal Financial Planners’ meeting in Philadelphia this week, Wade Pfau of The American College and David Lau of DPL Financial Planners urged fee-only advisors to mix annuities and investments in retirement. (Painting of Philadelphia trolley stop by Paul Santoleri.) The trouble with fee-only advisors—from an annuity marketer’s viewpoint—is that they […]

    New digital MYGA platform from Blueprint Income

    {October 24th, 2018} by Editorial Staff

    We’re seeing that many of those nearing retirement want to have at least a portion of their money earning a guarantee, whether that’s a guaranteed return or guaranteed income,’ said Nimish Shukla, CFA and a Blueprint Income co-founder.   Blueprint Income, a New York-based fintech firm formerly known as Abaris, has what it calls the “first […]

    Reminder: If You Win the $1.6 Billion Mega Millions, Don’t Take the Cash Up-front — Take the Annuity

    {October 24th, 2018} by Josh Barro

    I have another reason for President Trump to be mad at the Federal Reserve: Its recent actions have pushed down the value of Tuesday’s big Mega Millions jackpot. The drawing is forecast to have the highest headline jackpot ever for an American lottery: $1.6 billion, which would just exceed the $1.586 billion Powerball drawing on January […]

    Ohio National stokes adviser fears over annuity trail compensation

    {October 24th, 2018} by Greg Iacurci

    It’s been a few weeks since Ohio National Financial Services Inc.’s bombshell announcement around annuity trail compensation, and financial advisers are still trying to make sense of its implications for them and the broader industry. One question seems to be on the minds of most: Will other insurers follow Ohio National’s lead? Click HERE to […]

    Best’s Market Segment Report: Ordinary Life Insurance—What Lies Ahead?

    {October 24th, 2018} by A.M. Best

    Oldwick – Direct premiums written in ordinary life insurance grew to a historical high of $147.8 billion in 2017, with further year-over-year growth of 1-4% likely in 2018, according to a new A.M. Best report. The Best’s Market Segment Report, “Ordinary Life Insurance—What Lies Ahead?” states that total ordinary life direct premiums written have been rising since […]

    Women lag men in retirement savings, Prudential study finds

    {October 23rd, 2018} by Prudential Financial, Inc.

    October 22, 2018 03:43 PM Eastern Daylight Time NEWARK, N.J.–(BUSINESS WIRE)–Women on average have saved 43 percent less for retirement than men, finds new data from Prudential Financial, Inc. (NYSE: PRU). Data from Prudential’s 2018 Financial Wellness Census™ finds that women and men on average expect to retire at age 67. But women have saved an average […]

    Uneducated Consumers Have Been Sold a Bill of Goods

    {October 23rd, 2018} by Steve Savant

    As a 35-year veteran of the financial services industry I’ve come to a basic understanding of the mindset of consumers. Everyone has a synaptic pathway between their cerebral hemispheres for function and creativity, but when it comes to money that bridge is out. There’s no connection linking earning power and value spending. No correlation associated […]

    Ladenburg Institute of Women & Finance Concludes Seventh Annual Symposium to Champion Advancement of Women Advisors

    {October 23rd, 2018} by Ladenburg Thalmann Financial Services Inc

    Launches LIFT University to Enable Participation in Annual Symposium and Mentoring Program at the Event for Women Considering Careers in Financial Advice Profession Event Brings Together Leading Women Advisors and Home Office Executives Across Ladenburg and Its Subsidiaries, Along with Top Third-Party Experts October 15, 2018 06:00 AM Eastern Daylight Time DALLAS–(BUSINESS WIRE)–Ladenburg Thalmann Financial […]


    {October 23rd, 2018} by ACLI

    American Council of Life Insurers (ACLI) President and CEO Susan Neely issued the following statement today after the Financial Stability Oversight Council (FSOC) announced its rescission of the designation of Prudential Financial as a “nonbank systemically important financial institution.” Washington, D.C. (October 17, 2018) — “We strongly support the Financial Stability Oversight Council’s (FSOC) action today. The […]

    NAIC Annuity Sales Model Won’t Be Done In Time For Fall Meeting

    {October 23rd, 2018} by John Hilton

    CHICAGO – A National Association of Insurance Commissioners working group has been hashing out an annuity sales model. But the group’s chair says the model will not be done in time for NAIC’s fall meeting in San Francisco next month. The working group will provide a “framework” for NAIC and the states as the regulation […]

    NAIC Group Debates Trips, Incentives In Annuity Sales Model

    {October 23rd, 2018} by John Hilton

    CHICAGO — A line on “noncash compensation” led to an extended back-and-forth discussion on agent conduct as state insurance commissioners try to finalize an annuity sales model. A National Association of Insurance Commissioners’ working group meets again today and is on track to present a completed annuity sales model law to its parent committee. That […]

    NAIC Annuity Sales Group Deeply Split Over ‘In-Force’ Issue

    {October 23rd, 2018} by John Hilton

    CHICAGO — A fierce split on whether to extend annuity sales rules to in-force policies crippled a state insurance commissioners’ working group today. The National Association of Insurance Commissioners’ Annuity Suitability Working Group is attempting to craft an annuity transactions model law to present to its parent committee at the NAIC Fall Meeting next month. […]

    NAIC Working Group Balks At Tough ‘Best Interest’ Annuity Rule

    {October 23rd, 2018} by John Hilton

    CHICAGO — The New York-California faction made a big push to beef up a proposed state insurance commissioners’ annuity sales rule, but the effort fell short when working group members rejected “best interest” language. The Annuity Suitability Working Group took all of its scheduled five hours today to finish a section-by-section review of the model […]

    NAIC Group Continues To Debate Annuity Sales Rule

    {October 23rd, 2018} by John Hilton

    CHICAGO — The “best interest” concept was thought to be a settled issue for a state insurance commissioners’ working group struggling to create an annuity sales rule. But it did not take long for the idea to return today at a special meeting of the Annuity Suitability Working Group. Led by Chairman Dean Cameron of […]

    NAIC Annuity Sales Rule Proposal Faces Showdown In Chicago

    {October 23rd, 2018} by John Hilton

    The stakes will be high when Idaho Insurance Commissioner Dean Cameron gavels a special meeting Monday afternoon to continue work on an annuity sales model law. A National Association of Insurance Commissioners’ working group is again meeting in person – this time in Chicago – in another bid to bridge a seemingly unbridgeable divide between […]