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  • Financial decisions made by diverse populations more likely to revolve around others

    {December 11th, 2018} by Sarah Min

    Black Americans, Asian Americans and Latino Americans are more likely than the general American population to support their parents and children financially. At the same time, more than half of women are the primary breadwinners in their households. Click HERE to read the full story via InvestmentNews; registration required. 

    Forty Percent Of Americans View Financial Planning Like A Medical Checkup – Not Fun But Necessary

    {December 11th, 2018} by The 2018 Northwestern Mutual Planning & Progress Study

    MILWAUKEE, Dec. 11, 2018 /PRNewswire/ — New research from Northwestern Mutual has produced the 2018 Planning & Progress Study, which seeks to provide unique insights into U.S. adults’ attitudes and behaviors toward money, financial decision-making, and the broader landscape issues impacting people’s long-term financial security. The study has found that when US adults aged 18+ are asked […]

    Anti-Annuity Stance Softening Among Advisors and Investors

    {December 11th, 2018} by Jane Wollman Rusoff

    A big 80% of defined contribution plan participants showed interest in putting all or some of their retirement money into guaranteed lifetime income products as either an in-plan purchase or one made at retirement, the 2018 Retirement Confidence Survey found. Perhaps without realizing it, those individuals ages 25 and older may be talking annuities. The […]

    NAIC’s Proposed Annuity Sales Rule Under Fire

    {December 11th, 2018} by John Hilton

    Not surprisingly, a draft annuity sales transactions model law by the National Association of Insurance Commissioners is satisfying neither side. An NAIC working group met several times this year around the country in trying to advance an annuity sales model — mostly without success due to a few thorny issues. The group recently opted to […]

    Foresters Financial Improves the Ease of Doing Business for Agents Selling Medically Underwritten Insurance Products

    {December 11th, 2018} by Foresters Financial

    TORONTO–(BUSINESS WIRE)–Foresters Financial™, a purpose-driven financial services provider, is pleased to announce an innovation that will allow our U.S. network of representatives to sell medically underwritten life insurance products faster and more efficiently. Starting immediately, all agents using our updated iPipeline iGO® e-App will now have the ability to sell medically underwritten life insurance policies […]

    Financial Advisors Concerned about Inflation; Year-Over-Year Economic Confidence Holds Steady, New Survey Shows

    {December 11th, 2018} by SS&C Technologies

    WINDSOR, Conn., Dec. 10, 2018 /PRNewswire/ — SS&C Technologies Holdings, Inc. (Nasdaq: SSNC), a global provider of financial services software and software-enabled services, today released the results of its Q4 2018 Fixed Income survey of financial advisors regarding fixed-income investing, economic confidence and market performance. Respondents were asked to reflect on key financial issues, including inflationary concerns, Federal Reserve […]

    Young Consumers Shun Life Market: MIB

    {December 11th, 2018} by Allison Bell

    Many young Americans turned their backs on the U.S. individual life insurance market in November. The number of U.S. residents ages 44 and younger who applied for coverage in last month was 9.4% lower than in November 2017, according to new data from MIB Group Inc. The drop in November follows a 7.3% year-over-year drop for the […]

    Finra exams find fault with sales of variable annuities, nontraded REITs and private placements

    {December 11th, 2018} by Greg Iacurci

    Variable annuities, nontraded REITs and private placements are among the primary areas in which brokerage firms and their representatives have demonstrated lax compliance, according to a new Finra report detailing recent examination findings. Click HERE to read the full story via InvestmentNews; registration required. 


    {December 11th, 2018} by Katherine Hignett

    Wall Street’s iconic Fearless Girl statue has moved down the street from her bronze adversary, the Charging Bull she’s faced since her March 2017 installation. The four-foot girl now stands—hands on her hips and wind whipping her hair—opposite the New York Stock Exchange at 11 Wall Street. Read more: Why is Fearless Girl moving? Mayor Bill de Blasio announces new location […]

    Class Action Filed By Meyer Wilson Against Ohio National Life

    {December 11th, 2018} by Meyer Wilson

    COLUMBUS, Ohio, Dec. 10, 2018 /PRNewswire/ — Come December 13, 2018, thousands of advisors will be out tens of millions of dollars as a result of Ohio National Life Insurance Company’s termination of trailing commission payments on its variable annuities with guaranteed minimum income benefit (GMIB) riders. Many advisors seeking accountability are turning to a recently filed class […]

    Advisors have a suitability problem, FINRA warns

    {December 10th, 2018} by Kenneth Corbin

    Brokers continue to make numerous mistakes when it comes to devising suitable investment strategies for retail clients and making appropriate product recommendations, FINRA warns. The regulator has published a report highlighting the myriad deficiencies staffers observed over the course of their examinations of firms and branch offices in 2018. FINRA identified frequent citations in areas […]

    Lincoln Financial Group Announces Reinsurance Transaction with Athene and Accelerated Share Repurchase Program

    {December 10th, 2018} by Lincoln Financial Group

    RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) today announced it has entered into an agreement with a subsidiary of Athene Holding Ltd. (NYSE: ATH), to reinsure approximately $7.7 billion of in-force fixed and fixed indexed annuity products. The capital generated from the transaction, including a ceding commission paid by Athene combined with the release of […]

    Best’s Market Segment Report: U.S. Life/Annuity Outlook Revised to Stable as Operating Environment, Economy Improve

    {December 10th, 2018} by A.M. Best

    Oldwick – AM Best has revised its market segment outlook for the U.S. life/annuity (L/A) industry to stable from negative for 2019, citing increased profitability, improved regulatory and tax environments and a strengthening U.S. economy, along with overall reduced balance sheet risk due to a proactive approach taken by companies in recent years. A series of Best’s Market […]

    10 predictions for financial advice in 2019

    {December 8th, 2018} by Ryan W. Neal

    Despite recent stock market struggles, wealth management remains one of the strongest-performing sectors in financial services around the globe, according to Deloitte’s 2019 Banking & Capital Markets Outlook report. Macroeconomic trends, the movement towards fee-based relationships and favorable demographic shifts all give reason for continued optimism going into 2019.  Click HERE to read the full story […]

    FINRA Exam Report: 5 Big Problem Areas for Brokers in 2018

    {December 8th, 2018} by Janet Levaux

    The Financial Industry Regulatory Authority released its annual exam findings on Friday, zooming in on improper activity that it wants to stop. The report lists the areas in which industry players need to do better, based on what FINRA staff has been seeing out in the advisory field: advisors working on accounts and transactions for […]

    Don’t fear women. It’s bad for them and bad for business

    {December 7th, 2018} by InvestmentNews Editorials

    Are men really becoming afraid of women? That’s the upshot of a recent Bloomberg story about fallout from the #MeToo movement. The story described how some men on Wall Street and across financial services are avoiding women for fear that their actions will be misconstrued. The suggestion of such an approach caused an immediate and vigorous rebuke […]

