This report compiled by InsuranceNewsNet staff.
Industry trade associations applauded a new rule today from the Trump administration requiring retirement plans to provide an illustration of the amount of monthly income that might be generated by an individual’s retirement savings.
British insurer Prudential Plc. will spin off its American businesses, which include Jackson National Life Insurance Co., in order to focus on operations in Asia and Africa. Jackson was the leading seller of annuities in the U.S. market for 2019, although the insurer has struggled financially in 2020.
Morningstar said that the DOL could go further to protect all investors receiving rollover advice in a variety of contexts. The DOL should revisit the “regular basis” prong of the five-part test to either eliminate this requirement or presume that it is satisfied in the context of a rollover.
The surplus for the private U.S. property/casualty insurance industry dropped by $75.9 billion in the first quarter of 2020—its largest-ever quarterly decline—as the stock market suffered a major downturn.
Total annuity sales were $48.8 billion in the second quarter, down 24% from second quarter 2019, according to preliminary results from the Secure Retirement Institute annuity sales survey. The ongoing COVID-19 pandemic is being blamed for slowed sales, in part by preventing face-to-face contact.
The National Association of Insurance Commissioners announced a special committee on race in a news release today. The new committee comes as insurance regulators on several committees and task forces continue to discuss whether “proxy discrimination” needs further attention.
The New York State Department of Financial Services today filed charges against First American Title Insurance Co., claiming the company exposed millions of documents containing personal information of clients.
A new study by Secure Retirement Institute finds American workers who lost their jobs or experienced a drop in income due to the COVID-19 pandemic were at least twice as likely to take money from their qualified retirement savings accounts as those who weren’t impacted.
After pandemic-related declines in March thru April, U.S. life insurance application activity rose for the second consecutive month, up 1.2% in June year over year, according to the MIB Life Index.
Employers — many who are dealing with the potential of lower revenue and managing remote work arrangements and the uncertainty of when things will return to normal — may choose to delay or cancel plans to put their defined contribution (DC) plans out to bid. This would significantly impact DC plan sales in 2020.
Prolific insurance executive and author John (Jack) A. Bogardus Jr., 92, died June 28 in Scottsdale, Ariz.
Health insurers are far more interested in offering dental benefits now than they were two years ago, according to a new report. The percentage of health insurers offering dental insurance products has risen from 68% in 2018 to 80% today.
This merger positions the firm as a leading provider of advisory services to its targeted niche of retirement advisors. The combined company will retain the Brookstone name, executives said in a news release, and will reflect the best that each firm has to offer, including exclusive and expansive state-of-the-art technologies.
Remote work has been a challenge for advisors trying to serve clients during the COVID-19 pandemic, a recent study revealed. More specifically, nine out of 10 advisors said that not being able to meet with clients in person has had the biggest impact to their business while social distancing measures are in effect.
A new LIMRA survey find companies have growing interest in modifying their benefits packages, enrollment strategies and their relationships with their carriers. About 25% of employers say COVID-19 has made them more interested in making changes to their insurance benefit programs within the next 18 months.
EDITOR’S NOTE: This is Part 2 of an interview featured in the July edition of InsuranceNewsNet Magazine between InsuranceNewsNet Publisher…
The COVID-19 pandemic triggered ultra-low interest rates, extreme market volatility and record-high unemployment — conditions that generally are unfavorable for annuity sales. The good news is annuity sales should bounce back strong in 2021 and 2022, the Secure Retirement Institute reports.
Even before the COVID-19 pandemic hit, low- and middle-class Americans were less prepared to deal with the death of a main breadwinner, according to a survey taken in January.
Despite the economic craziness — or maybe because of it — Americans are trusting insurance agents and companies more than ever, according to LIMRA data.
The National Association of Insurance Commissioners is converting its Summer Meeting to a virtual format.
