NAIC Panel to Ponder Contingent Annuities
{August 31st, 2011} by Allison Bell
By ALLISON BELL Published 8/30/2011 The Life Insurance and Annuities Committee is considering a task force referral on annuities set up in such a way that benefits payments start only when a specified event occurs. The Life Committee, an arm of the National Association of Insurance Commissioners (NAIC), Kansas City, Mo., may end up […]
California Lawmakers OK Annuity Suitability Bill Based on NAIC Model
{August 30th, 2011} by Arthur D. Postal
An annuity suitability standards bill, A.B. 689, has made it through the California Legislature and is waiting for the signature of Gov. Jerry Brown. The bill passed in the state Senate by a 34-0 vote; it passed in the Assembly by a 79-0 vote in May and by a 76-0 vote last week.Brown has […]
Personnel Changes: Zurich, American United, ASPPA, Lockton Dunning
{August 29th, 2011} by N/A
By NU ONLINE NEWS SERVICE Published 8/26/2011 Zurich Financial Services has hired Lance Henderson to be head of sales – corporate life and pensions North America for global life. Henderson will work out of the Zurich office in Edina, Minn., according to Zurich Financial, Zurich. Henderson previously was the regional director for the Americas […]
Fixed and indexed annuity sales crept upward during 2Q
{August 28th, 2011} by Darla Mercado
ING Secure Index 7 is most popular among independent B-Ds By Darla Mercado August 26, 2011 Benefiting from depressed rates on certificates of deposit, indexed annuity sales experienced a bump in sales during the second quarter. Sales of the products surged to $8.4 billion, growing 18% from the first quarter. Meanwhile, income annuities climbed 30% to […]
Beacon: Non-MVA Fixed Annuities Gain
{August 28th, 2011} by Allison Bell
By NU ONLINE NEWS SERVICE Published 8/25/2011 Sales of fixed annuities without market-value-adjustment features increased to $8.2 billion in the second quarter, up 4% from the total for the second quarter of 2010.Sales of fixed annuities with MVA features fell 12%, to $1.5 billion, and indexed annuity sales fell 2%, to $8.4 billion, according […]
Lincoln Financial Group Introduces Lincoln LifeReserve® Indexed Universal Life Policy
{August 28th, 2011} by N/A
PHILADELPHIA, Aug. 25, 2011 /PRNewswire/ — Lincoln Financial Group (NYSE: LNC) recently introduced Lincoln LifeReserve® Indexed UL (2011), issued by The Lincoln National Life Insurance Company, Fort Wayne, Ind. Designed for the accumulation of assets along with life insurance protection, Lincoln LifeReserve® Indexed UL (2011) uses the S&P 500 Index to credit interest through the […]
Industry Expert Marrion Reports Index Annuities Are More Competitive Than They Have Ever Been
{August 25th, 2011} by Jack Marrion
Posted By: Editor On 8/23/2011 11:16:00 AM Industry Expert Marrion Reports Index Annuities Are More Competitive Than They Have Ever Been St. Louis MO, 23 August 2011 — The summer issue of Advantage Compendium highlights the reasons why index annuities continue to be very competitive in these difficult times. The edition compares index annuity competitiveness […]
AnnuityNews Wrap: Downgrade Begets Downgrade?
{August 25th, 2011} by Linda Koco
Posted By: Editor On 8/24/2011 11:11:00 AM By Linda Koco Industry people are buzzing about the Aug. 22 announcement that Standard & Poor’s chief honcho, President Deven Sharma, is stepping down. Reason cited was his desire to “pursue other opportunities,” but the talk is that S&P’s August rating downgrade of the U.S. played a role. […]
NAIC Eyes Separate Account Rules
{August 25th, 2011} by Sheryl J. Moore
By ALLISON BELL Published 8/23/2011 A subgroup at the National Association of Insurance Commissioners (NAIC) is asking whether the current regulatory framework for separate accounts makes sense, and whether guarantees have a legitimate place in a separate account. Members of the separate accounts subgroup at the NAIC’s Life Actuarial Task Force have included those questions […]
FINRA: Save Those Tweets, Texts, Calls, Etc.
