NAIC Panel Whacks IUL Illustrations; Industry Calls Time Out
{November 6th, 2019} by John Hilton
State insurance regulators are trying to crack down on wayward indexed universal life insurance illustrations via an amendment to Actuarial Guideline 49. The tentative change — which still needs final approval — would bar IUL illustrations with bonuses or multipliers from illustrating higher than IUL products without these features. The Life Actuarial Task Force held […]
NAIC Urged To Do Full Review Of Illustrations; Regulators Demur
{November 6th, 2019} by John Hilton
Insurance commissioners tabled a proposal today to create a working group with a charge aimed at completing a comprehensive and coordinated review of annuity and life insurance illustrations. Birny Birnbaum, executive director of the Center for Economic Justice, is proposing a Life Insurance and Annuity Illustration Working Group. The new group would take the place […]
Ladenburg Thalmann Exploring Sale: Report
{November 6th, 2019} by Janet Levaux
Ladenburg Thalmann, which owns a group of independent broker-dealers with about 4,500 advisors, is considering its ownership options, according to Bloomberg News. The firm’s IBDs are Securities America, Triad Advisors, Investacorp, Securities Service Network and KMS Financial Services. “As a matter of corporate policy, we don’t comment on market rumors or speculation,” CEO Richard Lampen […]
The Industry’s Struggle to Prioritize Insurance
{November 6th, 2019} by Rich Blake
Whenever bank and credit union advisory unit leaders gather to compare notes, there are a few topics that always come up. Compensation schemes and recruiting are two examples. Another conversational evergreen is how to sell more life insurance. Insurance product sales have ebbed downward in recent years, but the retirement and risk management needs of […]
Finra To Test Members’ Readiness For Reg BI
{November 6th, 2019} by Tracey Longo
The Financial Industry Regulatory Authority plans to begin Regulation Best Interest “preparedness reviews” of broker-dealers starting in November. That’s according to William St. Louis, Finra’s northeast regional director for sales practice, who said the agency will stress-test firms’ Reg BI readiness starting next month. “Obviously, we want to see where firms stand,” he told broker-dealer […]
SEC’s Clayton Warns Brokers to ‘Be Ready’ for New Conflict Rule
{November 6th, 2019} by Andrew Ramonas
Brokers shouldn’t brush off a deadline next year to fulfill their obligations under a new conflict-of-interest regulation, according to Securities and Exchange Commission Chairman Jay Clayton. Clayton gave his warning after former Republican SEC Commissioner Daniel Gallagher asked him at a conference whether the agency would send its “stormtroopers” to check on compliance with the […]
SEC Probes AIG Unit on Retirement Products for Teachers
{November 6th, 2019} by Gretchen Morgenson and Anne Tergesen
The Securities and Exchange Commission is investigating sales and disclosure practices at Valic, a unit of giant insurer American International Group Inc., including the company’s dealings with retirement-plan participants at school districts and universities, according to people briefed on the matter. The inquiry centers on whether incentives in Valic’s compensation structure rewarded representatives for selling higher-cost products to […]
Insurer Groups Ask Fed to Ease Capital Standards Comment Deadline
{November 6th, 2019} by Allison Bell
At least three major insurance company groups strongly agree on one insurance capital standards point: They need more time to respond to a Federal Reserve Board capital standards proposal. The Fed capital standards proposal would apply to “depository institution holding companies significantly engaged in insurance activities.” The current comment deadline Dec. 23. The American Council […]
Life and Annuity Products Should Meet Same Illustration Standards: Consumer Rep
{November 6th, 2019} by Allison Bell
A consumer group is asking state insurance regulators to work in 2020 on making the performance illustration rules for indexed life insurance products more like the illustration rules for indexed annuities. The Center for Economic Justice says the Life Insurance and Annuity Committee, part of the National Association of Insurance Commissioners (NAIC), should turn its […]
Yeah, It’s Cold Out There: More Life and Annuity Issuers to Wall Street
{November 6th, 2019} by Allison Bell
Three more big individual life and annuity issuers — Prudential Financial Inc., Athene Holding Ltd. and Brighthouse Financial Inc. — have released their third-quarter earnings this week. All three made money during the quarter, but all three are emphasizing that falling interest rates have forced them to put on their financial snow boots. Charles Lowrey, the chief executive officer […]
Mutual Life Insurers Begin Setting 2020 Dividend Rates
