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Illinois Supreme Court Affirms FIAs Are Not Securities

INN Daily Newsletter Hot Off The Wires No comments.

In a unanimous decision, the Illinois Supreme Court has affirmed the judgment of the Illinois Appellate Court and ruled that fixed indexed annuities are not securities under Illinois state law.

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Sammons Financial Group will lay off an unspecified number of employees during the first quarter of 2019. The company cited efficiencies and automation as reasons behind the layoffs, which follow last month’s announcement of layoffs by Nationwide.

A.M. Best recently met with the Ohio National management team to discuss a series of recent events, including the insurer being sued several times for a decision to end trail commissions on certain annuities. A.M. Best is sticking with its strong ratings for now.

More regulation, changing compensation and the erosion of public trust are the top reasons many brokers/registered reps say they are considering striking out on their own via the independent channel. Nearly half of respondents to a new survey say they expect the brokerage channel to deteriorate.

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The U.S. Attorney for the District of Massachusetts, Andrew E. Lelling, issued the following news release:. Kimberly Kitts, 51, was sentenced by U.S. District Court Judge Denise J. Casper to 87 months in prison and three years of supervised release. United States Attorney Andrew E. Lelling and Joseph R. Bonavolonta, Special Agent in Charge of the Federal Bureau of…

–Milliman, Inc., a premier global consulting and actuarial firm, announces the results of a first-of-its-kind, industry-wide study that examines insurers’ experience with combination products– those that couple life or annuity policies with Long-Term Care or Chronic Illness riders. The study, which includes data from 11 insurers focused primarily on…

March 21– Mar. 21– The Great Lakes Basin has warmed more over the last 30 years than the rest of the contiguous United States– and could warm dramatically more by the end of the 21st Century, a new, first-of-its-kind study of how climate change has impacted the Great Lakes region finds. –Areas within the Great Lakes Basin could see an increase of 17 to 40 extremely warm…

–MoneyLion, America’s most powerful financial membership designed to help the hardest-working Americans save, borrow and invest, today launched the industry’s first health tracker for finances, the Financial Heartbeat. Similar to smartwatches and fitness wearables, the MoneyLion Financial Heartbeat simplifies the tracking and understanding of one’s…
The Genworth deal with China Oceanwide has been close for months. Will it get done?

With approvals from government regulators in China and Canada still outstanding, Genworth Financial has again delayed the closing of its planned acquisition by a China- based investment company. Genworth and China Oceanwide Holdings Group announced the latest extension of their merger agreement late Thursday.

Maryland policymakers should collaborate with the SEC in its effort to develop appropriate, cohesive, and workable standard of conduct rules, but should not create additional regulatory layers until the SEC completes its national standard, industry representatives testified Wednesday.

As a presidential candidate, Donald Trump promised not to cut Social Security, Medicare, or Medicaid. In the White House, Trump went back on his promise not to cut Medicaid. Now he’s being criticized for steep Medicare payment cuts to hospitals in his new budget. The head of a major hospital association says in a blog that the impact on care for seniors would be “devastating.” The White House says it’s not cutting Medicare but making better use of taxpayers’ dollars.
The U.S. Capitol.

The bank engaged in an “egregious pattern of consumer abuses,” U.S. Rep. Maxine Waters said at the outset of a hearing she is chairing regarding the fourth-largest U.S. bank. Tim Sloan’s appearance before the House Committee on Financial Services marks the second time he has testified on Capitol Hill over problems at the bank.

LOS ANGELES, March 6, 2019/ PRNewswire/– Few workers in physically demanding jobs or “physical workers” feel they are on track to meet their estimated retirement income needs, according to a global research report released today. The Unique Retirement Challenges of Workers in Physically Demanding Jobs is based on a survey of physical workers in 15 countries…

Feb. 25– How much does healthcare cost a small business and their employees? A typical employee’ s individual policy ran almost $7,000 annually in 2018 and the average family premium exceeded $19,000 according to a year-end report from the Kaiser Foundation, a non-profit organization focusing on national health issues. These costs represent an increase of up…

As America Saves Week kicks off Feb. 25, Prudential Financial, Inc. is calling on employers to consider adding an after-tax emergency savings feature to their 401 plans to help workers save for unexpected expenses. “One missed paycheck, or even an unexpected car repair, can create real financial hardship for Americans.”- Phil Waldeck, Prudential Retirement.

Feb. 21– Feb. 21– Kansas Republicans and trade associations, empowered by changes President Donald Trump’s administration made to the Affordable Care Act, are pushing for health plans that are less expensive because they don’t have to cover pre-existing conditions. One such bill, requested by the Kansas Farm Bureau, passed the Republican-controlled state…

HOUSTON – February 21, 2019 – American International Group, Inc. (NYSE: AIG), whose domestic life insurers are leaders in the…

NEW YORK- Wall Street capped another day of listless trading Wednesday with a slight gain, extending the market’s winning streak to a third day. Stock indexes spent much of the day wavering between small gains and losses as traders waited for signs of progress in the latest round of trade talks between the U.S. and China. Europe and China have both reported slower…
The hot M&A market will be cooling off in the coming months, according to a new survey.

The hot market for businesses may start to cool, as early as later this year. That’s the finding of a survey of brokers and advisers who help owners and buyers complete sales of companies. The survey conducted by researchers at Pepperdine University and two industry groups questioned business brokers and acquisitions advisers.
A new agreement between Jackson National and DPL will bring Jackson annuities into the RIA channel.

