This report compiled by InsuranceNewsNet staff.
Florida legislators moved closer Wednesday to banning life-insurance, long-term care insurance and disability-insurance companies from using customers’ genetic information in changing, denying or canceling policies. The House passed a bill, which now moves to the more difficult state Senate.
A bill introduced by State Sen. Annette Taddeo, D, would make Florida the 12th state to elect its insurance commissioner.
The Secure Retirement Institute surveyed consumers who save in a retirement savings account to find out how they preferred to get their retirement plan information.
New Jersey became the latest state to pass a law to better protect senior citizens from financial exploitation.
A survey by the Insured Retirement Institute (IRI) finds that millennials’ expectations are not well aligned with the retirement planning steps they have taken thus far. Although nearly eight in ten millennials say that they have saved some money for retirement, nearly half – 46 percent – have saved less than $10,000.
The nine most-brazen insurance fraudsters of 2019 were chosen by the Coalition Against Insurance Fraud. The convicted extreme schemers were inducted into the Insurance Fraud Hall of Shame.
LIMRA is now offering My Products, a dashboard that filters data from its Life Compass tool, to allow companies to “compare individual life insurance products with similar competitors’ products, boosting their ability to track their own performance and adapt to evolving market conditions.”
Annuity sales fell in the third quarter 2019, decreasing 8.4% as the combined sales of fixed and variable annuities totaled $55.7 billion, according to data compiled by Beacon Research and Morningstar. Annuity sales are up 7.5% on a year-to-date basis, the report found.
While the third quarter is typically a tough quarter for life insurance sales, this year is was “particularly challenging,” said Sheryl Moore, president and CEO of Wink, Inc. With state insurance commissioners working to tighten up regulation of illustrations, it might remain a tough market.
Variable annuity sales in the third quarter were $21.2 billion, an increase of 1% over the previous quarter. Variable annuities have no floor, and potential for gains/losses that are determined by the performance of the subaccounts that may be invested in an external index, stocks, bonds, commodities, or other investments.
Representing the U.S. Chamber of Commerce, Eugene Scalia played a major role in convincing an appeals court judicial panel to vacate the Obama Labor Department’s fiduciary rule. The DOL is working on a replacement rule to be unveiled by the end of the year.
The Independent Insurance Agents & Brokers of America supports the bill, which would protect agents and brokers who write insurance coverage for legitimate cannabis-related businesses from criminal prosecution and civil liability. The bill passed the House with a vote of 321-103.
The combined sales of fixed and variable annuities totaled $60.7 billion, compared to sales of $57.7 billion in the first quarter of 2019, according to data reported by Beacon Research and Morningstar.
After 20 years and more than 150 commercials, the Geico gecko remains one of the most recognizable commercial characters on television. In fact, the gecko came in third place in a survey of the most recognizable mascots in a recent survey.
Second-quarter annuity sales were up sharply again across the board, continuing a sales rebound that began with the defeat of the Department of Labor fiduciary rule early in 2018. Sales were led by fixed indexed annuities. In the first six months of 2019, FIA sales were $38 billion, an increase of 18%, compared with the first six months of 2018, LIMRA reported.
Ohio National execs say regulations and low interest rates make annuities a tough sell. The company will focus on growing its life and disability insurance lines, as well as expand Latin America operations. The company recently named Christopher A. Carlson as president and CEO.
The change in leadership comes as the institution gets ready to relocate to larger space.
A National Association of Insurance Commissioners committee called a special meeting in Kansas City to hammer out a model law for annuity transactions. But member states have a wide gulf of disagreement to bridge.
