Insurance Groups Want NAIC Panel to Use Existing Tools to Designate Groupwide Supervisors for International Groups
{October 1st, 2014} by Thomas Harman
WASHINGTON – Insurance industry groups want existing National Association of Insurance Commissioners’ guidelines to be part of proposed amendments to the Model Holding Company Act that would have states be groupwide supervisors for large international insurance groups. The NAIC group solvency issues working group has exposed an initial draft, which is intended to become a […]
Expert explains why people don’t buy annuities
{October 1st, 2014} by Michael Finke
Finding out why people don’t buy annuities is a tempting subject for a policy addict like Jeffrey Brown, a finance professor at the College of Business at Illinois. And the new defined contribution era adds to the urgency of understanding why so many retirees don’t buy annuities. The baby boom generation is the largest American […]
The ugly return of the ‘Xerox annuity’
{October 1st, 2014} by Mike Anthony, JD, CMP™
I was recently contacted by an investigative reporter from “The Clarion-Ledger” in my official capacity as Chairman of the Certified Medicaid Planner™ Governing Board (the standards board that oversees and operates the CMP™ designation). She has written several in-depth articles over the past few weeks about Mississippi scam artist and former insurance producer Gina Palasini. […]
Summer’s gone, but annuity opportunities remain: Blog
{October 1st, 2014} by Mike McGlothlin
Throughout the summer, I’ve shared information and ideas on the complacency bubble, opportunity cost (otherwise referred to as cost of waiting), clients in transition, income generation and a plethora of other topics to encourage you to change your behavior, along with your clients’ behavior. I think I’ve presented some compelling ideas and data that have […]
ING Life Reaches $15 Million Settlement in Revenue-Sharing Lawsuit
{October 1st, 2014} by Thomas Harman
HARTFORD, Conn. – The ING Life Insurance and Annuity Co. will pay $14.9 million to plaintiffs in compensatory funds and implement business practice changes to settle a class-action lawsuit, after a Connecticut federal judge’s ruling. Judge William G. Young of the U.S. District Court for the District of Connecticut issued a final approval to the […]
US Treasury Department-Issued FAQ on SIFI Process Outlines Three Criteria
{October 1st, 2014} by Jeff Jeffrey
WASHINGTON – The U.S. Treasury Department has released a 22-point description of the Financial Stability Oversight Council and the process it uses for designating non-bank financial institutions that should receive additional federal oversight. The Frequently Asked Questions document posted on Treasury’s website comes after months of criticism about the level of transparency at the FSOC. […]
Trial Begins in Maurice Greenberg’s Lawsuit Over AIG Bailout
{October 1st, 2014} by Jeff Jeffrey
WASHINGTON – Maurice “Hank” Greenberg will finally have his day in court in his multibillion-dollar lawsuit against the federal government that challenges the emergency bailout of American International Group Inc. during the financial crisis. The trial, which starts Sept. 29, is scheduled to last six weeks. Greenberg, the former head of AIG, has asked a […]
Annuities With LTC: 2 Great Things That Go Great Together
{October 1st, 2014} by Linda Koco
Annuities that offer long-term care riders don’t get a lot of attention in industry news. But brokerage general agent Michael Smith said clients definitely are interested, and the product does sell when the fit is right. For example, one client had more than $200,000 sitting in a money market account “doing nothing.” This was not […]
Scrutiny of Stock-Linked Insurance Policies Grows
{October 1st, 2014} by Leslie Scism
Some Say Performance Projections for Indexed Universal Life Are Too Rosy A hot-selling life-insurance product is being scrutinized by regulators and challenged by industry leaders. The recent flurry of activity serves as a reminder that consumers should take care to determine if complex policies fit their insurance needs. The product, indexed universal life insurance, offers […]
Navigating the regulatory arena: 6 ways regulation is affecting the annuity industry
{October 1st, 2014} by Paul Wilson
The last few years have seen dramatic regulatory change in the life/health industry. From financial planners to health agents to annuity producers, everyone has felt the effects of regulatory restraint on both the local and national level. What changes are yet to come? And how can you adapt in order to survive and thrive […]
Loud and Proud — You’re an Agent: Blog
{October 1st, 2014} by Steven A. Morelli
If you are a life insurance agent, you should thank Don McNay. He is trying to make it safe to be one. He is not a lobbyist but he is bringing attention to the cause by simply calling himself a life insurance agent in a blog on Huffington Post. After more than 33 years of […]