{August 25th, 2011} by Allison Bell
By ALLISON BELL Published 8/23/2011 Financial Industry Regulatory Authority Inc. communications record retention rules apply to all communications devices and technologies, FINRA officials say. FINRA, Washington, talks about the rules that govern member firms’ use of social networking websites and personal communications devices in FINRA Regulatory Notice 11-39. The rules apply to FINRA member firms […]
Creative Marketing Welcomes Lars Larsen to their Tailor Made Group
{August 22nd, 2011} by N/A
August 19, 2011 | PR Web Email Print Free Newsletter Leawood, KS(PRWEB)August 19, 2011 Lars Larsenof Heritage Financial North inBurlingame, Calif., has accepted an invitation to join Creative Marketing’s exclusive Tailor Made group. Induction into this network means Larsen is one of an elite group of top-selling insurance and financial professionals across the country who […]
Securian Acquires American Modern Life Insurance, Southern Pioneer
{August 22nd, 2011} by Diana Rosenberg
August 20, 2011 | A.M. Best Company, Inc. Email Print Free Newsletter Copyright: (c) 2011 A.M. Best Company, Inc. Source: A.M. Best Company, Inc. Wordcount: 286 Securian Financial Groupsaid it plans to acquireAmerican Modern Life Insurance Co.and its subsidiary,Southern Pioneer Life Insurance Co., as it continues to grow through acquisitions. “They were offering books of […]
Puny Treasury yields could trigger more cuts to annuities – and agents' commissions
{August 22nd, 2011} by Darla Mercado
Key 10-year Treasury falls to an all-time low; brokers, customers and carriers could feel the pinch By Darla Mercado August 18, 2011 Given the gyrations in the stock market — including another big sell-off today — annuities are suddenly a hot property. But low Treasury yields, sparked by investors’ flight to safety, could be a deal […]
Puny Treasury yields could trigger more cuts to annuities – and agents’ commissions
{August 22nd, 2011} by Darla Mercado
Key 10-year Treasury falls to an all-time low; brokers, customers and carriers could feel the pinch By Darla Mercado August 18, 2011 Given the gyrations in the stock market — including another big sell-off today — annuities are suddenly a hot property. But low Treasury yields, sparked by investors’ flight to safety, could be a deal […]
NAIC Plenary May Vote on Annuity Disclosure, STOA Items
{August 22nd, 2011} by Allison Bell
By NU ONLINE NEWS SERVICE Published 8/19/2011 The National Association of Insurance Commissioners executive committee and plenary plan to consider Annuity Disclosure Model Regulation amendments and a stranger-originated annuity (STOA) transactions bulletin at the NAIC’s summer meeting. The executive committee of the NAIC, Kansas City, Mo., typically approves a measure before it comes up […]
AIG Pays $2 Billion to Treasury
{August 22nd, 2011} by Allison Bell
By ALLISON BELL Published 8/19/2011 American International Group Inc. (AIG) has moved closer to getting its AIA Aurora L.L.C. subsidiary out of hock the U.S. Treasury Department. AIG, New York (NYSE:AIG), has paid the Treasury Department $2 billion of the $2.16 billion it took in by selling a subsidiary — Nan Shan Life Insurance Company […]
Personnel Changes: Pan-American Life, Jackson National, Mintel Comperemedia, Vertafore, Heffernan
{August 22nd, 2011} by Ashley Scudder
By ASHLEY SCUDDER Published 8/19/2011 Pan-American Life Insurance Group Inc. has hired Robert DiCianni to succeed Eugenio Magdalena as senior vice president for Latin America.Magdalena is on permanent medical leave because of an accident, according to Pan-American, New Orleans. DiCianni, who will be based in Panama, previously was managing director of ALICO Mexico, a division […]
LIMRA: Variable Annuity Sales Climb in Second Quarter 2011
{August 19th, 2011} by Allison Bell
By NU ONLINE NEWS SERVICE Published 8/18/2011 Total U.S. individual variable annuity (VA) sales climbed to $41 billion during the second quarter, up 16% from the total for the second quarter of 2010, according to LIMRA.LIMRA, Windsor, Conn., says the 58 insurers that participated in its second-quarter annuity sales survey reported that the amount […]
