Results for "annuities"

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Texas Insurance Department will try to implement protective provisions of annuity legislation

June 25, 2009

The Texas Department of Insurance yesterday said that it will try to implement provisions of legislation vetoed last week by Gov. Rick Perry that was designed to protect annuity customers. The bill required that carriers issue buyer’s guides...

Tax break sought for non-qualified lifetime annuities

June 23, 2009

Two senators have reintroduced legislation that would provide tax breaks to those with non-qualified lifetime annuities. Sens. Kent Conrad, D-N.D., and Pat Roberts, R-Kan., have proposed the Retirement Security for Life Act, or S 1297, which...

Changing regulations mean EIA compliance challenges

June 14, 2009

As new annuity rules continue to develop, chief compliance officers at broker-dealers say that they still face some challenges in implementing compliance procedures with their financial advisers. Regulatory changes are flying fast at compliance...

Finra suitability proposal raises hackles of those in the fixed-annuities industry

June 14, 2009

The Financial Industry Regulatory Authority Inc.'s proposal to widen its purview to include non-securities products has left some in the fixed-annuities industry gnashing their teeth. Finra is seeking comments on Regulatory Notice 09-25, which...

Bill would let seniors take retirement funds through annuity

June 9, 2009

Retirees would be able to take a portion of their retirement savings in the form of an annuity if a bill introduced today by Rep. Earl Pomeroy, D-N.D., were passed into law. H.R. 2748, the Retirement Security Needs Lifetime Pay Act, would adjust...

Fixed annuities again surpass VAs in sales

May 28, 2009

Fixed annuities continued to outsell their variable counterparts in the first quarter, according to data from LIMRA International Inc. of Windsor, Conn. For a second consecutive quarter, fixed annuities beat variable annuities, raking in $35.6...

With clock ticking, some urge clients to establish GRATs

May 24, 2009

Wealth managers and tax attorneys are advising wealthy clients who may need to minimize gift and estate tax payments to consider taking advantage of a popular tax-planning tool while they still can. The increased attention to grant-or retained...

MassMutual weighs future in VA marketplace

May 17, 2009

Following the departure of a major annuities expert and the elimination of some variable annuity riders, Massachusetts Mutual Life Insurance Co. is mulling the future of its role in the VA marketplace. “The challenge for the next few years,...

ING names chief insurance risk officer for U.S. annuity biz

May 15, 2009

ING USA Annuity and Life Insurance Co. of Des Moines, Iowa. announced today that Michael Smith, 45, has been named chief financial officer and chief insurance risk officer for the U.S. annuity business. He will be responsible for financial and...

Fearing risk, insurers changes VAs to cut benefits and raise fees

May 10, 2009

Insurers are rolling out adjustments to their variable annuity products — this time with an air of caution. On May 1, the date that heralds a slew of final VA filings, carriers were as busy as they were last spring, before the market meltdown....

Annuities innovator Jerry Golden to retire from MassMutual

May 7, 2009

Longtime insurance and annuity expert Jerome “Jerry” S. Golden, president of the income management strategies division and a corporate vice president of MassMutual’s retirement income division, is retiring. After 35 years of experience in...

Radical retirement initiative from Brookings in the works

May 3, 2009

Some top retirement gurus are in the process of developing proposals that could make annuity products a crucial part of millions of Americans' retirement plans. This movement, which is being led by retirement experts from the Brookings Institution...

RIAs least likely to use annuities for rollovers

May 1, 2009

Registered investment advisers are giving the cold shoulder to annuity products, according to the latest research from Cerulli Associates Inc. A report released Thursday by the Boston research firm showed that only 20% of RIAs consider using...

Advisers create exit plans for underwater VAs

April 26, 2009

The term "bailout" has taken on new meaning for financial advisers as they devise ways to free clients from underperforming variable annuities, but the path to freedom is paved with possible tax complications and worries about account churning....

Insurers slow production of fixed-index annuities

April 5, 2009

Insurers, concerned about conserving capital, have put the brakes on their fixed-index-annuity production, a move that advisers say could put a crimp in their business. Carriers, including Des Moines-based Aviva USA — the largest seller of...

Florida annuity-sales fraud bill advances

April 2, 2009

A Florida Senate bill that would levy heavy penalties on agents and financial advisers who make fraudulent annuity sales has moved closer to becoming law — though not without a few insurance industry-friendly changes. The Safeguard our Seniors...

Retirement product marketing tactic draws critics

March 29, 2009

A marketing technique called framing is being looked at with suspicion even thought it often produces a positive result — getting people to save for retirement. "How decisions are made are very much influenced by how the decision is framed,"...

Florida annuity proposal worries insurance industry

March 22, 2009

As Florida weighs proposed legislation that could make it easier to toss annuity salespeople into prison, agents and the insurance industry are rallying to fight the bill. Florida's Senate Banking and Insurance Committee voted in favor of the...

Variable annuity sales plunged 30% in 4Q

March 19, 2009

Sales of variable annuities fell in the fourth quarter as premium flows hit $33.3 billion, according to data from NAVA Inc. That’s down 30.3% from the comparable period in 2007. Fourth-quarter net sales of variable annuities, which exclude...

Fixed-annuities sales rose 60% in 2008

March 6, 2009

Sales of fixed annuities climbed to $107 billion last year, up 60% from 2007, according to the Beacon Research Fixed Annuity Premium Study. Fourth-quarter fixed-annuities sales hit a six-year record for the third-consecutive quarter, rising...

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