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ING to sell stripped-down VA with stripped-down commission
ING plans to replace its traditional variable-annuity offering with a simplified product that comes with a scaled-back commission.
Life insurers join Haiti aid effort
Two major life insurers are providing disaster relief to Haiti by making donations to the earthquake-ravaged republic.
Swiss Re bond lets investors bet on pandemics
Swiss Reinsurance Co. Ltd. last week introduced a $75 million catastrophe bond that covers extreme mortality risks.
Immediate annuities, whole life are likely to gain favor
Sales of immediate annuities and whole-life insurance policies will increase this year as boomers nearing retirement seek reliable…
Banks see big spike in sales of life insurance
New life insurance premium levels at banks leapt by nearly 60% during the third quarter, beating the overall industry's growth for the second consecutive quarter, according to data from Kehrer-LIMRA.
Calif. couple sues VALIC over annuity sales practices
A California couple has filed suit against The Variable Annuity Life Insurance Co., an AIG Inc. subsidiary, claiming the company's sales agents misled investors about the tax advantages of using variable annuities in qualified retirement plans.
Va. rep barred by Finra in annuity claims flap
Finra has barred a registered representative after finding that the Virginia rep had misrepresented the return a client would receive on a deferred annuity.
Disability insurance still a hard sell for brokers
Though adults know it would be disastrous to lose their income due to a disability, it seems only a minority of them actually insure against that risk.
Wintrob says SunAmerica and VALIC products will be back on distributors’ shelves
Having taken over as chief executive of American International Group Inc.'s Domestic Life and Retirement Services, Jay S. Wintrob has assured employees in a letter that SunAmerica and VALIC products will be back on distributors' shelves.
Cincinnati Financial founder Schiff dies
Cincinnati Financial Corp. said Monday that Robert C. Schiff, a company founder who retired from the property and casualty insurer's board in 2004, has died. He was 86.
Life insurers still dogged by real estate investments: A.M. Best
Despite an improving economy, losses and investment risks continue to loom ahead for life insurers' investment portfolios, according to a report from ratings firm A.M. Best Co. Inc.
Insurers prepare agents for rep status, albeit reluctantly
Even as they fight a rule that would treat indexed annuities as securities, many insurers are pre-paring their agents to become registered representatives, should the rule become law.
Treasury, Labor Dept. seek info on using annuities in 401(k)s
The Department of Labor and the Treasury Department have put out a request for information on the use of annuities in defined-contribution plans.
AIG bashes suit over swap deal dating back to 1990
American International Group Inc. asked a federal judge to dismiss a case brought against it by a Canadian real estate investment firm concerning a swap deal initiated in 1990.
AIG OKs $7M pay package for new CEO
American International Group Inc. on Tuesday said it will go ahead with a previously announced pay package for its new CEO Robert Benmosche of $7 million in cash and stock.
Insurance agents to Dodd: Don’t force us to take on RIA role
Life insurance agents' advocacy groups teamed up this month to ask Senate Banking Committee Chairman Christopher Dodd, D-Conn., to reconsider a legislative provision that would require life agents to become registered investment advisers.
TARP special master doubts AIG will repay all it owes
The special master for executive compensation under the Troubled Asset Relief Program told a congressional panel last Wednesday that he does not believe American International Group Inc. will repay all the money it has received from the federal government.
Fitch hikes outlook on Prudential after Wachovia Securities sale
Fitch Ratings on Monday raised its outlook on Prudential Financial Inc., citing improvements to the insurance and investment company's capital position.
Insurance commissioners put ‘suitability in annuity’ rule on hold
A new regulation that would have placed more responsibility on life insurers for producers' bad annuity sales has been delayed.
FundQuest adds Fidelity VA to platform
FundQuest has added Fidelity Investments Life Insurance Co.'s Personal Retirement Annuity to its platform, marking the first time that the Fidelity variable annuity will be available to fee-based advisers through a managed-account provider.
