In addition to the creation of the special enrollment period, health coverage access was also expanded in Michigan through tax subsidies offered under the American Rescue Plan (ARP).
Staff Reports
U.S. single premium buy-out sales totaled $5 billion in the second quarter, up 119% from second quarter 2020, according to the Secure Retirement Institute.
The Securities and Exchange Commission announced that App Annie Inc., a leading alternative data provider for the mobile app industry, and its co-founder and former CEO and Chairman Bertrand Schmitt, have agreed to settle securities fraud charges.
Additional felony charges have been filed against Robert Andrew Lotter, 64, of Newport Beach, Calif., and Charles Albert Major, 72, of Irvine, Calif., who were arrested in November after allegedly defrauding their clients with high-risk investments.
The Michigan Department of Insurance and Financial Services (DIFS) has ordered the websites of four fake banks and credit unions to be taken down.
Former insurance agent Steven Gordon, 67, of Camarillo, Calif., was arraigned last week on 21 felony counts of grand theft, forgery, identity theft, and credit card fraud after allegedly stealing more than $1 million from three former clients.
Jackson is now an independent company, and its stock is expected to commence “regular way” trading under the ticker symbol “JXN” on the New York Stock Exchange on Sept. 20.
California Insurance Agent Facing 5 Felony Counts Of Insurance Fraud
A California businessman faces five felony counts of insurance fraud after a state Department of Insurance investigation revealed he allegedly underreported wages by over $2.5 million.
Foresters Financial today announced the launch of Foresters Go, a wellness platform that integrates wearable app-enabled technology and behavioral science to inspire and reward healthy lifestyles.
American International Group today announced that Peter Zaffino, president and CEO, will assume the additional role of chairman of the Board of Directors, effective Jan. 1, 2022.
The Wisconsin Office of the Commissioner of Insurance released August’s administrative actions on Tuesday.
Zurich North America has named Carl Sutter Head of Distribution for U.S. Middle Market.
Florida Man Pleads Guilty In $73M Scam To Defraud Medicare
A Florida man pleaded guilty yesterday in the Southern District of Florida for his role in a $73 million conspiracy to defraud Medicare by paying kickbacks to a telemedicine company to arrange for doctors to authorize medically unnecessary genetic testing.
The SEC announced Wednesday that it has filed an action against BitConnect, an online crypto lending platform, its founder Satish Kumbhani, and its top U.S. promoter and his affiliated company, alleging that they defrauded retail investors out of $2 billion.
Lorie Bevins, of Plainwell, was arraigned on August 26 in 57th District Court on four counts of submitting false health insurance claims.
Life Insurance Premium Up 21% In The Second Quarter, LIMRA Reports
In the first six months of 2021, the total number of policies sold increased 8%, compared with prior year results. This is the highest policy sales growth recorded since 1983, according to LIMRA’s recent survey.
Pacific Life Insurance Company announced today that Darryl Button has been named CEO-Elect and will become president and CEO of Pacific Life, succeeding chairman, president and CEO Jim Morris, on April 1, 2022, upon Mr. Morris’ retirement.
A Michigan producer issued fraudulent Farm Bureau insurance policies, regulators said Monday in a final cease-and-desist order.
A pair of Iowa men were charged recently with trying to defraud insurers.
The survey allows insurers to report on climate-related risks and opportunities that provide the Department with additional information to evaluate insurance company risks and activities.
CareFirst BlueCross BlueShield (CareFirst), a not-for-profit and the largest healthcare company in the mid-Atlantic region, announced it will make COVID-19 vaccinations a requirement for its workforce, Boards of Directors, and guests.
A new Michigan Department of Insurance and Financial Services agreement ensures unlimited Personal Injury Protection (PIP) medical coverage for uninsured vehicle occupants and pedestrians who were injured in auto accidents prior to the July 2, 2020 implementation of Michigan’s new auto insurance law.
New York Advisor Charged With Defrauding Clients Of $8 Million
Authorities say Martin Ruiz misappropriated more than $8 million of client funds, transferring those funds through a series of entities Ruiz also controlled, and spent the vast majority of the funds on personal expenses.
NY Reports 3.7% Health Insurance Rate Hike For Individual Market
The New York State Department of Financial Services reduced health insurers’ 2022 requested rates to a 3.7% hike, despite health care costs increasing to pre-pandemic levels.
Michigan regulators issued a final cease-and-desist order Wednesday against Cedar Hawk Title Company and its employees, Victoria Lansen and Tabria Josey, forbidding further violation of the Michigan Insurance Code.
LIMRA Sees A More Robust 2021 Life Insurance Sales Forecast
The government response to COVID-19, coupled with stronger economic conditions and unprecedented consumer interest in life insurance, have led LIMRA to improve its 2021 sales forecast.
Sharity Ministries, Inc., formerly Trinity Healthshare, Inc. has filed for bankruptcy and has ceased operating, Connecticut Insurance Commissioner Andrew N. Mais announced today.
California Charges 2 With 36 Counts Of Felony Insurance Fraud
California regulators have charged two people with 36 felony counts of insurance fraud and grand theft for collecting long-term health care benefits allegedly as a result of fraudulent claims.
Northwestern Mutual announced today a new $100-million impact investing fund to deliver on the company’s commitment to addressing inequality and the racial wealth gap in the U.S.
The amount of money that insurers expect to pay for the 2020 hurricanes continues to grow, albeit more slowly, as Louisiana gets further away from last year’s historic storm season.
The Idaho Department of Insurance (DOI) received preliminary health insurance premium rates from health insurance carriers for plans sold starting January 2022.
