The furor over retained-asset accounts doesn't appear to be letting up. The VA is investigating. The Secretary of Defense wants money returned to beneficiaries. And now, a source says NY AG Andrew Cuomo is widening his probe of the industry practice.
Insurance regulators in New York are joining Connecticut's insurance commissioner in examining whether The Hartford made improper disclosures or engaged in misleading practices in its marketing of a new variable annuity.
Employers expect compliance with the health care reform law to account for nearly one-third of the projected 10% average increase next year in health benefit costs, but most are taking steps to keep that increase at or below 6% — a move that will cause many to lose grandfathered status, according to a survey by Mercer LLC.
Although it is common, and perfectly legal, for insurers to prune funds from their VA menus periodically, financial advisers say the practice is increasingly thwarting their ability to put clients in the best possible funds.
Prudential Plc, the U.K.'s biggest insurer, promoted Mike Wells to chief executive officer of its U.S. division and appointed two new non-executive directors as it reorganizes the board after a failed takeover bid in Asia.
Attorneys also predict insurer's marketing of new VA will trigger lawsuits; 'half-baked solicitation'
While life insurers continue to cling to their cash, a boom in mergers and acquisitions may be just around the corner, according to an analyst with Moody's Investors Service Inc.
Move frees company to focus on asset management; insurance less profitable
The Hartford Financial Services Group Inc. is disbanding its distribution arm, Hartford Life Distributors, and decentralizing its wholesalers among four recently established business units.
Long-term care insurance is considered a valuable benefit by employees, but advisers seldom share their enthusiasm.
For Tori Fontenot, the clarion call to consider long-term-care insurance for herself and her husband came as she tried to coordinate care for her elderly mother.
Florida measure empowers state to revoke licenses of brokers who have run afoul of various agencies
Investment advisers' confidence in the financial health of the insurance industry — though still underwhelming — is on the rebound, according to the <i>InvestmentNews </i>2010 Insurance Product Survey.
Officials who are seeking to revive the New York Insurance Exchange may be moving away from earlier discussions of favorable tax treatment for participants, according to preliminary recommendations that indicate what shape the facility may take.
Insurers, fund companies and advisers who serve small investors are likely to be big winners if the Automatic IRA Act of 2010 becomes law.
The Hartford Financial Services Group Inc. is reducing the expenses on six of its fixed-income funds, but the funds are still far from being low for their categories, according to Morningstar Inc.
B-Ds, advisers let loose on the insurer about its attempt to entice clients to switch from one variable annuity to another. The chief complaints: the timing of the letter to clients and the features of the new VA.<br> <a href=http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20100901/FREE/100909996&plckFindCommentKey=CommentKey:f6e094fc-0f50-474b-aa13-8ce8ab8116d3#CommentKey:f6e094fc-0f50-474b-aa13-8ce8ab8116d3>Readers clash over the controversy</a>
Financial advisers are fuming over a letter The Hartford sent to clients which entices them to swap their variable annuities for a replacement. Why so angry? Advisers say the new VA actually strips away generous guarantees.
Connecticut insurance commissioner Thomas R. Sullivan will look into whether The Hartford participated in “misleading practices” in its marketing of a new variable annuity, the commissioner's office announced today.
