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VA companies ready summary prospectuses
An insurance industry effort to make summary prospectuses permissible for variable annuities is being received warmly by broker-dealers, despite doubts that the complex products can be described adequately in abbreviated form.
Jackson Life hit record sales, earnings in ’09
The insurer's sales and deposits rose 8% to a record $15.2 billion last year. The firm also reported record net income of $670 million, compared with a $1 billion net loss in 2008.
LTC carriers reeling from low rates, lack of rate hikes
Further complicating matters, the LTC business requires large amounts of capital, which puts added pressure on carriers that issue the policies
Advisers count on reform bill to spotlight LTC planning
Clients may not be knocking down the doors to participate in the long-term-care-insurance program created last week by the passage of health care reform, but advisers are optimistic the program's existence will spur more discussion around the benefits of LTC planning.
Jackson National Life not relocating to Music City
The carrier announced, however, that it will add 400 employees to an operation in Franklin, Tenn., just outside of Nashville.
Insurance agents’ gameplan
Most financial services companies invest heavily in new field agents, only to see one out of every two leave within two years. What's their gameplan?
Merrill Lynch: Wealthy afraid of health care costs, retirement
The percentage of survey respondents who said they are concerned about whether their assets will last throughout their lifetime rose to 61% last quarter, from 53% in the fourth quarter.
Andrew Lo on ‘Geriatric Finance’: When the planning needs to start
Investors should plan now for when and how financial decisions should be made if they become impaired, says investment strategist and professor Andrew Lo.
Forget Conseco – now it’s CNO Financial
Financial services company with troubled past changes corporate name; 'new beginning'
Clients need a little LTC advice
Discussing long-term health care insurance is difficult but necessary
Retirement industry group backs annuities in 401(k)s
Annuity advoacy organization also wants the government to make it easier for plan sponsors to offer the investments to employees
Insurers to be responsible for fixed-annuity suitability
Fixed-annuity sales are about to receive a new layer of supervision from state regulators.
Insurance regulators bolster annuity suitability rules
Previously, the suitability rule imposed an obligation on insurers only with respect to variable annuities. Now it includes variable annuities as well.
Want a simple prospectus for variable annuities? No can do, says SEC official
While investors and advisers have crowed about the density of variable annuity prospectuses, officials at the Securities and Exchange Commission say that the products are generally too complex to describe in abbreviated set of disclosures.
ING money management unit could now be up for sale
ING Investment Management could go up for sale as part of parent ING Group's divestiture of its insurance business, according to ING spokesman Raymond Vermeulen.
ING to spin off insurance operations
European services giant ING Groep NV said Monday it will split itself in two, spinning off its insurance arm to simplify its business and issuing €7.5 billion ($11.3 billion) in new shares to repay state bailout money.
Cuomo on Hank Greenberg’s denial: ‘Incredible and irrelevant’
The N.Y. AG scoffs at the former AIG boss' claim he knew nothing about sham transactions between the insurer and Gen Re
Report: HSAs won’t cover retirees’ medical costs
Low interest rates and low contribution limits mean retirees can only count on health savings accounts to cover a portion of their health care costs
B-Ds reluctant to OK exchanges into LTC
Financial advisers had hoped to begin this year with new momentum — the ability to swap clients out of existing annuities or insurance in exchange for long-term-care coverage — but broker-dealers have hit the brakes, citing problems with large amounts of paperwork to process the business, among other troubles.
Insurance industry blasts tax on annuity income
Members of the life insurance and annuities industries have asked senators to rethink a portion of the health care bill that would hit annuity income with Medicare taxes.