    Group1001 Launches Relay® for California Residents

    {December 7th, 2018} by Group1001

    INDIANAPOLIS, Dec. 7, 2018 /PRNewswire/ — Group1001 has announced today the extended availability of Relay® in the state of California. Launched in October, Relay is a revolutionary financial product that rewards goal-oriented consumers with incredible cash-back on everyday expenses. Relay’s bold new insurtech offering couples an immediate annuity, issued by Guggenheim Life and Annuity Company, with a prepaid debit card offering […]

    Sandwich Generation: When Insurance And Caregiving Collide

    {December 7th, 2018} by Kim Anderson

    Sandwich generation. I remember the first time I heard this phrase. I had just started my career in financial services and I was confused. I thought, “Are they saying my generation likes sandwiches?” Then the instructor explained what it meant: a person who is sandwiched between caring for aging parents while also caring for children […]

    Finke: Why Annuities (and Free Steak Dinners) Deserve a Second Chance

    {December 7th, 2018} by Janet Levaux

    There’s been some revealing chatter on Twitter this week about Ron Lieber’s recent column in the New York Times, “We Went to a Steak Dinner Annuity Pitch. The Salesman Wasn’t Pleased.” In the piece, Lieber describes a controversial chart shared at the meal, featuring an equity indexed annuity performing almost 8.3% better than the S&P 500 […]

    States Expected To Ramp Up ‘Best Interest’ Efforts Early In 2019

    {December 7th, 2018} by John Hilton

    As many as 14 states want to put a “fiduciary duty” on insurance agents via new regulations, an industry spokeswoman said today.   Click HERE to read the full story via INN; subscription required. 

    Introducing Women in Banking: Next (and how to apply)

    {December 6th, 2018} by Bonnie McGeer

    About the new ‘Women in Banking: Next’ program For 16 years, American Banker’s Most Powerful Women in Banking and Finance rankings have been celebrating top-performing senior executives. Now we invite you to take part in a new opportunity to advance the mission of gender parity. Welcome to the launch of Most Powerful Women in Banking: Next. This award will […]

    9 Federal Life Insurance Company Reboot Facts, for Agents

    {December 6th, 2018} by Allison Bell

    Some individuals try to make money by fixing up and selling undervalued houses. Some investment groups try to do the same with insurance companies. Insurance Capital Group LLC (ICG), a New York-based player in the insurer reboot market, says it wants to help Federal Life Insurance Company of Riverwood, Illinois, increase its sales, improve its earnings […]

    Why Do So Many Families Go Without Life Insurance?

    {December 6th, 2018} by David Ehrenthal

    In a recent SBLI Financial Awareness Survey, we looked to see why so many families choose to ignore the risks of not having a life insurance policy. As the survey showed, although the majority understood the importance of life insurance to financial security, only a minority made a plan and acted on it. Why?   […]

    How Non-Annuity Owners Are… Different

    {December 6th, 2018} by Allison Bell

    Global Atlantic Financial Group is using new survey data to plant an idea:  retiring with an annuity could be a lot more fun than retiring without an annuity. The New York-based life and annuity issuer commissioned a survey of 4,223 U.S. residents ages 40 and older. Some were retired and some weren’t. Global Atlantic asked questions […]

    A Wall Street Rule For The #MeToo Era: Avoid Women At All Cost

    {December 6th, 2018} by Katia Porzecanski, Gililan Tan

    No more dinners with female colleagues. Don’t sit next to them on flights. Book hotel rooms on different floors. Avoid one-on-one meetings. In fact, as a wealth adviser put it, just hiring a woman these days is “an unknown risk.” What if she took something he said the wrong way? Across Wall Street, men are […]

    Should Annuity Products Get a Fiduciary Safe Harbor? Bloink & Byrnes Go Thumb to Thumb

    {December 6th, 2018} by Ronald Pechtimaldjian

    The set of tax reform bills collectively known as “Tax Reform 2.0” has been steadily making its way through Congress, and includes many retirement-related provisions that could substantially impact clients. One of the more recent amendments proposed by Republicans in the House would provide for a fiduciary rule safe harbor for retirement plan sponsors who […]

    The Good And Bad In Life Insurance 3Q Numbers

    {December 6th, 2018} by John Hilton

    There’s no doubt there was some good news and some bad news in the third-quarter life insurance sales numbers. How good and how bad depend on the time frame comparison and methodology used. Diving deeper into those things explains why LIMRA and Wink both were correct with last week’s “universal life is up” and “universal […]

    Choosing A Life Insurance Policy To Meet Your Needs

    {December 6th, 2018} by Catherine Schnaubelt

    Any good wealth management plan involves the periodic evaluation of your financial goals and objectives—and a well-designed approach to help achieve them. Although often overlooked as a planning tool, life insurance can serve a broad spectrum of needs for individuals, families and business owners. Since there are a multitude of policies available, choosing the right […]

    Delaware Life Insurance Company introduces new value-add sales consultants

    {December 5th, 2018} by Delaware Life Insurance Company

    WALTHAM, Mass., Dec. 3, 2018 /PRNewswire/ — Delaware Life Insurance Company, a leading provider of annuity and life insurance products in the U.S., added new talent with the introduction of the National Sales Consulting (NSC) team. This group of experienced professionals are highly educated consultants on income and tax planning, as well as business-building strategies for financial advisors. […]

    Young Women Have to Play Catch-Up in Retirement Savings

    {December 5th, 2018} by Kerry Hannon

    For Lindsay Corner, 25, saving for retirement has a greater urgency than for many of her peers. “None of my girlfriends talk about it, but I feel fairly confident about managing money and finances,” Ms. Corner said. “I learned about it from my parents and, in college, I studied accounting and finance and took a […]

    Athene in significant pension risk transfer transaction with Bristol-Myers

    {December 5th, 2018} by Athene Holding

    Athene Holding (ATH) announced a first-of-its-kind pension plan termination transaction with Bristol-Myers Squibb (BMY) covering more than 24,000 active employee participants, retirees, beneficiaries, and former Bristol-Myers Squibb employees who have not yet commenced their benefits. Under the agreement, Athene’s wholly-owned Iowa-domiciled life insurance subsidiary, Athene Annuity and Life company, agreed in advance to provide an […]

    Two autism diagnoses made this planner reprioritize

    {December 5th, 2018} by Charles Massimo

    When my two boys were toddlers, they were diagnosed with autism. Raising them — along with my daughter — has not only made me grow as parent, but has also made me a better financial advisor. Over the last 19 years I’ve learned some important lessons from parenting that have also benefited my business. Find Your […]

    The Society of Annuity Facts and Education (SAFE) responds to “We Went to a Steak Dinner Annuity Pitch. The Salesman Wasn’t Pleased.”

    {December 4th, 2018} by Bob Phillips

      Dear Mr. Ron Lieber and the Editors of the New York Times,   We are contacting you in response to your recent article on annuities, and want to thank you for taking the time to write about these retirement savings products. For the next 12 years, there will be an average of 10,000 people […]

    What Advisors, BDs Should Do About Ohio National’s End of Trailing Commissions

    {December 4th, 2018} by Jon Henschen

    Ohio National’s decision to stop trail payments has started a wave of legal actions — and this is before the change is set to take effect on Dec. 12, 2018. Here’s a list of some of the legal actions being taken against Ohio National: LPL Financial representative Lance Browning filed a lawsuit in federal district […]

    Is It Time To Harvest The NAIC Suitability In Annuity Transactions Model Regulation?

