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Report: Social Security And Medicare Funds Remain Under Pressure

August 31, 2021 Washington Wire No comments.
More than just insurance is needed to fight off cyber criminals, one expert says.
Cyberattacks can cost customers dearly.

A report from the programs’ trustees released Tuesday moved up by one year the date for the depletion of Social Security’s reserves to 2034.

Read more
August 31, 2021
The American Council of Life Insurers released its July 2025 Financial Resilience Index measuring middle-class households’ ability to manage financial challenges and plan for a stable future.

Want ‘Diamond Hands?’ Buy An Annuity!

The consequences of the emotional buying and selling that’s done in up and down markets grow exponentially as we age. The question to ask ourselves is, “What should we do about it?”

August 31, 2021
A South Florida telemarketer defrauded Medicare out of millions, authorities say.

SC Resort Scam Kingpin Pleads Guilty To Tax And Wire Fraud In Charleston

A Utah developer who engineered a South Carolina real estate deal that scammed investors and left a remote coastal vacation spot in physical and financial ruin pleaded guilty to federal wire and tax fraud charges Monday.

August 30, 2021
"Cheers" ran on NBC from 1982 to 1993.

No ‘Cheers’ For Boston Bar Owner In Pandemic Coverage Lawsuit

A federal judge dismissed a business interruption lawsuit brought by the owner of four Boston-area tavern-restaurants, including the famed Cheers tavern that inspired the popular 1980s sitcom.

August 30, 2021
The Fed is planning to shift its priorities in the months ahead.

Powell: Fed On Track To Slow Aid For The Economy Later This Year

The Federal Reserve will start dialing back its ultra-low-rate policies this year as long as hiring continues to improve, Chair Jerome Powell said Friday, signaling the beginning of the end of the Fed's extraordinary response to the pandemic recession.

August 27, 2021
Some companies are beginning to add surcharges to employees who decline vaccination.

Some Employees May Face COVID-19 Health Insurance Surcharges

An announcement Wednesday by Atlanta-based Delta Air Lines that it will charge a monthly surcharge for employees who have not been vaccinated against COVID-19 may be a harbinger of things to come.

August 26, 2021
An Ohio man is going to prison for fraud
Jason E. Adkins, 46, solicited victims from all over the country and world, authorities said.

SEC Claims Texas Advisor Used Life Insurance To Fuel $58M Scam

According to court documents, Robert J. Mueller, allegedly pitched a scam that began be persuading investors to cash out annuities or individual retirement accounts to invest in funds Mueller controlled.

August 26, 2021
Nearly all insurers plan to maintain or increase staff over the next year.

Study: 56% Of Insurers Plan To Increase Staff Over The Next 12 Months

In the next 12 months, 56% of companies plan to increase staff and 37% plan to maintain their current staff size. Technology, claims and operations roles are expected to see the greatest growth.

August 25, 2021
Colorado lawmakers are trying to address safety with a bevy of wildfire-related bills.

Public Option Push Slows As Colorado Meets On Its Law

The Colorado insurance department is meeting with insurance companies and others on Thursday to discuss the details of and concerns about the state’s new public option law. Momentum has meanwhile stalled at the state and federal level.

August 25, 2021
The Federal Reserve is getting new leadership.

Novel Way To Expand Medicaid Needs Congress’ Approval

After more than a decade of seeing Republicans block Medicaid expansion, congressional Democrats have hit upon an idea to use the budget reconciliation process to expand Medicaid by working directly with cities and counties.

August 24, 2021
Inflation is hitting Black Americans hard
Inflation woes are making it more difficult for Black Americans to prepare for retirement.

DOL Still Isn’t Ready For Its Own Lifetime Income Rule

The Department of Labor’s lifetime income illustration rule requiring pension and retirement plan providers to issue an annual projection for clients goes into effect in September but the department still has not produced a final rule.

August 24, 2021
Employees are growing more concerned about their finances.

Finances Top Worker Concerns, But Bosses Don’t Get It

A MetLife study using Chamber of Commerce data shows employees are worried about finances but employers are not sharpening their focus on their workers’ financial well-being.

August 23, 2021
A Maryland financial company allegedly sold insurance to clients who didn't ask for it.
Clients unwittingly bought insurance policies they didn't ask for, investigators said.

Ex-California Insurance Agent Allegedly Stole $1.2M From Elderly Clients

Former licensed insurance agent Robert Stoddard, 66, of San Clemente, Calif., was arrested after a Department of Insurance investigation found he allegedly stole over $1.2 million from more than 20 victims, including 14 seniors.

August 23, 2021

Turning Anonymous Website Visitors Into Profitable Leads

Website visitors’ online behavior is a strong signal they are in the market for insurance products and are currently researching options.

August 23, 2021
Americans are happier these days when they check their 401(k) balances.

Wall Street’s Gains, More Savings Lift 401(k) Balances

The average 401(k) plan balance grew 24% to a record $129,300 in the second quarter from a year earlier, according to a review of 19.8 million accounts by Fidelity Investments.

August 20, 2021

DOL Not Budging On PTE 2020-02 Deadline

Faegre Drinker attorneys say the Department of Labor has been listening to pleas from advisors and brokers to push back the PTE 2020-02 compliance deadline of Dec. 20, but the department is not showing any indication it will postpone.

August 19, 2021
Artificial intelligence could provide a big boost to the IMO sales process.

NAIFA Speaker Offers 5 Tips To Get Stronger Referrals

Ideally, you want to target your 10 best clients for referrals. Stephen Mathieu shared a few things he has learned about getting referrals during his 35 years in financial services.

August 19, 2021
A South Florida telemarketer defrauded Medicare out of millions, authorities say.

Washington State University Sues Insurer For $63M Over COVID-19 Costs

WSU’s lawsuit against Factory Mutual, originally filed in July, has been moved to federal court in Spokane. Factory Mutual, operating under the trade name FM Global and based in Rhode Island, requested that the lawsuit be heard in federal court.

August 19, 2021
Advisors would do well to incorporate technology, a NAIFA speaker said Wednesday.

NAIFA Speaker: How Tech Eases Friction And Excites Clients

Adopting technology can lead to a frictionless advising and sales process that keeps clients engaged and happy.

August 18, 2021
Fed Chair Jerome Powell is preoccupied with inflation these days.

Fed’s Powell: There’s No Returning To The Pre-Pandemic Economy

—Federal Reserve Chairman Jerome Powell said Tuesday that the U.S. economy has been permanently changed by the COVID pandemic and it is important that the central bank adapt to those changes.

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