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Insurer fined $20M for lax practices
HealthMarkets Inc. faces up to $10 million in additional penalties if it doesn’t meet disclosure and oversight standards.
NYLI launches five-year fixed annuity
The Select 5 fixed-interest annuity is a single-premium product that is guaranteed for five years.
Settlement reached in ‘living trust mill’ suit
American Equity Investment Life Insurance has settled a class action for $16.4 million over abusive annuity sales.
AIG’s rating slashed by analyst
A downgrade by a Wachovia analyst sent American International Group shares tumbling to a 52-week low.
State insurance regulators are angry about EIA proposal
State insurance regulators are displeased with the Securities and Exchange Commission and state securities regulators about a proposal that would regulate equity index annuities as securities rather than as insurance products, and one state insurance regulator is meeting with SEC Chairman Christopher Cox this week to address those grievances.
Agents express concern about higher costs and loss of control over production
Insurance agents who work primarily with equity index annuities say the Securities and Exchange Commission's proposal to regulate the products as securities would impose greater costs on their firms and hand over control of their production to broker-dealers.
Marsh gets boost from Citi analyst
The ratings have been raised to “buy,” from “hold,” and the target price has been upped to $33 per share, from $30.
AIG’s Sullivan scores $47 million severance
Former chief executive Martin Sullivan's package includes equity and cash awards valued around $28 million.
Hedge fund investors offered fraud insurance
Hedge fund investors now have the ability to insure themselves against fraud or even the allegation of fraud.
Subprime exposure afflicts Security Benefit Life Insurance
Analysts concerned about Security Benefit Life Insurance Co.'s investments in subprime-mortgage-backed securities have cut the firm's financial ratings and are keeping a careful eye on the Topeka, Kan., carrier.
Mathas takes reins as NYLI chief
Ted Mathas' promotion makes him the New York-based company’s 18th CEO in its 163-year history.
NAVA and IBM join to standardize VA sales
The model aims to create an industry standard to streamline the process of selling VA contracts and simplify compliance.
Mutual funds face competition from ETFs, VAs and others
The combined total launches last year of exchange traded funds, variable annuities and closed-end funds surpassed open-end mutual fund launches for the first time, according to Boston-based research firm Cerulli Associates Inc.
Caring for parents will cost boomers
Boomers, already strapped for cash, stand to lose even more money by caring for their parents, according to Fidelity Investments in Boston.
Pre-retirees to pull 10% from accounts
Nearly half of pre-retirees believe they can withdraw 10% annually from their retirement savings, according to MetLife’s Mature Market Institute survey.
A.M. Best downgrades Security Benefit Life
A.M. Best Co. today downgraded Security Benefit Life Insurance Co.’s financial strength rating to A- from A.
The one, the only, adviser for retirement
Sun Life Financial Inc.’s U.S. division in Wellesley, Mass., today introduced Retirement Blueprint, which helps advisers expand their role with their clients.
Advisers need to adapt to women clients
Women want to learn about preparing for retirement, but advisers who want to attract that market need to adapt their practices.
SEC OKs proposed annuity rule
Equity index annuities could be regulated as securities if a proposal approved 3-0 today by the Securities and Exchange Commission is finalized.
Unum to pay $5.5 million fine
The employee benefits provider was fined for for failing to report special payments to an insurance broker.
