Agency wants to improve investor knowledge, but consumer advocate says seven-page example included in proposal has similar weaknesses to Form CRS
The insurer joins other large players that have recently left the business, which is less profitable than it used to be.
Some experts believe the offer is related to the company's recent decision to discontinue trail commissions on some VAs.
But consumer advocate says proposal doesn't elevate standard beyond current suitability.
The controversial elimination of trail compensation on certain VA contracts won't apply to this firm's brokers.
Advisers are concerned that Ohio National's "scorched-earth policy" may lead other insurers to take a similar action.
To mature into a strong safety net, plans need to be able to deliver guaranteed lifetime income.
Broker-dealers are questioning Ohio National Financial Services' decision to terminate service agreements, and rest assured they will demand more commission protections in future contracts.
Slight increase in Part B premium to $135.50 per month is in line with expectations.
Finra charged Stanley Niekras in 2016 with violating industry catch all Rule 2010, but couldn't produce testimony from key witnesses.
If other insurers also start to terminate VA trail commissions, brokers might opt to take upfront sales commissions instead and start churning their clients' annuities.
Medicare enrollees should review their drug coverage and Advantage plans for 2019.
Suit alleged the insurer improperly increased monthly costs to avoid guaranteed monthly interest payments.
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But medical expenses will consume a growing portion of retirement budgets.
Financial advisers say the move will leave their clients vulnerable and sets a bad industry precedent.
Kudos to the NAIC for making LTC policies safer.
Encourage clients to review their drug coverage and Advantage plans for 2019.
The insurer, which recently doubled down on a strategy to encourage healthy living among life-insurance clients, is now doing the same on the LTC side.
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