    {December 4th, 2018} by Ann Young Black and Jamie Bigayer

    At the NAIC Fall 2018 National Meeting, state regulators continued plowing through the Suitability in Annuity Transactions Model Regulation (Model 275) (Suitability Model). During its November 15 meeting, the Annuity Suitability (A) Working Group (Suitability WG) continued to fertilize the Suitability Model with a goal of elevating the standard of care for annuity sales to […]

    Litigation Alert For Broker-Dealers And Affected Financial Advisors: Sarraf Gentile LLP Announces Class Action Lawsuits Have Been Filed Against Ohio National For Terminating Trailing Commissions

    {December 4th, 2018} by Sarraf Gentile LLP

    NEW YORK, Nov. 29, 2018 (GLOBE NEWSWIRE) — Sarraf Gentile LLP announces that multiple class actions have been filed against Ohio National Life Insurance Company concerning its decision to terminate trailing commissions. The actions are pending in the United States District Court for the Southern District of Ohio (case numbers 18-cv-00763 and 18-cv-00769). The actions […]

    Brighthouse Prepares to Add Life Product

    {December 4th, 2018} by Allison Bell

    Brighthouse Financial Inc. hopes to introduce a major life insurance product by the end of the year. The Charlotte, North Carolina-based company hopes the product will help it attract about $250 million in deposits per year by 2021. The company is also counting on an enhanced annuity portfolio to generate 11% compound annual growth in deposits from […]

    Penn Mutual launches finance company for women

    {December 4th, 2018} by Staff report

    HORSHAM — The Penn Mutual Life Insurance Co. has launched a new company dedicated solely to women and their finances. MyWorth is meant to bridge the confidence gap between women and their money by bringing them the resources they need so they can take charge of their financial futures, the company said. “A watershed moment is […]

    Alabama Department of Insurance: Life Insurance Policy Tool Recovers $4.4 Million for Alabama Consumers

    {December 4th, 2018} by Targeted News Service (Press Releases)

    MONTGOMERY, Alabama, Nov. 29 — The Alabama Department of Insurance issued the following news release: The Life Insurance Policy Locator — launched by the Alabama Department of Insurance through the National Association of Insurance Commissioners — has matched consumers with policies totaling $4.4 million in the past 12 months. The NAIC launched the free national locator service in November 2016 to make it easier to connect […]

    Anger over Ohio National’s attack on VA contracts

    {December 4th, 2018} by Mary Beth Franklin

    I am angry and appalled by Ohio National Financial Services’ announcement that it will terminate the trailing commissions on existing variable annuity contracts with guaranteed income benefits. Talk about changing the rules in the middle of the game! Click HERE to read the full story via InvestmentNews; registration required. 

    SEC Proposes Summary Prospectus Rule for Variable Annuity and Variable Life Insurance Contracts

    {December 4th, 2018} by K&L Gates

    Executive Summary In a significant step toward improving variable insurance product (“VIP”) disclosure, the U.S. Securities and Exchange Commission (“SEC”), on October 30, 2018, proposed a new rule (the “Summary Prospectus Rule”) long advocated by the insurance industry that would allow VIP issuers to use a summary prospectus to satisfy prospectus delivery obligations under Section […]

    Annuity and mutual fund interests at odds over 401(k) disclosures

    {December 4th, 2018} by Greg Iacurci

    A fight is breaking out over retirement legislation that the U.S. Congress is trying to jam through before year’s end, pitting insurance and mutual fund groups, as well as large 401(k) providers, against each other. Click HERE to read the full story via InvestmentNews; registration required. 

    Ruark Consulting Releases Fall 2018 Variable Annuity Study Results

    {December 4th, 2018} by Ruark Consulting, LLC

    SIMSBURY, Conn.–(BUSINESS WIRE)–Ruark Consulting, LLC today released the results of its fall 2018 studies of variable annuity (VA) policyholder behavior. The studies, which examine the factors driving surrender behavior, income/withdrawals, and annuitization, were based on experience from 13.3 million policyholders spanning the period January, 2008 through June, 2018. Twenty-four variable annuity writers participated in the […]

    Cetera Files Arbitrations Against Ohio National Over Annuity Contracts

    {December 4th, 2018} by Diana Britton

    All six Cetera Financial broker/dealers have filed FINRA arbitration claims against Ohio National Life Insurance Company and its affiliates for cutting trail commissions on annuity contracts with guaranteed minimum income benefit riders. The firm filed three arbitration claims on behalf of its b/ds, which include Cetera Advisors, Cetera Advisor Networks, Cetera Investment Services (marketed as Cetera Financial Institutions), […]

    WealthVest Announces Elliott Eliason Assumes Regional Director Position

    {December 4th, 2018} by WealthVest

    BOZEMAN, MONT. (PRWEB) NOVEMBER 27, 2018 WealthVest continues to grow their team of wholesalers by hiring Elliott Eliason. Elliott will cover the Minneapolis/St. Paul area, helping financial professionals with retirement planning utilizing fixed and index annuities. WealthVest demonstrates traditional face-to-face wholesaling as the #1 independently owned distributor of fixed and fixed index annuities in financial institutions. […]

    A.M. Best Comments on Credit Ratings of Members of Ohio National Life Group Following Recent Developments

    {December 4th, 2018} by A.M. Best

    Oldwick – A.M. Best has commented that the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of “aa-ˮ of The Ohio National Life Insurance Company and its wholly owned subsidiary, Ohio National Life Assurance Corporation (together referred to as the Ohio National Life Group) are unchanged following a series of recent developments, including […]

    Stretching The Tax Benefits Of Annuities

    {December 4th, 2018} by N/A

    One of the biggest advantages of an annuity, tax deferral, can be lost when anyone other than a spouse inherits an annuity. Then, all deferred taxes on the gains must be paid sooner or later. It’s usually better to pay them later rather than sooner—and there are different ways to do that. If the beneficiary […]

    Indexed universal life insurance continues growth streak

    {December 3rd, 2018} by Greg Iacurci

    Indexed universal life insurance sales are up double digits as market conditions drive the product line to its eighth consecutive quarter of growth in premiums, according to insurance industry group Limra.   Click HERE to read the full story via InvestmentNews; registration required.  ******************************************************************************************* The group declined to provide dollar figures for sales, represented by […]

    Universal Life Insurance: Past Its Prime?

