Results for "annuities"

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Government Accountability Office pushes DOL to update 401(k) annuity rules

September 12, 2016

The Government Accountability Office has recommended the Labor Department update rules around the offering of annuities in 401(k) plans, in hopes of spurring greater uptake of lifetime income options among participants. In a new report, the...

Decision in AXA excessive-fee lawsuit preserves the status quo

August 31, 2016

A judge's recent decision favoring AXA Equitable Life Insurance Co. in a lawsuit over excessive mutual fund fees in variable annuities was a win of sorts for insurance companies, in that it upholds a traditional structure of offering investment...

Indexed annuity sales have best-ever quarter in Q2: Limra

August 17, 2016

Fixed indexed annuity sales in the second quarter were the highest on record, according to Limra, as low interest rates continue to push investors away from more traditional fixed-income investment options. Fixed indexed annuities posted $16.2...

MetLife VAs flounder as Fidelity halts sales

August 10, 2016

MetLife Inc.'s retail variable annuity sales slumped nearly 40% in the second quarter versus the same time period in 2015, following a decision by Fidelity Investments earlier this year to suspend sales of the insurer's VA products. A drop of...

Four life insurers will pay $3.4M to settle probe over death benefits

August 5, 2016

State insurance regulators have reached settlements with four life insurance companies regarding payment of unclaimed death benefits, terms of which include paying an aggregate $3.4 million. The Hartford Financial Services Group, Securian Financial...

Indexed annuity sales projected to plummet 30% because of DOL fiduciary rule

August 2, 2016

Fixed indexed annuity sales are projected to decline 30% to 35% next year due to a new Labor Department rule raising investment advice in retirement accounts, according to Limra, signaling the disruptive power the regulation will have on insurance...

Jackson National, Prudential cease sale of some L-share variable annuities

July 28, 2016

Two of the largest variable annuity product manufacturers are ceasing the sale of some L-share VAs, which have attracted the watchful eye of regulators and whose suitability has been further questioned given new Labor Department regulations...

Prudential fined $950,000 for failures in elderly customer's variable annuity account

July 19, 2016

Finra has fined Prudential Annuities Distributors Inc., a unit of Prudential Financial Inc., $950,000 for supervisory lapses in an elderly customer's variable annuity account in which a rogue broker stole more than $1 million. The Financial...

Insurers developing fee-based fixed-indexed annuities post-DOL fiduciary rule

July 14, 2016

Insurance companies are going full steam ahead developing fee-based fixed-indexed annuities due to greater anticipated demand from distributors for advisory products as a result of the Labor Department's fiduciary rule. Allianz Life Insurance...

Finra bans former Prudential broker for deceptive variable annuity sales

July 11, 2016

The Financial Industry Regulatory Authority Inc. has banned a broker from the securities industry for making unsuitable variable annuity recommendations while employed at Prudential Financial Inc. and MetLife Inc. Winston Wade Turner deceived...

Brokers becoming a primary distribution focus for life insurers

July 8, 2016

Life insurance and annuity carriers are turning their attention to brokers, primarily those in the independent broker-dealer channel, as the preferred distribution outlet among the universe of financial intermediaries, according to a new Aite...

Insurance-based broker-dealers plan to use BICE under DOL fiduciary rule

July 7, 2016

Insurance companies with affiliated broker-dealer networks are slowly coming out of their hibernation phase that followed release of the Labor Department's final fiduciary rule in early April, with some announcing plans to comply with portions...

Indexed annuity distributors weigh launching B-Ds due to DOL fiduciary rule

June 23, 2016

Distribution networks representing independent insurance agents are weighing, and in some cases forging ahead with, plans to launch broker-dealers to continue selling fixed-indexed annuities in retirement accounts under the Labor Department's...

Royal Alliance lawyers capitalize on Finra's broken BrokerCheck

June 22, 2016

The wacky world of Wall Street's homegrown justice system was on full display last week when Royal Alliance attorneys fought to scrub the tarnished record of former broker Kathleen Tarr, who is saddled with 44 customer disputes. Have lawyers,...

DOL must keep dialogue open on fiduciary rule

June 12, 2016

Whatever the reason, the sudden withdrawal of Deputy Assistant Secretary of Labor Timothy Hauser from a panel at the Insured Retirement Institute conference June 6 was a blunder. Mr. Hauser had an opportunity to clarify some of the issues, and...

Finra targets variable annuities as 'sweet spot' of scrutiny

June 7, 2016

The term “variable annuities” may not appear in this year's list of Finra examination priorities, but that doesn't mean the broker-dealer regulator is taking it easy on the sector. Two Financial Industry Regulatory Authority Inc. enforcement...

Variable annuity sales drop to lowest level in 15 years: LIMRA

May 20, 2016

Sales of variable annuities plunged to their lowest level in 15 years last quarter as the Labor Department's fiduciary rule loomed large and market volatility scared consumers away from equity-based products. Variable annuity sales were $26.6...

The DOL fiduciary rule will forever change financial advice, and the industry has to adapt

May 9, 2016

Americans won hard-fought protections regarding the purity of their retirement advice last month. Now it's up to the nation's financial advisers to decide whether they'll meet the letter — and spirit — of the historic investor protection...

MetLife penalty puts spotlight on bad variable annuity switches

May 8, 2016

No wonder MetLife Inc. wanted to get out of the securities business. Along with the new Department of Labor fiduciary rule making it more difficult and costly to work with clients' retirement accounts, the giant insurer's retail securities house,...

Variable and fixed-indexed annuities feel sting of DOL fiduciary rule

April 6, 2016

Those who thought fixed indexed annuities would be a benefactor of the Labor Department's fiduciary rule may want to think again. The Department of Labor dealt a bit of a surprise blow to fixed indexed annuities in the final iteration of its...

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