{November 6th, 2019} by Allison Bell
The boards of the Northwestern Mutual Life Insurance Company and Massachusetts Mutual Life Insurance Company have posted 2020 dividend payout estimates. Northwestern Mutual says the dividend interest rate it uses to calculate the dividend payments will hold steady at 5%. Total dividend payments are on track to increase to $6 billion. A year ago, the […]
Life and Annuity Issuers Tell Wall Street About Interest Rate Winter
{November 6th, 2019} by Allison Bell
Insurance company executives say the current interest rate ice storm is hurting life and annuity sales. Executives from American International Group Inc., Lincoln Financial, American Financial Group Inc. and FBL Financial Group Inc. have been talking about life insurance premium increases and annuity crediting rate cuts during conference calls with securities analysts. AIG executives, for […]
Integrity Marketing Acquires Iowa-Based Distributor
{November 6th, 2019} by Allison Bell
Integrity Marketing LLC has acquired Great American Legacy Inc. of Lisbon, Iowa. Integrity Marketing is a Dallas-based senior products distributor that has bought about two dozen other distributors over the past three years. Great American Legacy is an insurance marketing organization that has been selling Medicare plans, long-term care insurance, life insurance and annuities through […]
The Brooke Shields Strategy Worked: Life Happens President
{November 6th, 2019} by Allison Bell
Faisa Stafford is trying to make Americans more aware of you, and what you sell. Stafford is now the president and chief financial officer of Life Happens — the nonprofit group that runs the Life Insurance Awareness Month campaign in September and the Insure Your Love campaign in February. The Arlington, Virginia-based group is also one […]
Accounting Rules Could Scare Some Life Insurers Private: S&P
{November 6th, 2019} by Allison Bell
The new long-duration insurance contract accounting rules could make some U.S. life insurers’ results go up and down so much that the insurers will have to give up having publicly traded stock. Peggy Poon and other analysts at S&P Global Ratings suggest that possibiity in an analysis of the possible impact of the Financial Accounting Standards […]
Chamber Standards Fight Could Affect Life and Annuity Prices, Product Menus
{November 6th, 2019} by Allison Bell
The U.S. Chamber of Commerce is trying to persuade an international insurance group to adopt a U.S. Chamber approach to determining whether insurers have enough capital to support the insurance policies and annuity contracts they’ve sold. The outcome of the fight, at the International Association of Insurance Supervisors (IAIS), could eventually have a big effect on […]
Life Agents Could Get Retirement Plan Business, Too: Ubiquity Retirement CEO
{November 6th, 2019} by Allison Bell
Chad Parks would like to make life and annuity agents jealous of property and casualty agents. Parks is the founder and chief executive officer of Ubiquity Retirement + Savings. The company has been marketing a simple, standardized, flat-fee 401(k) plan program to small U.S. employers since 1999. The company has about 7,000 employer clients, with about […]
Tech Is What Could Really Kill Us: Life Insurer Bosses
{November 6th, 2019} by Allison Bell
The world’s top life insurance company executives may be thinking a lot more about Amazon, Haven Life and Ethos Life than they are about changes in accounting rules. Analysts from LIMRA and the Boston Consulting Group have celebrated Halloween week by releasing a new batch of survey data concerning what external forces scare (or, possibly, excite) […]
Robo Underwriters May Need Tough Bodyguards: Moody’s Analysts
{November 6th, 2019} by Allison Bell
Life insurers’ new, automated underwriting processes could make customers happier, speed up sales and cut costs — but one risk is that cyber crooks could come after the underwriting data streams. Kripa Thapa and other analysts at Moody’s Investors Service talk about the rating implications of automated underwriting processes in a new U.S. life insurance sector […]
Jill McGruder to Lead LIMRA and LOMA’s Parent in 2020
{November 6th, 2019} by Allison Bell
LL Global — the parent of LIMRA and LOMA — has named Jill McGruder to be its board chair in 2020. McGruder is the chief marketing officer at Western & Southern Financial Group of Cincinnati. She is taking over from Brandon Carter. Carter is the president of USAA Life Insurance Company. Neil Sprackling, president for U.S. […]
Advisor Group Looking to Buy Ladenburg: Report
{November 5th, 2019} by Janet Levaux
Ladenburg Thalmann, which owns a group of independent broker-dealers with about 4,500 advisors, is in talks with possible buyer Advisor Group, according to Bloomberg News, which cited people familiar with the matter. Ladenburg’s IBDs are Securities America, Triad Advisors, Investacorp, Securities Service Network and KMS Financial Services. Advisor Group, which has about 7,000 advisors, includes FSC […]