Iowa Insurance Producers Plead Guilty To Health Insurance Fraud
Insurance producers Jonathan Adam Schlue of Davenport, Iowa and Whitney Michelle Roth of Clinton, Iowa, were recently sentenced in Scott County District Court after pleading guilty to their parts in a healthcare insurance fraud scheme.
Brookfield Acquires American National Group In $5.1B Deal
Brookfield Asset Management Reinsurance Partners is acquiring American National Group in a $5.1 billion deal announced this morning.
Idaho Suspends Radio Host’s Producer License For String Of Violations
The insurance producer license of Daniel Van Patten, the host of Safe Money Radio Show and president of Assure Financial Service, was revoked effective July 27, 2021 by the Idaho Department of Insurance.
Earlier today, the United States sold the sole copy of the Wu-Tang Clan album “Once Upon a Time in Shaolin,” which had previously been ordered to be forfeited as a substitute asset in connection with the approximately $7.4 million forfeiture money judgment entered against Martin Shkreli at his March 2018 sentencing.
Based in Hartford, Conn., Saybrus Partners was formed in 2009 to bring its boutique model to institutions, delivering customized support, proactive consultation and transparent, centralized management for advisors and insurance agents.
First-Half 2021 Annuity Sales Up A Whopping 23%, Report Finds
Strong equity market gains and lower volatility, as well as rising interest rates all contributed to the remarkable rebound in the annuity market, officials said.
A Detroit man who sold counterfeit insurance documents through Facebook has pleaded guilty, say Michigan Attorney General Dana Nessel and Michigan Department of Insurance and Financial Services (DIFS) Director Anita Fox.
Start Me Up: Annuity Group To Sponsor Rolling Stones’ Tour
The annuity focused Alliance for Lifetime Income has again signed on as the sole sponsor of The Rolling Stones’ 2021 “No Filter” U.S. stadium tour.
Christina Mejia, 31, was arraigned today on nine felony counts of insurance fraud and identity theft after she allegedly stole multiple victims’ identities to purchase an insurance policy and filed a fraudulent claim involving a 2020 Cadillac.
US Attorney: NY Man’s Scams Included The Theft Of 420K In Life Insurance
A New York man was sentenced Monday to 46 months in federal prison for participating in business email compromise scams.
First-Half 2021 Life Insurance Applications Up Sharply, MIB Reports
Life insurance application activity ended the second quarter up 7.3% for the year, the MIB Life Index reported.
The $97 million will be distributed to investors affected by the misconduct and settles both the SEC’s case and a parallel action announced today by the Office of the New York Attorney General.
Wealth Concentrates Among $5M-Plus And Older Households: Study
Households with $5 million-plus in investable assets grabbed over 80% of the COVID market runup, while mass affluent households with $100,000 to under $500,000 declined in number.
Clearcover is the first auto insurance company to ink endorsement deals with NCAA student-athletes following a recent Supreme Court decision.
U.S. Rep. John Garamendi, R-Calif., recently introduced the Fair COLA for Seniors Act of 2021 to require Social Security to use the Consumer Price Index for the Elderly to calculate a “fairer cost of living adjustment” (COLA) for seniors.
Universal Life Sales Hit ‘All-Time Low’ In 1st Quarter, Wink Reports
First-quarter non-variable universal life insurance sales were down double digits, according to Wink’s Sales & Market Report.
Tri-State Consumer Insurance Company (Tri-State) will pay a $500,000 penalty to New York State for multiple violations.
Americans Putting COVID-19 Financial Panic In The Past, Allianz Finds
Less than half (48%) of Americans say they are worried about a major recession, a number that has been steadily declining recently and is down from 65% this time last year, a new Allianz study finds.
Black American Life Insurance Ownership Up During Pandemic: Study
Black Americans were significantly more likely to be concerned about being able to save for an emergency fund, pay their monthly bills and their mortgage, and leaving their families in a difficult situation due to a premature death.
Virginia and Alabama became the latest pair of states to adopt updated annuity sales rules based on a National Association of Insurance Commissioners’ model regulation.
Structured Annuities Trump Indexed Products In 1Q Wink Sales Report
The 1Q sales report paints a picture of an industry continuing to recover strongly from the COVID-19 pandemic. As expected, structured annuity sales lead the good news, with year-over-year sales up nearly 86%.
Sales of fixed and variable annuities were $56.7 billion in the first quarter of 2021, up 3.9 percent from fourth-quarter 2020 sales of $54.5 billion, according to the Insured Retirement Institute.
Aon plc and Willis Towers Watson say they are “fully committed” to their mega-merger, despite the news that the U.S. Department of Justice is suing to block it.
CMT will now provide telematics services to 21 out of the 25 largest auto insurers in the United States, and across more than 20 countries, including Canada, the United Kingdom, Germany, South Africa, Japan, and Australia.
Execs Say Digital Transformation Will Continue As Pandemic Fades
New research by LIMRA and McKinsey & Co. finds 8 in 10 insurance executives believe their companies’ efforts to adopt digital solutions accelerated due to the COVID-19 pandemic.
A new partnership deal between Carson Group and Financial Independence Group will give Carson’s advisors access to a full range of insurance products.
Nebraska Man Headed To Prison After Failed Insurance Scam
A Nebraska man is going to jail after an insurance scam involving a motorcycle accident, Iowa regulators say.
The Securities and Exchange Commission today charged a New York-based couple with insider trading in the stock of the pharmaceutical company where one of them worked as a clinical trial project manager.
The New Jersey Assembly committee moved a bill last week that would allow insurance companies to offer coverage add-ons that…