IRS Adds Variable Annuity Issues to To-Do List
{August 18th, 2011} by Allison Bell
By NU ONLINE NEWS SERVICE Published 8/17/2011 Tax accounting issues of interest to variable annuity issuers have made it onto the guidance development project list at the Internal Revenue Service (IRS). The IRS creates the guidance to-do list by inviting business taxpayers and business associations to send requests for help with tax concerns to an […]
Variable Annuity Change Rate Doubles
{August 18th, 2011} by Allison Bell
By NU ONLINE NEWS SERVICE Published 8/17/2011 The pace of variable annuity product changes increased dramatically in the second quarter, according to analysts at Morningstar Inc. Insurers filed 162 material changes affecting variable annuity products in the second quarter, up from 76 changes in the second quarter of 2010, the analysts at Morningstar, Chicago, […]
AnnuitySpecs.com Releases Second Quarter 2011 Indexed Sales Results
{August 17th, 2011} by Sheryl J. Moore
AnnuitySpecs.com Thirty-nine indexed annuity carriers participated in the 56th edition of AnnuitySpecs.com’s Indexed Sales & Market Report, representing 98 percent of indexed annuity production. Total second quarter sales were $8.2 billion, up nearly 16 percent from the previous quarter. As compared to the same period last year, sales were down just over 1 percent. “Not […]
Aegon Sells Guardian Life Unit for $449 Million to Cut Costs in Britain
{August 17th, 2011} by Maud van Gaal
By Maud van Gaal – Aug 16, 2011 Aegon NV (AGN), the Dutch owner ofScottish Equitable, agreed to sell its U.K. Guardian life and pension unit to private equity firm Cinven Ltd. for 275 million pounds ($449 million) as it tries to cut costs in Britain. The unit had a book value of 271 million […]
AnnuitySpecs: Indexed Life Sales Soar
{August 17th, 2011} by Allison Bell
By NU ONLINE NEWS SERVICE Published 8/16/2011 U.S. sales of indexed life insurance jumped to $224 million in the second quarter, up 35% from the total for the comparable quarter in 2010. AnnuitySpecs.com, Pleasant Hill, Iowa, has reported those figures in a summary of results from a survey of 37 issuers in the U.S. indexed […]
AnnuitySpecs.com Releases Second Quarter, 2011 Indexed Sales Results
{August 17th, 2011} by Advantage Group Associates
August 16, 2011 Thirty-nine indexed annuity carriers participated in the 56th edition of AnnuitySpecs.com’s Indexed Sales & Market Report, representing 98% of indexed annuity production. Total second quarter sales were $8.2 billion, up nearly 16% from the previous quarter. As compared to the same period last year, sales were down just over 1%. “Not surprising […]
Indexed Annuities Up 16% in 2Q
{August 17th, 2011} by Sheryl J. Moore
August 16, 2011 Thirty-nine indexed annuity carriers participated in the 56th edition of AnnuitySpecs.com’s Indexed Sales & Market Report, representing 98% of indexed annuity production. Total second quarter sales were $8.2 billion, up nearly 16% from the previous quarter. As compared to the same period last year, sales were down just over 1%. “Not surprising […]
IRS Releases Annuity-LTC Exchange Guidance
{August 16th, 2011} by Allison Bell
By ALLISON BELL Published 8/15/2011 The Internal Revenue Service (IRS) has come out with a document, IRS Notice 2011-68, that discusses the tax rules that apply to annuity-long term care (LTC) benefits hybrids and exchanges of annuity cash surrender value for qualified LTC insurance. Tax experts at the American Council of Life Insurers (ACLI), Washington, […]
Second Quarter 2011 Indexed Insurance Sales
{August 15th, 2011} by Sheryl J. Moore
Indexed Annuity AnnuitySpecs.com’s Indexed Sales & Market Report, 2nd Quarter 2011 shows second quarter 2011 indexed annuity sales were $8273 million compared with sales of $7141 million for the previous quarter. Second quarter sales were up nearly 16% when compared with the previous quarter and down just over 1% when compared with the same period […]
California Updates Guaranty Fund Notice Requirements
{August 15th, 2011} by Warren S. Hersch
