Universal life was a very popular product in the 1980s, when interest rates routinely hit double digits. When interest rates nosedived, however, it began a negative spiral that took UL policyholders down a financial rabbit hole. While some surrendered their policies and took the loss, others keep paying much-higher premiums. What can be done?
NAIC Annuity Sales Group Deeply Split Over ‘In-Force’ Issue
A fierce split on whether to extend annuity sales rules to in-force policies crippled a state insurance commissioners’ working group.
A National Association of Insurance Commissioners working group has been hashing out an annuity sales model. But the group’s chair says the model will not be done in time for NAIC’s fall meeting in San Francisco next month.
A National Association of Insurance Commissioners’ working group is on track to present a completed annuity sales model law to its parent committee.
NAIC Working Group Balks At Tough ‘Best Interest’ Annuity Rule
The New York-California faction made a big push to beef up a proposed state insurance commissioners’ annuity sales rule, but the effort fell short when working group members rejected “best interest” language.
NAIC Group Continues To Debate Annuity Sales Rule
Members hope to reach tentative agreement on an annuity sales rule it can take to its parent committee during the NAIC Fall Meeting Nov. 15 in San Francisco.
A National Association of Insurance Commissioners’ working group will meet again in person – this time in Chicago. The group hopes to reach agreement between conservative and liberal factions on an annuity sales model law for the states to adopt.
NAIC Working Group Chair Critical Of Annuity Illustration Changes
An NAIC working group is debating whether to allow insurers to illustrate indexed annuities using indices that have been around less than 10 years. Opponents say the indices would not be accurate, nor would they be understood by consumers.
The Department of Labor is likely to harmonize its Conflict of Interest Rule language with the Securities and Exchange Commission’s best interest standard, according to a prominent industry lobbyist. The DOL fiduciary rule was tossed out by a federal appeals court earlier this year.
Paul Volcker became Fed chairman in 1979, promptly running into an economy burning down because of runaway inflation and then threw gas on it. He eventually raised the prime rate to 1981, extinguishing inflation, but also President Jimmy Carter’s chances of a second term.
The vast majority of consumers who find a financial task difficult don’t seek help. This opens an opportunity for financial professionals to help ease their pain, a study says.
When it comes to figuring out retirement income and how to manage finances in the post-employment years, there is a big difference between pre-retirees and retirees. More than half – 56 percent – of pre-retirees said they frequently worried about their finances while only 36 percent of retirees said they did.
National Association of Insurance Commissioners members are debating how to best create an online resource of life insurance information for consumers. The effort is meant to supplement the NAIC Life Insurance Buyer’s Guide. More consumers are getting information online, so that’s where regulators want to be.
Cannex researchers found that the highest guaranteed income product varies significantly depending on the client – whether a man or a woman, a single person or a couple – as well as when income begins. Advisors need to rely on real analytics, one researcher said.
It’s that time of year when employees sit in conference rooms, listening to presentations on enrolling in voluntary benefits for the coming year. Eighty percent of people don’t talk about insurance or finances with anyone, MetLife researchers found. The company wants to change that fact.
Longtime CEO Robert Kerzner is stepping down at the end of the year, and will be replaced by a former colleague at The Hartford. LIMRA/LOMA are the world’s largest association of life insurance and financial services companies.
NAIC Working Group Closing In On Disclosure Overview Language
A National Association of Insurance Commissioners working group wants to “enhance consumer understanding” with a proposed two-page summary to accompany life insurance illustrations. The group is making slow progress on the proposal, with a few issues remaining to work out.
The dramatic increase of new RIAs is a sign that the independent channel remains an attractive place for large advisors to grow, one analyst said. Since 2013, new annual RIA filings have grown by 60 percent, from 150 RIAs in 2013 to 238 last year.
Broker-dealers across the country and reeling and unsure how to respond to Ohio National terminating trail commissions on some of its variable annuities. At least one leading annuity analyst does not expect the ON decision to be repeated by other insurers.
