Results for "annuities"

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Obama administration shows more support for annuities in 401(k) plans

January 3, 2017

In its most recent show of support for lifetime income products in defined-contribution plans, the Obama administration has said it may be “prudent” in particular circumstances to default participants into target date funds that bundle in...

Have indexed annuities become too complicated?

December 16, 2016

Fixed indexed annuities are becoming more complex. To a certain degree, the product evolution driving that complexity is inevitable, as insurance companies seek to stand out and grab a bigger piece of a market whose annual sales have been growing...

Finra hits Valic Financial Advisors with $1.75M fine for creating compensation conflicts

November 28, 2016

Citing a number of conflicts of interest having to do with the way it compensated brokers selling annuities, the Financial Industry Regulatory Authority Inc. on Monday said it had fined Valic Financial Advisors Inc. $1.75 million. “Finra found...

Indexed annuity sales on pace for record year, as variable annuities take another big hit

November 22, 2016

Fixed indexed annuity sales are on pace for a record year in 2016 as low interest rates and product features drive their popularity among broker-dealers, and despite headwinds from a new Labor Department investment-advice regulation that will...

Federal court rejects NAFA attempt to kill DOL fiduciary rule

November 4, 2016

In a victory for the Department of Labor, a federal judge Friday rejected an attempt by an insurance trade group to strike down its new fiduciary rule for retirement advice. In the first court decision involving a legal challenge to the DOL...

Stars aligning for use of annuities in 401(k) plans

October 19, 2016

In recent years, policymakers have increasingly paid attention to annuities as one way to help investors solve the retirement puzzle. A recently released government report reviews the current barriers to annuities on the 401(k) plan menu and...

Attrition fears play into broker-dealers' hesitation to detail new commission schedules under DOL fiduciary rule

September 30, 2016

One main theme emerged amid discussion about the Labor Department's fiduciary rule at the Insured Retirement Institute's annual conference this week: Broker-dealers are either still determining the annuity commissions that would likely satisfy...

Nationwide to buy Jefferson National

September 28, 2016

Nationwide has agreed to buy Jefferson National, a distributor of variable annuities for clients of registered investment advisers. The acquisition, which expands Nationwide's ability to sell financial products through Jefferson National's network...

Wells Fargo mulls development of immediate variable annuity

September 27, 2016

Wells Fargo Advisors is considering working in tandem with insurers on development of what it says is a new type of annuity, an immediate variable annuity. With an immediate fixed annuity, a consumer gives a lump sum to an insurance company...

Insurers cite broker-dealer annuity requirements as 'big issue' under DOL fiduciary rule

September 26, 2016

The catering by insurance companies to specific broker-dealer requests on annuity product design has been a major change, and challenge, for the industry as implementation of the Labor Department's fiduciary rule draws closer. Insurers are trying...

Selling annuities under the DOL fiduciary rule is a whole new ballgame

September 21, 2016

The Department of Labor's fiduciary rule will fundamentally change the way brokers can select annuities for clients. Brokers are currently able to sell annuities under a suitability standard, but fiduciary experts describe new DOL requirements...

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...

How insurers are losing when it comes to variable annuities

August 30, 2016

Variable annuity sales have been on a steady decline the last several years, with market volatility, growing popularity of indexed annuities and a looming Labor Department regulation being primary contributors. But insurance companies have also...

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...

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