By WARREN S. HERSCH Published 8/12/2011 The California Department of Insurance has updated the notice insurers in the state must provide when they deliver life, health and annuity contracts. The new guaranty fund notice bulletin, Bulletin Number 2011-3, replaces a bulletin the department issued in 1996, and the revised requirements will take effect Sept. 26.The […]
Guggenheim Taps Kiley To Help Oversee Security Benefit
{August 12th, 2011} by NU ONLINE NEWS SERVICE
By NU ONLINE NEWS SERVICE Published 4/19/2010 The investment firm that is acquiring Security Benefit Corp. has brought in a senior managing director with experience at AXA S.A. and Guardian Life Insurance Company of America. Guggenheim Partners L.L.C., Chicago, says Michael Kiley, the new senior managing partner, will “work closely with Todd Boehly,” a managing […]
Response to Lisa Gibbs, Money Magazine
{August 11th, 2011} by NAFA Response
Dear Editor, At the National Association for Fixed Annuities (NAFA), we and our members agree that there is no place for abusive sales practices in our industry, and much effort has been made both on a regulatory front and within the industry voluntarily to prevent such practices and punish their purveyors. NAFA, for example, is […]
Fidelity & Guaranty Life Appoints Robert Kelson as National Accounts Vice President
{August 10th, 2011} by Siobhan McNulty
BALTIMORE, MD – August 8, 2011 — Fidelity & Guaranty Life is pleased to announce the appointment of Robert Kelson to the position of National Accounts Vice President, Annuity Distribution. In this role Bob will connect with many of the company’s long established relationships and key distribution partners to foster production for Fidelity and Guaranty […]
Fidelity & Guaranty Life Appoints Robert Kelson as National Accounts Vice President
{August 10th, 2011} by Siobhan McNulty
BALTIMORE, MD – August 8, 2011 — Fidelity & Guaranty Life is pleased to announce the appointment of Robert Kelson to the position of National Accounts Vice President, Annuity Distribution. In this role Bob will connect with many of the company’s long established relationships and key distribution partners to foster production for Fidelity and Guaranty […]
Lincoln Exec: We’re Sticking With Current Annuity Features
{August 9th, 2011} by Allison Bell
The head of Lincoln National Corp. says the company will avoid using big changes in annuity product features to drive sales. Dennis Glass, president of Lincoln National, Radnor, Pa. (NYSE:LNC), talked about annuity product features during the company’s recent second-quarter earnings call. One securities analyst noted that some of Lincoln National’s competitors seem […]
NAIC Targets 'Unrealistic' Annuity Illustrations
{August 9th, 2011} by Linda Koco
By Linda Koco Contributing Editor, InsuranceNewsNet State regulators are close to adopting new rules to combat what they have been called “unrealistic” illustrations that companies offer with fixed annuities. If the regulations are adopted and implemented, producers would have to present buyer’s guide and disclosure documents at the same time that they present the product […]
NAIC Targets ‘Unrealistic’ Annuity Illustrations
{August 9th, 2011} by Linda Koco
By Linda Koco Contributing Editor, InsuranceNewsNet State regulators are close to adopting new rules to combat what they have been called “unrealistic” illustrations that companies offer with fixed annuities. If the regulations are adopted and implemented, producers would have to present buyer’s guide and disclosure documents at the same time that they present the product […]
Ideas: Zurich, California Blue Shield
{August 9th, 2011} by Allison Bell
By NU ONLINE NEWS SERVICE Published 8/5/2011 A unit of the Zurich Financial Services Group has added a universal life policy with a crediting rate based on the performance of three different market indexes. The Schaumburg, Ill., affluent markets group at Zurich Financial, Zurich, says holders of the flexible-premium policy can allocate policy value to […]
Personnel Changes: Digital Insurance, New York Life, Liberty Life, Forethought, Alliant, Avalere
{August 9th, 2011} by Ashley Scudder
