This report compiled by InsuranceNewsNet staff.
Total fourth quarter sales for all deferred annuities were $56.3 billion, an increase of nearly 4% when compared to the previous quarter and an increase of nearly 6% when compared to the same period last year.
The Florida Legislature passed a bill that will cause insurance rates to rise for Florida motorists, particularly those who buy the minimum required insurance, according to the Personal Insurance Federation of Florida (PIFF).
Thirty-one percent of U.S. workers say they are fearful of workplace repercussions, such as getting fired, laid off, skipped over for a promotion/raise or reduced hours, if they take leave, and 29% believe there is a negative perception associated with taking leave.
The model “provides a structure to strengthen distracted driving laws across the country by establishing a comprehensive hands-free law to curb driver distraction,” NCOIL said in a news release.
The SEC alleges that actor Zachary Horwitz misappropriated investor funds for his personal use, including the purchase of his multi-million dollar home, trips to Las Vegas, and to pay a celebrity interior designer. Horwitz’s credits as an actor include low-budget features such as “Trespassers.”
Ohio National executives today announced an expansive reorganization plan to demutualize the company. The deal includes the conversion of Ohio National Mutual Holdings to a stock company and the issuance of all of its newly issued stock to Constellation Insurance Holdings.
In the fourth quarter, total life insurance new premium dropped 8%, compared with the record-breaking sales results in fourth quarter 2019. Total policy sales were up 2% in the fourth quarter, according to LIMRA’s U.S. Individual Retail Life Insurance Sales Survey.
The Oregon Division of Financial Regulation issued $220,000 in civil penalties, and Raymond James Financial Services, Inc. agreed to pay $123,279 in restitution to the victims of the excessive trading practices of Gary Dodds.
The insurance industry overcharged California drivers by hundreds of millions of dollars in past year amid less driving and accidents, Insurance Commissioner Ricardo Lara said. Lara ordered a refund plan by April 30.
U.S. annuity sales totaled $219 billion in 2020, 9% lower than sales in 2019, according to results from the Secure Retirement Institute U.S. Individual Annuity Sales Survey. But in the fourth quarter, annuity sales rebounded to pre-pandemic levels.
Compensation rose between 8% and 14% year-over-year from 2019 to 2020. This was higher than the 3% increase in total revenue for these companies during that same period.
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.