    {December 3rd, 2018} by Ben Mattlin

     In a 1980s TV commercial, Charlie Brown extols the benefits of universal life insurance. It “means the cash value of your insurance earns interest at competitive market rates,” he tells Linus. “Within limits, you can skip payments or vary the amount of coverage.” So persuasive was this type of simple sales pitch for a relatively […]

    Insurance Companies Obtain Relief to Use Statutory Financial Statements in Registration Statements Filed on Form S-1 for Certain Insurance Products

    {December 1st, 2018} by Vedder Price P.C

    On September 28, 2018, the staff of the SEC’s Division of Investment Management granted requests from certain applicant insurance companies to file audited financial statements prepared in accordance with statutory accounting principles (SAP)—instead of financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP)—in registration statements for certain index-linked annuities and group funding […]

    Critics Blast NAIC State-Accreditation Program as Unconstitutional

    {December 1st, 2018} by Elizabeth Festa

    The National Association of Insurance Commissioners’ state accreditation program is unconstitutional because it can coerce states to pass laws, and the NAIC itself has an outsize influence on insurance regulation, critics argued Thursday. Speaking at the Consumer Federation of America’s financial services conference in Washington, Daniel Schwarcz, professor of law at the University of Minnesota, […]

    Policy locator connects Oklahoma families with millions in lost life insurance policies

    {December 1st, 2018} by KFOR-TV AND K. QUERRY

    OKLAHOMA CITY – When you lose a loved one, finding life insurance policies may be a complicated issue for many families. The Oklahoma Insurance Department is reminding Oklahomans about the ‘Life Insurance Policy Locator,’ a free nationwide database. In the past 12 months, officials say the database has helped Oklahomans claim almost $2 million in […]

    Alignvest Acquisition II Corporation and Sagicor Financial Corporation Limited Announce Proposed Business Combination and Proposed Strategic Acquisition

    {December 1st, 2018} by Alignvest Acquisition II Corporation

    November 27, 2018 06:10 ET | Source: Alignvest Acquisition II Corporation Sagicor is the market-leading provider of insurance products and related financial services in the Caribbean region and has a growing presence as a provider of life insurance products in the United States. The Company has over 175 years of history in the region and is the second […]

    A.M. Best Places Credit Ratings of Sagicor Financial Corporation Ltd and Subsidiaries Under Review With Developing Implications

    {December 1st, 2018} by A.M. Best

    OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best has placed under review with developing implications the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” of Sagicor Life Inc. (St. Michael, Barbados), Sagicor General Insurance, Inc. (Bridgetown, Barbados) and Sagicor Life Insurance Company (Austin, TX). Concurrently, A.M. Best has placed under review […]

    Where the Income Puck is Going

    {November 29th, 2018} by Kerry Pechter

    Consider the challenge that faces advisors who want to do good for humankind and do well for themselves by specializing in the intriguing new niche called retirement income planning. Click HERE to read the full story via RIJ; subscription required. 

    Annuities ‘Compensate’ Even Short-Lived People

    {November 29th, 2018} by Kerry Pechter

    Heather and Simon, two 65-year-olds on the verge of retirement, have joined the bibulous Las Vegas gambler, Jorge, and the five 95-year-old bridge-playing tontine-minded grandmothers, among the useful fictions created by Moshe Milevsky, the Toronto-based annuity expert and author. Click HERE to read the full story via RIJ; subscription required. 

    Yet Another Firm is Fined Over Annuity Sales

    {November 29th, 2018} by Alex Padalka

    Another investment management company is on the hook over alleged failures in supervising the sale of variable annuities by its representatives, according to self-regulator Finra. From January 2013 through August this year, H. Beck allegedly failed to maintain a supervisory system and maintain and enforce written supervisory procedures while selling different share classes of variable annuities, including B-share […]

    Ameritas launches new indexed annuity

    {November 29th, 2018} by Ameritas Life Insurance Corp

    Lincoln, Neb., (November 26, 2018) – Ameritas Life Insurance Corp. this month introduced the Ameritas Accumulation 7 Index Annuity (Accumulation 7 IA), tracking four indices including the new uncapped S&P 500 Sector Rotator Daily RC2 5% Index. “The new S&P 500® index was launched on October 19, 2018 and is designed to measure an uptrend […]

    Hartford’s Nassau Re raises $200M for future growth

    {November 29th, 2018} by Joe Cooper

    Hartford insurer Nassau Re says it has raised $200 million in new capital to expand its fixed annuity and life insurance businesses. It will also initiate a rebranding that will eliminate the Phoenix Cos. name. Nassau Re, headquartered at 1 American Row, said the funding is being provided by private equity firm Golden Gate Capital, its […]

    Former FIO Chief: Regulatory Changes Post Crisis Not Always Popular, but Vital for Economy

    {November 28th, 2018} by Kate Smith

    NEW YORK – It’s been 10 years since the U.S. government bailed out American International Group Inc. with $180 billion. The 2008 financial crisis devastated Wall Street and left the world’s largest economy unraveling. Click HERE to read the original story via A.M. Best. Many questioned what role regulation — or lack thereof — played […]

    Younger Workers Amenable To Annuities . . . Eventually

    {November 28th, 2018} by Jeff Schlegel

    It stands to reason that older people at or near retirement would be more interested in annuities than younger folks, right? Well, not quite, at least according to a study from the LIMRA Secure Retirement Institute that looked at investors who had a discussion with their financial advisors about deferred annuities within the past three years […]

    F&G Upgraded to A- by A.M. Best

    {November 27th, 2018} by FGL Holdings

    GEORGE TOWN, Cayman Islands, Nov. 26, 2018 /PRNewswire/ — FGL Holdings (NYSE: FG), a leading provider of fixed indexed annuities and life insurance, announced today that rating agency A.M. Best upgraded the financial strength rating for F&G’s operating companies to “A-” (Excellent) on November 20. Additionally, A.M. Best assigned a financial strength rating of “A-” for F&G’s reinsurance business based […]

    Variable annuity shops eye property and casualty insurers to expand distribution

    {November 27th, 2018} by Greg Iacurci

    Some of the largest variable annuity shops have forged new distribution relationships with property and casualty insurers in a bid to boost sales. Click HERE to read the full story via InvestmentNews; registration required.

    Amid media scrutiny over sexual harassment claims, Fidelity promotes women to higher positions

    {November 27th, 2018} by Bloomberg News

    Fidelity Investments has stepped up promotions of women in its stock-picking group, which was hit last year amid sexual harassment allegations at the firm. Click HERE to read the full story via InvestmentsNews; registration required.

    NAIFA files suit against New York for mandating best-interest insurance sales

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

    An insurance industry trade association has gone to court to stop a New York regulation requiring insurance agents and brokers to act in the best interests of their clients when selling life insurance and annuity products. Click HERE to read the full story via InvestmentNews; registration required.