Morningstar Rolls Out New Ratings System
{November 5th, 2019} by Janet Levaux
Four months after news broke that changes were coming, the Morningstar Analyst Rating system for funds is now in place with a new methodology. The new system gives more weight to fees and sets the bar higher for active funds, while shifting how Morningstar assigns ratings to fund share classes to account for specific fees […]
‘This is how we will break the culture of sexual harassment’
{November 5th, 2019} by Ann Marsh
Mary Carroll strolled past tables of revelers as the Barenaked Ladies delivered a staccato jam, spiced with their comedic rapping, onstage at TD Ameritrade’s National LINC conference for advisors in 2016. Frosted plastic balls filled with LED lights glowed in the dark, changing the colors of table centerpieces. Carroll, who now works for advisor billing […]
Optimistic Women Are Different: Alliance for Lifetime Income
{November 5th, 2019} by Allison Bell
The Alliance for Lifetime Income (ALI) has no data on whether the retirement income chicken came first, or the retirement income egg, but it says it has survey data that show that women who have protected retirement income are more optimistic about their retirement income than other women are. ALI is a nonprofit organization, backed […]
Mutual Life Insurers Begin Setting 2020 Dividend Rates
{November 5th, 2019} by Allison Bell
The boards of the Northwestern Mutual Life Insurance Company and Massachusetts Mutual Life Insurance Company have posted 2020 dividend payout estimates. Northwestern Mutual says the dividend interest rate it uses to calculate the dividend payments will hold steady at 5%. Total dividend payments are on track to increase to $6 billion. A year ago, the […]
Getting to know our Rates Wrangler Extraordinaire
{November 5th, 2019} by Wink's RockStars
WHAT CAN WE SAY ABOUT THE MOST EXPERIENCED FEMALE INSURANCE PROFESSIONAL AT WINK?! Rita, Rates Wrangler Extraordinaire, solicited a charitable contribution out of our CEO faster than any fundraiser in our 14 years’ history due to her love for volunteering at nonprofits. She specifically asked if she could take vacation the week of the Iowa […]
What Scary Movie Characters Can Teach Clients About Life Insurance
{November 5th, 2019} by Phil Murphy
Talking about the characters in scary movies may help you communicate with your clients about the value of life insurance. Although 70% of Americans consider life insurance a necessity, 41% have no coverage at all, according to data from Foresters Financial. This coverage gap may be partly due to consumers’ lack of life insurance education, and […]
10 Scariest Retirement Statistics: 2019
{November 5th, 2019} by Marlene Satter
What sets an American worker’s heart racing with fear? It’s not Halloween but finances — debt, medical bills, emergency expenses and more. Plus for many in their 40s and 50s, there’s the additional dread of a retirement with little money. In fact, for many, retirement is now a question, not an answer. It’s not that […]
Simplicity Life is Expanding the Elite Producer Group with an Exciting New Addition
{November 5th, 2019} by Simplicity Life
John Melvin, Executive Vice President, brings his proven track record in sales and marketing to the Simplicity Life family. Monticello, MN –Tom Tous, who started the Elite Producer Group division at Simplicity Life, is excited to be working alongside John. Their mission is to drive membership, business, production, and brand awareness. John brings over 30 […]
WinkAssist is here!
{November 4th, 2019} by Wink's RockStars
Attention AnnuitySpecs users! Ever wish there were specs on our website for an elusive annuity, which you can no longer find information on? WISH NO MORE! WinkAssist is here to help! Just email us as many details on the product/riders you need help researching, and we will do what we can to get specs approved […]
How awesome is this?! New LifeSpecs features!
{November 4th, 2019} by Wink's RockStars
Attention LifeSpecs users! So, we did this awesome thing with the Product Rates page, and renamed it “Advanced Product Rates.” You’ll probably freak-out and faint at how awesome it is. Please ask a coworker to provide back-up, before using this page for the first time. We mean it; it is THAT good. Also, the Product […]
Jackson National Life contracts with India-based IT company; no word on layoffs
{November 4th, 2019} by Christian Martinez
LANSING – Lansing-based insurance company Jackson National Life entered an agreement with India-based Tech Mahindra to provide technology support, the company announced through a statement it provided to the Lansing State Journal on Monday. The statement indicated that some Lansing-based employees have been hired by Tech Mahindra. “Although Tech Mahindra’s global headquarters are based out of […]
