Tri-State Consumer Insurance Company (Tri-State) will pay a $500,000 penalty to New York State for multiple violations.
This report compiled by InsuranceNewsNet staff.
Staff Reports
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.Â
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…
SRI Study: Owning An Annuity Increases Retirement Confidence
The latest SRI data suggests that retirees who own an annuity are more confident than non-owners that their savings and investments will not run out if they live to age 90 (69% versus 44%).
Life Insurance Sales Up A Whopping 11% In 1Q, LIMRA Reports
Overall, 7 in 10 life insurance carriers — including nine of the top 10 — reported increases in new annualized premium in the first three months of 2021.
First Unum Life Insurance Company of America and Paul Revere Life Insurance Company will pay a $1.8 million penalty to New York State for violations of DFS’s Cybersecurity Regulation.
A settlement has been reached between the Connecticut Insurance Department, Michael Scheinman, a state licensed insurance producer, and Accu-Health Insurance Advisors, LLC, to settle an investigation into selling a medical discount plan as an insurance product.
Rising Interest Rates Spur 9% Annuity Sales Growth In 1Q: LIMRA
In the first quarter 2021, total annuity sales were $60.9 billion, a 9% increase from first quarter 2020, according to preliminary results from the Secure Retirement Institute.
A 55% decrease in the average number of miles driven and a record 15% unemployment rate sent many auto insurance customers shopping for a new policy after the onset of the pandemic in 2020.
F&G, part of the FNF family of companies and a leading provider of annuities and life insurance, announced that the company has surpassed $1 billion in sales in the financial institutions channel, less than one year after launching.