    Pacific Life Announces the First Performance Factors (2.46 and 4.18) for Its Best-Selling Indexed Universal Life Insurance Product

    {November 27th, 2018} by Pacific Life

    ALISO VIEJO, Calif. – November 15, 2018:  Pacific Life Insurance Company has announced the calculation of the first Performance Factors for its industry-leading1 indexed universal life insurance product, Pacific Discovery Xelerator IUL (PDX).2The PDX product provides death benefit protection and features a non-guaranteed Performance Factor that may multiply the interest credited to the indexed accounts beginning […]

    12 Best & Worst Broker-Dealers: Q3 Earnings, 2018

    {November 27th, 2018} by Janet Levaux

    The third quarter was a good one for most financial companies and broker-dealers, which benefited from a strong economy, tax breaks and a nearly 8% rise in the S&P 500. According to FactSet, three-quarters of financial companies reported earnings that topped estimates. Overall, the financial sector had average earnings growth of 36% in Q3. Diversified […]

    New York Best Interest Standard Violates Law: NAIFA-NY

    {November 27th, 2018} by Allison Bell

    A group for New York state life insurance producers says New York state’s new “best interest” standard regulation clearly conflicts with the state’s statutory definition of the term “insurance agent.” The National Association of Insurance and Financial Advisors — New York State Inc. (NAIFA-NY) makes that point in a suit against the New York Department of […]

    NAIFA Files Second Lawsuit Against NY Best-Interest Rule

    {November 27th, 2018} by John Hilton

    The National Association of Insurance and Financial Advisors’ New York chapter filed a lawsuit to stop the state’s controversial best-interest rule slated to take effect in August. New York finalized its best-interest standard in July for both annuity and life insurance sales. The state’s best-interest regulation is considered one of the toughest in the country, […]

    7 top adviser concerns in 2019

    {November 27th, 2018} by InvestmentNews

    With 2018 coming to an end, here are some of the top business concerns that are keeping advisers at Best Practices Award-winning firms up at night. CLICK HERE to check out their 2019 priorities to see if your firm should be thinking about these challenges for the new year.

    Northwestern Mutual Announces New Executive Leadership Appointments

    {November 27th, 2018} by Northwestern Mutual

    MILWAUKEE, Nov. 26, 2018 /PRNewswire/ — Northwestern Mutual announced two new senior leadership appointments that will continue to advance the company’s transformation and change the way people plan for, experience and achieve financial security. The following leaders are being promoted to new roles: Christian Mitchell has been appointed to executive vice president and chief customer officer, assuming responsibility for […]

    Lara Declares Victory in California Insurance Commissioner Race

    {November 27th, 2018} by Thomas Harman

    SACRAMENTO, Calif. – Democrat Ricardo Lara has declared victory in the race for California insurance commissioner over independent candidate Steve Poizner, a former Republican insurance commissioner. In an email, Lara said he wanted to be certain all votes were counted before making an announcement. On the morning of Nov. 9, Lara held a 1.6% lead […]

    For Financial Services: Change is a Constant

    {November 27th, 2018} by Craig Hawley

    Change is a constant in our fast-moving industry. And you can win by recognizing that the very same trends that are driving this change are not your obstacles—they are your allies. Case in point: This past September marked the ten-year anniversary of the biggest financial crisis to hit markets since the Great Depression. Today, it […]

    NY Insurance Trade Group Sues Over State’s Best-Interest Regulation

    {November 27th, 2018} by Alex Padalka

    An insurance industry trade group is challenging the legality of a best-interest regulation adopted in New York earlier this summer on the sale of insurance and annuities, according to news reports. The National Association of Insurance and Financial Advisors for New York State has filed a lawsuit in New York Supreme Courtclaiming the regulation by the New York […]

    Yet Another Firm is Fined Over Annuity Sales

    {November 27th, 2018} by Alex Padalka

    Another investment management company is on the hook over alleged failures in supervising the sale of variable annuities by its representatives, according to self-regulator Finra. From January 2013 through August this year, H. Beck allegedly failed to maintain a supervisory system and maintain and enforce written supervisory procedures while selling different share classes of variable annuities, including B-share […]

    Insurance Agents Sue To Overturn New York’s Best-Interest Reg

    {November 26th, 2018} by Tracey Longo

    The National Association of Insurance and Financial Advisors for New York State (NAIFA-NYS) has filed a lawsuit challenging the legality of New York’s “best-interest” regulation. The lawsuit, filed Friday, alleges that the New York Department of Financial Services (DFS) regulation—which for the first time requires agents and brokers to ensure that any transaction involving insurance […]

    4 Reasons You Should Consider Life Insurance As A Planning Tool

    {November 26th, 2018} by Catherine Schnaubelt

    If you’re like most people, you probably think you don’t need life insurance until you provide for a family of your own. Even then, life insurance may not be on your radar when it comes to financial planning. According to the 2018 Insurance Barometer Study from Life Happens and the Life Insurance and Market Research […]

    The Age of Digital Insurance Is Here, And It’s Decidedly More Human

    {November 23rd, 2018} by Vidyesh Khanolkar

    Nov 21, 2018 — I’ve spent most of my career in the IT industry, where responses to this question range from “the people business” to “the code-cutting business” and everything in between. In the insurance industry, the answers are more along the lines of “the risk coverage business,” “the risk management business,” “the data business,” and many, […]

    Hester Peirce: All women do not speak with the same voice, and SEC commissioners are no different

    {November 23rd, 2018} by Hester Price

    Fifty years ago, then-Securities and Exchange Commission chairman Manny Cohen, speaking to the Women’s Bond Club of New York, predicted: “Perhaps if we take steps to make clear that women really have an important role to play in the world of finance, [you] will, one day, be gathered here to listen to an address by a […]

    Cetera broker-dealers latest to file legal claim against Ohio National

    {November 23rd, 2018} by Greg Iacurci

    This story has been updated to include additional information not available when originally published. The six broker-dealers in the Cetera Financial Group network have filed arbitration claims against Ohio National Life Insurance Co. and affiliates, seeking to prevent the loss of millions of dollars in annuity trail commissions that they allege are in jeopardy due […]

    Ohio National President/COO Departs After A Controversial Three Months

    {November 22nd, 2018} by John Hilton

    Ohio National Financial Services made a surprise announcement Tuesday that president and COO Christopher Carlson is retiring three months after taking the position. Carlson leaves two months after the company made the stunning decision to break contract agreements with advisors who sold specific variable annuities. That unprecedented decision eliminated future trail commissions for those advisors. Click HERE […]

    Ohio National lays off chief distribution officer; president retires after three months on the job

    {November 22nd, 2018} by Greg Iacurci

    Ohio National Financial Services Inc. laid off its chief distribution officer, H. Douglas Cooke, at the same time that president and chief operating officer Christopher Carlson has decided to retire, three months after being promoted. The executive changes come less than two months after a controversial decision to stop paying trail commissions to advisers on some of […]

    A.M. Best Upgrades Credit Ratings of Fidelity & Guaranty Life Holdings and Key Subs. Assigns Ratings to F & G Reinsurance Ltd

    {November 22nd, 2018} by A.M. Best

    FOR IMMEDIATE RELEASE OLDWICK – NOVEMBER 20, 2018 A.M. Best has upgraded the Financial Strength Rating to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a-” from “bbb+” of the key life/health subsidiaries of Fidelity & Guaranty Life Holdings, Inc. (FGLH) (Delaware). The outlook of these Credit Ratings (ratings) has […]

    New Rules Could Prevent Annuity Derivatives Blight

    {November 22nd, 2018} by Allison Bell

    State insurance regulators are moving ahead with a project that could help keep variable annuities on the shelves — by keeping decreases in the theoretical value of derivatives contracts from making their financial statements look like a blighted soybean leaf. Publicly traded insurers, especially, fear that “non-economic” changes in derivative contract values could make their earnings […]

