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American Equity fined $275K for unapproved annuity sales
The Minnesota Commerce Department claims that the insurer sold 541 contracts worth $28 million that weren't OK'd by state
Will regulators kill off fledgling secondary market for death benefits?
State insurance regulators last Monday voted in favor of a proposal that would allow insurers to terminate an…
LTC premium hikes are coming
Steep rate hikes are coming for long-term-care policies written a decade ago.
Americans clueless about paying for long-term care
Even as long-term care costs skyrocket, many Americans have unrealistic plans for how they expect to pay for those services, according to a new survey from the Life Foundation.
More than 20% of life policies sales in ’08 were by direct marketing
New data finds that more than 2 million individual life insurance policies were sold via the Internet, direct mail and telephone.
Secondary market for annuities comes under pressure
The nascent secondary market for annuities and their guaranteed benefits could be stunted as the result of a vote last week by state insurance regulators to allow carriers to terminate the annuity benefits if a client sells the contract.
Banks’ annuity fee income rose, FA sales fell in "09 3Q
Fee income from annuity sales climbed at bank holding companies during the first three quarters of 2009, but sales of fixed annuities in the bank channel slipped, according to two separate studies released last week.
AIG throws in a clunker, reports surprise $8.8B loss in 4Q
After two successive profitable quarters, the besieged insurer reports a loss of nearly $9B in the fourth quarter.
CFP Board strips credentials from admitted Ponzi-schemer
The Certified Financial Planner Board of Standards Inc on Friday placed Oren Eugene Sullivan Jr. under interim suspension, keeping the ex-broker from using its credentials.
Are you a 4? AIG said to be rolling out rating system for incentive comp
American International Group Inc. is launching a plan to revamp how it arrives at incentive pay for its workers, according to the NY Times.
MetLife near deal to buy AIG unit
MetLife Inc. is in the final stages of talks with American International Group Inc. about a deal to buy AIG subsidiary American Life Insurance Co. for about $8 billion in stock and access a bridge loan, according to published reports.
AIG unit Alico in MetLife’s sights
Shares of MetLife slid Wednesday, a day after the insurer confirmed that it's in talks with American International Group Inc. about buying the American Life Insurance Company.
AIG to pay out $100M in bonuses to crisis-causing unit: report
American International Group Inc. is set to pay out about $100 million in a fresh round of bonuses to employees of its financial products division, the unit whose risky bets helped sink the company leading to a $180 billion government bailout, according to reports published Tuesday.
Retirees facing minimum $200K medical bill
And there's a 5% chance the tab could top $570K, according to a sobering study published this week by Boston College.
Insurers cheer approval of life settlement bill
Trade associations representing the life insurance industry and agents last week applauded New York's passage of life settlement legislation.
Medicare tax may apply to investment income
President Barack Obama's health plan proposal would extend Medicare taxes to the investment income of higher-earning households.
Pimco parent Allianz back in the black
With the sale of Dresdner Bank now well behind it, Allianz appears to be back on track. Proof? The Pimco and Oppenheimer parent recorded close to a $6B profit in 2009.
Is Allianz about to make a move for Swiss Life?
Shares in insurer Swiss Life Holding jumped Monday on reports that German rival Allianz SE is planning to make a takeover bid.
Brokers push to put annuities into planning framework
In an attempt to pull further away from the transactional nature of annuity sales, brokerage executives are using tools to help their financial advisers fit product sales into a planning context.
AIG agrees to sell Alico to MetLife for $15.5B
Last week, AIG announced it was unloading its Asia-based operations. On Monday, the embattled insurer agreed to sell its Alico unit to MetLife for $15.5B. Is Nan Shan next?