DPL Financial Partners and Jackson National Life Insurance Company have an new agreement to bring the carrier’s advisory annuity products to fee-only advisors. The deal represents Jackson’s first distribution partnership targeting the independent RIA channel.

Pricing in the global reinsurance sector remains disappointing following the Jan. 1, 2019, renewals, according to a new AM Best report, as expected rate increases following heavy catastrophe losses in 2017-2018 did not come to fruition. Rates in the property catastrophe retrocession segment rose between 10% and 20% at the Jan. 1 renewals, with peaks of 35% on…

Feb. 08– A South Carolina woman was grocery shopping when she decided to treat herself to a birthday gift, and bought a Powerball ticket, the North Carolina Education Lottery said in a news release. Konopacke was shopping at a Publix in Hendersonville, and was in her car about to leave the parking lot when she realized she had not bought a Powerball ticket, according…

This Valentine’ s Day, Lincoln Financial Group encourages consumers to give their loved ones a gift that transcends flowers, champagne and chocolates: a strong financial plan. The company’ s 2018 Responsibility of Love Survey found that while 88 percent of Americans say that setting a plan for their family’ s financial future is an important priority, almost…

Feb. 07– Saddled with the legacy of racist policies of the past, poorer African-American neighborhoods in Baltimore receive far less investment than their white neighbors, according to a new report from the Urban Institute. The report found that Baltimore, the nation’s 30th largest city, has low average income, has lost population for decades and relies on a…

As the recent government shut down temporarily ends and threats to shut down again are made, we heard about many employees struggling to pay their bills because they missed a paycheck. In a nationwide survey, Financial Capability in the United States, it was found, “Just over two-fifths of respondents report spending less than their income, 36 percent spends…
The price of prescription drugs is pushing up the cost of overall health care.

The debate signals the primary role health care will play in the 2020 presidential race. Almost nine years after President Barack Obama signed the Affordable Care Act into law, Democrats are once again pressing for an overhaul of the U.S. health care system, a high-stakes endeavor that will have sweeping consequences for millions of Americans who rely on private health insurance.

Securian Financial has launched Value Protection Indexed Universal Life, a low-cost, protection-focused indexed universal life insurance policy with a built-in no-lapse guarantee. A leading accumulation-focused IUL carrier since it entered the market in 2006 1, Securian Financial is expanding its IUL portfolio and planting a flag in the protection…
The Federal Reserve system symbol on hundred dollar bill.

The Fed held its benchmark rate at a range of 2.25 to 2.5 percent at its January meeting, after having hiked rates four times in 2018 — decisions that drew harsh criticism from the president. Fed Chair Jerome Powell said that he would need to see a jump in inflation in order to raise a benchmark interest rate.

The Saver’s Credit, also referred to as the Retirement Savings Contributions Credit by the Internal Revenue Service, is available to eligible taxpayers who are saving for retirement. The Saver’s Credit is a non-refundable tax credit that may be applied up to the first $2,000 of voluntary contributions an eligible worker makes to a 401, 403 or similar…

Investor’ s Business Daily, a leading financial news and research organization, today announced the results of its seventh annual investor survey of the Best Online Brokers. Notably, Charles Schwab and Fidelity maintained top ratings for the sixth consecutive year, with Charles Schwab edging just ahead of Fidelity in Overall Customer Experience after…

Voya Financial’s newest product is a suite of health saving and spending accounts to be offered as optional workplace benefits.

LIMRA is expects U.S. individual life insurance sales to rise 3 percent to $15 billion this year. Growth will be primarily driven by gains in disposable income and bond rates, coupled with low unemployment, the research organization reports.

The U.S. economy remains healthy, and Vanguard is sticking with its prediction for only one more interest rate hike by the Federal Reserve in 2019, chief economist Joseph Davis said. Vanguard’s model predicts a less than 50 percent change of recession in 2019, he added.

Jan. 16– The rollercoaster otherwise known as the stock market did not diverge from its usual operations in 2018, as investors saw an up-and-down year and likely expect the same in 2019.. The markets then had a post-Christmas rally, as the Dow saw its biggest one-day gain Dec. 26, with over 1,080 points; the S&P rose 4.9 percent; and the Nasdaq closed up at 5.8 percent.

DEERFIELD, Ill., and REDMOND, Wash.– Jan. 15, 2019– Walgreens Boots Alliance Inc. and Microsoft Corp. have joined forces to develop new health care delivery models, technology and retail innovations to advance and improve the future of health care. “Improving health outcomes while lowering the cost of care is a complex challenge that requires broad collaboration…

Jan. 10– Damage from the Camp Fire was the costliest disaster in the world last year, topping out at $12.5 billion in insured losses, according to a new report by global reinsurance firm Munich RE. The Germany- based company said it had expected losses to be lower this year after a record-breaking 2017, in which insurers paid out about $230 billion worldwide.

Securian Financial has launched SecureOption ® Choice, a new fixed deferred annuity designed to give financial professionals a competitive edge in the multi-year guaranteed annuity marketplace. SecureOption ® Choice is available to all Securian Financial- approved distribution channels. These ratings are assigned to the following Securian…

US Commercial Rates Up in Fourth Quarter 2018 Measured approach yields steady market The US commercial insurance composite rate averaged…

The purchase includes a long-term license to use certain Gerber Life intellectual property, including the Gerber Life name and logo, in connection with certain financial services. The deal brings a leading direct-to-consumer life insurer to Western & Southern’s diversified family of financial services businesses.