    Eric Cioppa to Lead State Insurance Regulator Group

    {November 22nd, 2018} by Allison Bell

    Members of the National Association of Insurance Regulators (NAIC) have elected Eric Cioppa to be their 2019 president. Cioppa is the Maine insurance superintendent. He’ll succeed Julie Mix McPeak of Tennessee as the NAIC president Jan. 1. Commissioners cast their votes Sunday, at the NAIC’s fall national meeting in San Francisco. NAIC members also elected […]

    Producer Groups Sue Over New York State Sales Standard Regs

    {November 22nd, 2018} by Allison Bell

    Two groups for property & casualty insurance producers have gone to court in an effort to block New York state’s new “best interest” sales standard regulations for sellers of life insurance and annuity products. The Independent Insurance Agents & Brokers of New York Inc. (Big I NY) has joined with another P&C group, the Professional […]

    Millennials most at risk generation when it comes to life insurance

    {November 22nd, 2018} by Insurance Forums Staff

    The Millennial generation is now the least prepared for unexpected life events due to a lack of adequate life insurance coverage, according to the latest edition of New York Life’s Life Insurance Gap survey, released Nov. 13. The survey asks Americans to compare how much life insurance they need, based on living expenses and plans […]

    Life Happens awards over $200,000 to 21 aspiring students through its annual Life Lessons Scholarship Program

    {November 22nd, 2018} by Insurance Forums Staff

    Prentiss Bullard was in high school when a car struck and killed his father in 2016. While Prentiss grappled with a harsh new reality and the inconceivable loss of a parent, Prentiss and his family faced incredible financial stress because Prentiss’ father did not have adequate life insurance coverage to protect his family and loved […]

    For Women Today, 70 is the New 50

    {November 22nd, 2018} by TD Ameritrade Holding Corporation

    November 15, 2018 — OMAHA, Neb.–(BUSINESS WIRE)– Gone are the days of wishing away old age; for women, the consensus is that the best is yet to come. According to a new survey conducted for TD Ameritrade, 73 percent of women believe that “70 is the new 50” — compared to 59 percent of men who […]

    Lincoln Financial Group Launches Fixed Indexed Annuity to Help Boost Retirement Savings Through Immediate Six Percent Bonus

    {November 22nd, 2018} by Lincoln Financial Group

    RADNOR, Pa.–(BUSINESS WIRE)–To help quell client concerns over market volatility and its impact on retirement portfolios, Lincoln Financial Group (NYSE: LNC) today announced the introduction of Lincoln OptiBlend® Plus fixed indexed annuity. This new solution helps clients jump start their retirement savings with an immediate account bonus of six percent, added to their account value at the time […]

    Last year, Californians got $17.3 million from lost insurance policies. Do you have one?

    {November 22nd, 2018} by Andrew Sheeler

    Californians have claimed more than $17.3 million in life insurance benefits in the last 12 months, and more than $33.8 million since the state debuted its “Life Insurance Policy Locator,” according to the California Department of Insurance. “This policy locator has made a meaningful difference in thousands of Californians’ lives,” California Insurance Commissioner Dave Jones […]

    The Penn Mutual Life Insurance Company Launches myWorth to Empower Women with Financial Confidence

    {November 22nd, 2018} by The Penn Mutual Life Insurance Company

    HORSHAM, Pa.–(BUSINESS WIRE)–The Penn Mutual Life Insurance Company (Penn Mutual) is excited to announce their recent support and launch of myWorth, a company dedicated to bridging the confidence gap between women and their money and bringing them the resources they need so they can take charge of their financial futures. According to a recent Gender Gap […]

    The Big Millennial Life Insurance Gap

    {November 22nd, 2018} by Ashlea Ebeling

    Only 10% of Millennials say they have enough life insurance in place to cover self-reported needs should they die, putting their family members at risk. That’s the sobering news from New York Life’s 2018 Life Insurance Gap Survey. Millennials with life insurance have an average of $100,000 in life insurance protection in place, enough to […]

    Index Proposal Could Make Some Annuities Look Too Good: Consumer Group

    {November 22nd, 2018} by Allison Bell

    The Center for Economic Justice (CEJ) says a new indexed annuity regulation proposal could help dishonest life insurers fool consumers. The proposal could affect how life insurers illustrate the performance of indexed annuities featuring relatively new investment indexes. If regulators aren’t careful, new annuity illustration rules could help a life insurer hide how an investment index would perform […]

    AXA Equitable Posts Strong Buffer Annuity Sales

    {November 22nd, 2018} by Allison Bell

    AXA Equitable Holdings Inc. is reporting strong growth in buffer annuity sales and operating earnings for the third quarter. But the value of derivative contracts the company uses to hedge benefits guarantees fell sharply, and the change in the recorded value of those contracts led the company to post a big net loss for the […]

    The Big I And PIANY File Lawsuit Against New York Best-Interest Reg

    {November 22nd, 2018} by John Hilton

    The Big I and the Professional Insurance Agents of New York filed a lawsuit today against the best-interest regulation approved by New York officials this summer. New York finalized its best-interest standard in July for both annuity and life insurance sales. The state’s best-interest regulation is considered one of the toughest in the country, one that New York officials are […]

    Some good news about female recruitment in financial advice

    {November 22nd, 2018} by Matt Sirinides

    Whether promoted from within or hired from outside the firm, each of four core advisory positions tracked in InvestmentNews‘ benchmarking study has seen an uptick in women entrants. It’s recently been reported that women are now better educated than their husbands and control over half of all private wealth.  Click HERE to read the full story via InvestmentNews; registration […]

    Fight Over NJ Fiduciary Rule Heats Up

    {November 22nd, 2018} by Melanie Waddell

    Supporters and opponents of New Jersey’s fiduciary plan went toe to toe Monday as the state’s securities bureau held its second hearing on the plan. New Jersey’s insistence on moving ahead with its own fiduciary rule “suggests an impatience and disregard” for how the Securities and Exchange Commission finalizes its advice standards package, specifically Regulation […]

    Investors Heritage Enters Annuity Space with Launch of Heritage Builder Annuity

    {November 22nd, 2018} by Investors Heritage Life Insurance Company

    FRANKFORT, Ky.–(BUSINESS WIRE)–Investors Heritage Life Insurance Company (“Investors Heritage”) announced today that it has expanded its suite of leading service offerings with the launch of the Heritage Builder Annuity, a single-premium deferred, multi-year, rate-guaranteed annuity. Investors Heritage is a Kentucky-domiciled life insurance company currently licensed in 38 states. The company has long been a market […]

    Fight for New Jersey fiduciary rule yields doomsday rhetoric from both sides

    {November 22nd, 2018} by Greg Iacurci

    The fight over New Jersey’s proposed fiduciary standard for brokers has only just commenced, and stakeholders on both sides of the spat already are resorting to gloom-and-doom forecasts, linking the rule’s fate to an impending catastrophe and a perilous state of affairs. Click HERE to read the full story via InvestmentNews; registration required. 

