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The court found that the rule was unconstitutionally vague and gave the state too much latitude to find violations.
The annuities business, while being an early mover, still lags where some consumers want to see it, according to NYDIG. Recently, several insurance companies have made big investments in the firm.
Halo Investing will offer fixed, variable and registered index-linked annuities from several carriers.
The number of carriers on its RIA custodial platform increased to 20 from seven and the number of fee-based products rose to 70.
While it's simple to choose annuity providers based on price and payout rates, those costs and rates can change frequently, so the best options today might not be as good in several years, a new report concludes.
Luma aims to get a broader set of advisers to engage with annuities with access to the Cannex database and annuity-focused tools.
Recently, Nebraska, Idaho and North Dakota passed rules matching NAIC’s standard, joining other states on the roster: Arkansas, Arizona, Delaware, Iowa, Michigan and Rhode Island.
Data from InvestmentNews Research and an annuities webcast show that more advisers are interested in the products.
Annuities are one of the leading recommendations for near retirees who are concerned about running out of money. But they are also poorly understood by many consumers, and that puts people at risk for being sold inappropriate products in amounts that represent an outsize proportion of their savings.
The insurer also led in variable annuity sales last year, while New York Life sold the most fixed annuities.
Annuities are an answer to one of the most vexing worries that Americans face – outliving their money in retirement, IRI leaders said. But a critic countered that the products need to come with more investor protections.
Last year’s market plunge and quick recovery appear to have changed the way people feel about the value of guaranteed lifetime income, Cannex found. In February 2020, 71% of people said they found guaranteed lifetime income highly valuable, but that figure had dropped to 63% by August.
The changes, which take effect May 1, mark the second time in a year that the company has significantly altered its insurance-series funds to make them match their better-known retail counterparts.
The deal will reinforce MassMutual’s focus on its retail annuities business. Last year, the company sold its defined-contribution record-keeping business to Empower Retirement via a reinsurance transaction with a ceding commission of $2.35 billion.
Total U.S. annuity sales hit $58.7 billion in the last three months of the year, up 2% from the $57.6 billion during the same timeframe in 2019, according to data published by Limra’s Secure Retirement Institute. But sales were down for the full year.
Arkansas and Michigan become the latest states to adopt the National Association of Insurance Commissioners model rule
Guests at the RPA Convergence Broker-Dealer Roundtable and Thinktank say it might be a while before annuities are used in many plans.
The decision follows a similar one by Prudential Financial to stop selling variable annuities with living benefits, amid extremely low interest rates
While the majority of plans don't include such options, employers have become more receptive to financial wellness, according to new research
As more commission-free products come to market, RIA firms are beginning to provide insurance solutions to clients
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