By ASHLEY SCUDDER Published 8/5/2011 Digital Insurance Inc. has hired Adam Pannell to be senior vice president, mergers and acquisitions, for the western portion of the United States. Pannell will manage and develop relationships with potential acquisition candidates. Pannell has a bachelor’s degree in business administration from California State University and a master’s degree in […]
Voss: States to Keep the Reins
{August 5th, 2011} by Rory Banim
By RORY BANIM Published 8/4/2011 The president of the National Association of Insurance Commissioners (NAIC) says she thinks states will continue to run the U.S. insurance regulatory system. Susan Voss, who is the Iowa insurance commissioner as well as head of the NAIC, Kansas City, Mo., talked about the role of the states in insurance […]
NAIC Panel Adopts Annuity Disclosure Model Revisions
{August 5th, 2011} by Rory Banim
By NU ONLINE NEWS SERVICE Published 8/4/2011 The Life Insurance and Annuities Committee at the National Association of Insurance Commissioners (NAIC) has endorsed a proposal to add an annuity illustrations section to the NAIC’s Annuity Disclosure Model Regulation. Members of the committee at the NAIC, Kansas City, Mo., made the decision Wednesday during a conference […]
The miracle of compound interest
{August 3rd, 2011} by Van Mueller
BY Van Mueller Published 8/1/2011 The next 15 months will be among the most interesting and challenging in the history of our country. During the election campaigns, we will be debating Social Security, Medicare, Medicaid, health care and interest on the debt at every level of politics. Arguments will rage on about higher taxes, lower […]
One vs. 114 complaints
{August 3rd, 2011} by Jack Marrion
BY Jack Marrion Published 8/1/2011 My annual study on index annuity complaints shows on a sales volume adjusted-basis, annuity complaints have fallen 75 percent since 2007. It seems the annuity industry is doing a much better job of properly selling their products. Which brought a question to mind: How many investors complain about their stockbroker […]
Sound advice in a noisy world
{August 3rd, 2011} by Matthew J. Rettick
BY Matthew J. Rettick Published 8/1/2011 The American economy is in an unprecedented place today. The markets have experienced severe volatility, and the mortgage meltdown and foreclosure crisis continues to burden homeowners. There have been fraudulent scandals and debilitating Ponzi schemes that have scammed people out of their hard-earned money. All the while the federal […]
Unknowingly Sticking It To Your Annuity Clients?
{August 3rd, 2011} by Sheryl J. Moore
Posted By: Editor On 8/3/2011 11:00:00 AM By Sheryl Moore AnnuityNews Are you sticking it to your clients? You might be and not even know it. The key to illuminating whether you are unknowingly putting your life insurance and annuity clients in a bad position with the products that you sell them is to identify […]
A.M. Best Upgrades Ratings of Security Benefit Life Insurance Company and Its Affiliate
{August 2nd, 2011} by N/A
OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best Co. has upgraded the financial strength rating (FSR) to B+ (Good) from B (Fair) and issuer credit ratings (ICR) to “bbb-” from “bb” of Security Benefit Life Insurance Company (Topeka, KS) and its affiliate, First Security Benefit Life and Annuity Company of New York (Rye Brook, NY) (collectively known as Security […]
Brief: State Insurance Commissioner Brett J. Barratt Resigns
{August 2nd, 2011} by N/A
Source: McClatchy-Tribune Information Services Wordcount: 162 Aug. 01–CARSON CITY –Brett J. Barratt, who has been state insurance commissioner for slightly over one year, has quit effective Aug. 12. Barratt has worked in the agency since 2005 and cited personal reasons for his leaving to move out of Nevada. He was appointed in July 2010 […]
Have You Truly Considered the Effect of Rider Charges on a Fixed or Indexed Annuity?
{August 1st, 2011} by Sheryl J. Moore
“Zero is your hero!” The words that captured my heart. As a young saver who had lost more than a year’s salary in my 401(k), the promise of earning no interest sounded pretty darn good. Sure the ability to outpace the interest on CDs and other fixed interest retirement products was appealing to me, but […]