    Goldman Sachs rising star fired 15-year veteran on maternity leave, complaint says

    {November 22nd, 2018} by Bloomberg News

    Two years ago, Tania Mirchandani, a Goldman Sachs Group Inc. vice president in Los Angeles, told her boss she was pregnant with her third child. He was skeptical she could balance a large family with her demanding job, she recalled. That’s “a lot of mouths to feed,” she quoted him as saying. Click HERE to […]

    Forecasters Wonder About Scratchy Credit Market Throat

    {November 22nd, 2018} by Allison Bell

    The recent turmoil in the market for General Electric Co.’s bonds has started to remind investors that corporate borrowers sometimes fail to make their debt payments. But, for now, life insurer stability trackers see tales of debt issuer problems as something interesting to think about, not as a symptom of a bad financial head cold, […]

    New York Life approves largest total dividend payout to policy holders in company history.

    {November 22nd, 2018} by New York Life

    NEW YORK, November 15, 2018 — New York Life, America’s largest mutual life insurer, today announced that the company expects to pay eligible participating policy owners a record dividend payout of $1.8 billion in 2019. This milestone will mark the 165th consecutive year that New York Life has paid a dividend to policy owners, underscoring the company’s continued […]

    Wells Fargo layoffs: Why it’s happening and what it means for Des Moines

    {November 22nd, 2018} by Kevin Hardy

    Wells Fargo will lay off 400 Des Moines-area workers as the beleaguered bank works to shed tens of thousands of jobs across the country — and company officials aren’t saying how many more of the bank’s 15,500 Iowa jobs might be cut in the future. But experts say the cutbacks have more to do with Wells Fargo’s […]

    Ohio National Sued for Compensation Breach

    {November 22nd, 2018} by Kerry Pechter

    A Whitehouse, Texas, financial advisor has filed a federal class action suit against Ohio National Life in Ohio Southern District Court for allegedly refusing to pay future trail commissions on certain variable annuities with lifetime income riders that he and other broker-dealer reps have sold in recent years. The suit, filed by advisor Lance Browning of […]

    Annuity advocates react warmly to proposed SEC rule on VA disclosures

    {November 22nd, 2018} by Brian Anderson

    The Securities and Exchange Commission’s recent introduction of a proposal that would modernize the process of disclosing information about variable annuities was met with cries of “it’s about time” from annuity industry advocates. The SEC proposal for new rule 498A under the Securities Act, released Oct. 30, would modernize disclosures by using a layered disclosure […]

    First and foremost, consumers buy annuities to create retirement income

    {November 22nd, 2018} by Insurance Forums Staff

    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% of pre-retirees list having enough […]

    These Go To 11: Indexing Beyond Rates And Renewals

    {November 22nd, 2018} by Eric Thomes

    There’s a famous scene from the movie mockumentary This Is Spinal Tap in which guitarist Nigel Tufnel proudly demonstrates an amplifier whose volume knob is marked from zero to 11, instead of the usual zero to 10. When the film’s director, Marty DiBergi, asks Nigel the logical question “Why don’t you just make 10 louder?” Nigel hesitates before responding […]

    NAIC Working Group Settles On Policy Summary Concept

    {November 22nd, 2018} by John Hilton

    A state insurance commissioners’ working group ironed out a few sticking points Friday with its long-delayed “policy overview” summary to accompany life insurance sales. With language and process proposed by Chairman Richard Wicka, deputy chief legal counsel for the Wisconsin Office of the Commissioner of Insurance, the group agreed to require distribution of a policy […]

    U.S. annuities sales boom after fiduciary rule kicks the bucket

    {November 22nd, 2018} by Suzanne Barlyn

    (Reuters) – U.S. annuities sales are booming months after the demise of a regulation that targeted the product, which had required that brokers put customers’ interests ahead of their own compensation. Several U.S. insurers reported surging annuities sales when outlining third-quarter results in recent weeks. American International Group Inc’s (AIG.N) individual retirement business posted $3.2 […]

    Opinion: Do annuities have a place in your retirement portfolio?

    {November 22nd, 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 […]

    Life Carriers to Gain Data Analytics Advantage with iPipeline’s New InsureSight Service

    {November 22nd, 2018} by iPipeline

    EXTON, PA (November 13, 2018) – iPipeline® – a leading provider of cloud-based software solutions for the life insurance and financial services industry – today reported InsureSight® for Carriers with Case Analytics will be made available to life insurance carriers in the first quarter of 2019.  Designed to enable carriers to competitively benchmark their sales performance […]

    A.M. Best: Insurers Face Steep Costs In New York

    {November 22nd, 2018} by John Hilton

    A new analysis by A.M. Best confirms what many insurers feared: New York’s best-interest rules are going to increase the costs of doing business in the state. New York finalized its best-interest standard in July for both annuity and life insurance sales. The state’s best-interest regulation is considered one of the toughest in the country, one that New York officials […]

    Penn Mutual Pays Out $87M In Dividends

    {November 22nd, 2018} by INN Daily

    HORSHAM, Pa. – The Penn Mutual Life Insurance Company (Penn Mutual) is pleased to announce its Board of Trustees has approved a 2019 dividend award payout to eligible policyholders of $87 million—an increase over the 2018 award. Headquartered in Horsham, PA, Penn Mutual attributes the substantial dividend payout increase to the growth and strong performance of […]

    Why Life Insurers Are Talking About Gamification

    {November 22nd, 2018} by Jane Wang

    LIMRA shared some interesting new stats from their research at their annual conference a couple of weeks ago, and it looks like 2018 is going to be another challenging year for life insurers in the North American market. To combat market disruptors and close the current $25 trillion protection gap, the industry appears to be […]

    Ohio National elects Barbara A. Turner president and chief operating officer

    {November 22nd, 2018} by Ohio National Financial Services

    CINCINNATI, Nov. 20, 2018 (GLOBE NEWSWIRE) — Ohio National Financial Services announced today that its Board of Directors has elected Barbara A. Turner, CRCP, president and chief operating officer, effective November 30. Turner succeeds Chris Carlson, who is retiring from Ohio National for personal reasons after 25 years with the company. “Barbara’s decades of experience […]

    Younger Working Consumers Open to Annuities

    {November 22nd, 2018} by LIMRA Secured Retirement Institute

    LIMRA Secured Retirement Institute wanted to take a closer look at those who debated buying annuities but decided not to purchase and find out why. This most recent study looks at investors who had a discussion with their advisors about deferred annuities within the past three years but then decided not to buy. The research […]

    3 reasons for the annuity sales spike

    {November 22nd, 2018} by Scott Stolz

    LIMRA reported that total annuity sales in the second quarter were $59.5 billion, up nearly 15% from the previous quarter. [Click HERE for Wink’s annuity second-quarter sales release] It’s been almost three years since the industry has reported sales at these levels. When LIMRA releases third-quarter sales in the coming weeks, I expect to see […]

    Commonwealth files Finra arbitration, lawsuit against Ohio National for ‘unlawful’ VA scheme

    {November 22nd, 2018} by Greg Iacurci

    Commonwealth Financial Network has brought both a lawsuit and Finra arbitration against Ohio National Life Insurance Co. for the alleged “unlawful scheme” orchestrated by the insurer involving variable annuity compensation. Click HERE to read the full story via InvestmentNews; registration required.

    Ohio National offers buyouts, ends commission trails amid jumbled regulatory oversight of VAs

    {November 22nd, 2018} by Mark Schoeff Jr.

