This report compiled by InsuranceNewsNet staff.
Life insurance application activity continues to grow at a steady pace early in 2021, with year-over-year activity up 3.9%, according to the January MIB Life Index. Growth was largely driven by the 31-50 age group, up 8.5%, MIP reported, while older age groups age 61+ declined year over year.
Fewer consumers report consulting financial professionals in 2020 vs. 2019, according to research from Hearts & Wallets. Bank and insurance reps show the biggest decline, a 10-point drop, in consumers turning to them as sources for investment information and advice.
Cetera announced a deal today to acquire certain assets related to the independent financial planning channel of Voya Financial Advisors (VFA).
Under the terms of the settlement, Northwestern Mutual will pay a $287,000 administrative penalty and will be required to report quarterly to the Department on its claims payments for the next two years.
The COVID-19 epidemic highlighted the need for life insurance and illuminated the gap of uninsured and underinsured American families, a longstanding problem illustrated by LIMRA research.
State Farm made a January 2020 move that would power the insurer through a turbulent year: It rekindled its iconic tagline, “Like a Good Neighbor, State Farm Is There.” The 49-year-old line is among the most recognizable phrases in advertising, said Ad Age, which named State Farm a 2020 Marketer of the Year.
Prudential plc, the parent company of Jackson Financial, today announced that the Prudential board has decided to pursue the separation of Jackson in the second quarter of 2021 through a demerger, whereby shares in Jackson would be distributed to Prudential shareholders.
Sholam Weiss helped destroy the National Heritage Life Insurance Co. in a $450 million fraud scheme carried out in the 1990s. He was convicted of racketeering, wire fraud, money laundering, and obstruction of justice and given an 835-year sentence, one of the longest for a white collar crime in U.S. history.
Gary Gensler will be named chair of the U.S. Securities and Exchange Commission (SEC) by President-elect Joe Biden, Reuters reported Tuesday. The appointment is likely to prompt concern among Wall Street firms of tougher regulation.
The new year brings six new insurance laws in California, sponsored by Insurance Commissioner Ricardo Lara and the California Department of Insurance.
The National Council of Insurance Legislators have adopted the NCOIL Transparency in Dental Benefits Contracting Model Act at year’s end.
Registered index-linked annuities (RILAs) are poised to exhibit robust growth as additional large, reputable insurers enter the space with innovative concepts, the research firm Cerulli Associates found. RILAs are one of the few annuity products showing steady growth in sales.
AIG Retirement Services, a leading retirement plan provider for tax-exempt and public sector employers, today announced the launch of its…
Two of the largest life insurers in the U.S. announced executive hires today to advance their respective diversity and inclusion strategies. The moves come as the industry continues work to fulfill commitments to diversity and inclusion made in the aftermath of the summer racial strife that spread across the United States.
Robert Muriel, director of the Illinois Department of Insurance, announced that he’ll leave his position on Dec. 11. Muriel was…
The package is trillions of dollars less than Democrats say are necessary to help Americans, but it provides aid to critical areas such as unemployment compensation and vaccine distribution.
Third-quarter sales of whole life registered $1.05 billion, up 12.9% when compared with the previous quarter, according to Wink’s Sales & Market Report. But sales were down more than 10.2% as compared to the same period last year.
COVID-19 has increased consumer awareness about the need for life insurance. LIMRA research finds 6 in 10 Americans say they have a heightened awareness about the need for life insurance due to the pandemic and 29% say they are more likely to buy life insurance in the next 12 months.
Wink reports that deferred annuities sales came to $54.2 billion, an increase of more than 18% over the devastating second quarter. However, the $54.2 billion still falls short of where sales have been in the past, said Sheryl J. Moore, president and CEO of both Moore Market Intelligence and Wink, Inc.
Driven by strong growth in whole life and term products, total individual life insurance new annualized premium increased 2% and the number of policies sold jumped 7% in the third quarter, according to LIMRA’s Third Quarter 2020 U.S. Individual Life Insurance Sales Survey.