    Ohio National Financial Services Inc. began offering buyouts this week to policyholders who have a variable annuity on which the firm will stop paying brokers next month. In a letter to investors, however, the firm encouraged customers to “work with a trusted financial professional” to evaluate whether they should take the money in exchange for […]

    Ohio National Life Faces Multiple Federal Lawsuits Over Plans to End Trail Commissions

    {November 22nd, 2018} by Thomas Harman

    CINCINNATI – Ohio National Life Insurance Co. is facing lawsuits seeking to have a federal court prevent the company from implementing plans to end payment of trail commissions on certain variable annuity policies later this year. The complaints were filed by Arkansas-based independent broker/dealer Veritas Independent Partners and a licensed security representative named Lance Browning. […]

    Anthony W. Dunn Joins American Financial Group, Inc. as Vice President

    {November 22nd, 2018} by American Financial Group, Inc.

    CINCINNATI–(BUSINESS WIRE)–American Financial Group, Inc. (AFG) is pleased to announce the hiring of Anthony W. Dunn as Vice President, overseeing the Internal Audit function for the Company and its subsidiaries. Mr. Dunn has 20 years of experience in the insurance and financial services industry. Prior to joining American Financial Group, he served as Senior Vice […]

    Nationwide cutting 1,100 jobs in Columbus, across the country

    {November 22nd, 2018} by Tristan Navera

    A massive restructuring at Nationwide will reduce its workforce by 1,100 people, including cutting hundreds of jobs in Columbus. The Columbus-based insurance and financial services giant is telling 430 people today that their jobs will be eliminated – 350 in Columbus and 80 in Des Moines – with more to come in the next few […]

    Life Insurance Market 2018 | Latest Innovation, Technology Analysis, Top Manufacturers, Business Intelligence, Industry Growth Factors, Development Trends | 2025 Forecast Research Report

    {November 22nd, 2018} by Orian Research

    This report studies the global Life Insurance market size, industry status and forecast, competition landscape and growth opportunity. This research report categorizes the global Life Insurance market by companies, region, type and end-use industry. Get Sample Copy of This Report at www.orianresearch.com/request-sample/576322  The Life Insurance Market Research Report 2018 includes various topics like total market size, […]

    Some Life Insurers Still Hate Their Claims Admin Systems

    {November 22nd, 2018} by Allison Bell

    Midsize life and annuity issuers may be more eager to replace their claims administration systems than bigger issuers are. Analysts from Novarica, a Boston-based research firm, have included data suggesting that possibility in a new review of the life claim administration system For questions about claim-handling capabilities, the firm received survey responses from chief information officers (CIOs) at […]

    Know When to Switch From Bonds to Annuities

    {November 22nd, 2018} by Rebecca Lake

    WHILE SAVINGS ACCOUNTS or certificates of deposit should get a bump from continued interest rate hikes, the bonds in your portfolio may not fare as well. The State Street Investor Confidence Index, which measures investor sentiment, lost 3.4 points in October, falling to 84.4 on the heels of the Federal Reserve’s September rate hike. A third-quarter survey by […]

    5 Reasons This Week’s NAIC Meeting Is… Different

    {November 22nd, 2018} by Allison Bell

    Hundreds of state insurance commissioners, aides, lobbyists and consumer group representatives have gathered in San Francisco this week for the fall national meeting of  the National Association of Insurance Commissioners. The agenda for the NAIC’s life insurance, annuity and health insurance seems lighter than usual, with a lot more focus on approving consumer guides and discussing […]

    Lawsuits accuse Ohio National of breaking commission agreements

    {November 22nd, 2018} by Tobias Salinger

    An independent broker-dealer and an LPL Financial advisor have accused a retreating variable annuity issuer of breach of contract in two lawsuits filed in the same week. The filings, which both seek class-action status, come after Cincinnati-based insurance firm and IBD Ohio National Financial Services decided to stop writing new VA contracts and cut off […]

    As Genworth pushes toward merger completion, one report questions viability of the $2.7 billion deal

    {November 22nd, 2018} by John Reid Blackwell

    More than two years after the deal was announced, the proposed acquisition of Henrico County-based insurance giant Genworth Financial Inc. by a China-based financial conglomerate finally may be nearing completion. Genworth, a seller of mortgage and long-term care insurance with thousands of employees in Virginia, has said it hopes to clear the final regulatory hurdles […]

    AXA Equitable Posts Strong Buffer Annuity Sales

    {November 13th, 2018} by Allison Bell

    AXA Equitable Holdings Inc. is reporting strong growth in buffer annuity sales and operating earnings for the third quarter. But the value of derivative contracts the company uses to hedge benefits guarantees fell sharply, and the change in the recorded value of those contracts led the company to post a big net loss for the […]

    Allianz Life Finds Many Americans Want Convenient Way to Handle RMDs That Helps Offset Taxes, Leaves Legacy

    {November 13th, 2018} by Allianz Life Insurance Company of North America

    MINNEAPOLIS–(BUSINESS WIRE)–Required minimum distributions (RMDs) – which can be complex, mandatory and challenging from a tax perspective – have come back into the spotlight due to potential government rule changes. While a majority (88%) of high net worth consumers ages 65-75 are familiar with RMD rules on tax-deferred retirement plans, a full 80% of these […]

    Best’s Special Report: New Regulation May Impact Life/Annuity Sales Practices and Products in New York State

    {November 13th, 2018} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–Insurers selling life and annuity contracts in New York state will likely face additional overhead costs and a learning curve for sales staff under a new regulation geared toward increased consumer awareness that is set to take effect in August 2019, according to a new A.M. Best report. The New York Department of Financial Services […]

    LPL broker sues Ohio National for ‘unlawful’ move on variable annuity compensation

    {November 13th, 2018} by Greg Iacurci

    A broker with LPL Financial has filed a class-action lawsuit against Ohio National Life Insurance Co. and two affiliates for the allegedly unlawful termination of trail commissions on certain variable annuity policies. Click HERE to read the full story via InvestmentNews; registration required.   

    Life application activity up for over-60 crowd, down for younger demographics, MIB reports

    {November 13th, 2018} by Insurance Forums Staff

    While U.S life insurance application activity is down 2.8% year-over-year through October according to the latest report from MIB Life Index, there is one demographic that has been shown fairly consistent growth since March: Older Americans. Ages 60+ U.S. life insurance application activity solidly led all others in October, up a significant 8.3% compared to […]

    New business premiums for life insurance sector up 15%

    {November 13th, 2018} by Allison Bell

    The Center for Economic Justice (CEJ) says a new indexed annuity regulation proposal could help dishonest life insurers fool consumers. The proposal could affect how life insurers illustrate the performance of indexed annuities featuring relatively new investment indexes. If regulators aren’t careful, new annuity illustration rules could help a life insurer hide how an investment index would perform […]

    Life-LTC Hybrids Confuse Regulators, Too

    {November 13th, 2018} by Allison Bell

    Even many state insurance regulators, and consumer advocates with a formal role at the National Association of Insurance Commissioners (NAIC), have a hard time understanding some of the terms related to life insurance provisions that can be used to pay for long-term care (LTC) services. That confusion came up in October, when members of the […]

    ‘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.