The new law requires insurance companies to monitor and correct biases against protected classes in their use of third-party data and analytics, but does not ban using data such as credit history in setting individual rates.
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Aon and Willis Towers Watson are abandoning their $30 billion merger plan, terminating an agreement that could have made the combined company the world’s largest insurance broker.
Vatican prosecutors have alleged a jaw-dropping series of scandals in the biggest criminal trial in the Vatican’s modern history, which opens Tuesday in a modified courtroom in the Vatican Museums.
Businesses across the country have been struggling to fill their open positions. With many industries, such as dining and tourism, ramping up staffing as the pandemic recedes, it creates an ideal situation for job seekers.
By identifying your ideal client, thinking outside the box, and playing to your strengths, you’ll be working smarter, not harder, to build your business. The result: a client pool tailored to your preferences and strengths, allowing you to boost your portfolio long-term.
Jurors on Thursday returned a guilty verdict against Jim Beck at the end of the two weeks of trial proceedings. Prosecutors presented evidence at trial that Beck orchestrated a scheme to embezzle more than $2 million from the Georgia Underwriting Association.
The Senate Committee on Health, Education, Labor and Pensions held a hearing today on the PRO Act, which is opposed by the financial services industry.
The annuity focused Alliance for Lifetime Income has again signed on as the sole sponsor of The Rolling Stones’ 2021 “No Filter” U.S. stadium tour.
—Georgia's suspended insurance commissioner told jurors Wednesday that his trial “is my last chance” to persuade them and the wider world that federal investigators ignored the truth in a misguided rush to indict him.
Empower, a Great-West Life company, plans to consolidate the two companies’ retirement business on a platform the Empower built with the help of last year’s $1 billion acquisition of Personal Capital.
—Georgia’s suspended insurance commissioner testified at his federal fraud trial Tuesday, saying he oversaw valuable work and that hundreds of thousands of dollars that flowed to an entity he controlled was not part of a scam.
Although the state’s Supreme Court overturned Regulation 187, many major carriers have already pulled out of the state, which is appealing the court’s ruling.
A New York man was sentenced Monday to 46 months in federal prison for participating in business email compromise scams.
Judge Michael Hanzman indicated that property claims would trump claims of wrongful death and injury, saying the building was underinsured to compensate all victims at the present time.
Democrats are developing the particulars of a bill that would invest a stunning $3.5 trillion nationwide across Americans’ lives — with support for families, education, climate resiliency and other priorities.
A Capital Group blog post cites Society of Actuaries data to show that Americans are routinely underestimating their lifespan, and may be overestimating their resources.
The testimony came as federal prosecutors continue to build their case that Jim Beck embezzled from the Georgia Underwriting Association, an insurer Beck managed before he took office as the state’s top insurance regulator in 2019.
A long-running investigation into a San Diego-area auto insurance fraud ring involving staged collisions and thefts has resulted in charges against 32 defendants and uncovered $822,000 in losses, state officials said Friday.
Here are three misunderstandings that can often develop surrounding income annuities, as well as insights that can help employers leverage these benefits to promote long-term financial wellness in a post-pandemic world.
The Fed chair acknowledged that the U.S. is in the midst of an unparalleled economic reopening on the heels of a pandemic-induced recession, making it that much more difficult to anticipate how things like inflation and unemployment will play out.
Wednesday’s blockbuster AIG-Blackstone deal is likely to power up both companies in their respective worlds of insurance and private equity, according to a leading industry analyst.
Life insurance application activity ended the second quarter up 7.3% for the year, the MIB Life Index reported.
American International Group is selling a 9.9% equity stake in AIG’s Life & Retirement business to Blackstone for $2.2 billion in an all-cash transaction.
Households with $5 million-plus in investable assets grabbed over 80% of the COVID market runup, while mass affluent households with $100,000 to under $500,000 declined in number.
Prosecutors allege that suspended Georgia Insurance Commissioner Jim Beck was running a $2 million scam to bilk money from the property insurer he led before being elected.
Customers want real-time access to their agents, immediate updates to claims filed online and the ability to access policy information at the push of a button.
Regulators are focused on two options for “run-off” or “legacy” books of business: insurance business transfer laws, or the more arcane “division” framework.
An estimated 3 million people nationwide have left their jobs earlier than expected since the pandemic began in March 2020, according to the U.S. Bureau of Labor Statistics.
For those who rely heavily on Social Security benefits to pay their bills, the recent uptick in prices in what seems just about everything are cause for concern.
Plaintiffs allege that Felix Chu, as a New York Life agent, lured them into investing life insurance proceeds, retirement funds, and other assets in the purchase of unregistered promissory notes.
Triple murder suspect Chad Daybell faces insurance fraud after receiving around $430,000 in life insurance benefits.
U.S. Treasury Secretary Janet Yellen says she will lead an effort by top U.S. regulators to assess the potential risk that climate change poses to America’s financial system, part of a wide-ranging initiative launched by the Biden administration.
The White House is quietly pursuing another approach to economic reform that doesn’t require congressional approval. It could lead to dramatic changes.
First-quarter non-variable universal life insurance sales were down double digits, according to Wink’s Sales & Market Report.
Through the third quarter of 2020, sales of chronic illness riders as a percent of total sales were 7.7% for UL products and 46.3% for IUL products.
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.
—Federal Reserve officials began discussing at their meeting last month the mechanics of reducing their huge monthly bond purchases that are used to keep longer-term interest rates in check.
Why are so many professional athletes going broke? Stories of those who made it big, those who crashed and burned, and those who devoted their careers to providing the right kind of financial advice.
Rather than try to project the best annuity index strategy — because you really can’t — a better approach is to allocate among index crediting strategies based on the anticipated environment.
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.
PayPal co-founder Peter Thiel, who in 1999 had the privilege of purchasing company stock for one-tenth of a penny per share. He bought 1.7 million shares for just $1,700, and he did so in a Roth IRA.
The economy expanded at a 6.4% annualized pace in the first quarter, and for all of 2021, U.S. growth is expected to increase by more than 7%, according to Grant Thornton chief economist Diane Swonk.
Unemployed Americans on Thursday will be able to start signing up for medical coverage under the Affordable Care Act, with significant federal subsidies.
Start the conversation by looking to understand what your clients’ goals and objectives are, along with their risk tolerance, and concerns about outliving their income.
Lincoln Financial Group is breaking down three common misconceptions about saving for retirement revealed in a recent survey of U.S. employees.
Fixed and fixed index annuities, with their guaranteed income benefit options, can put clients’ minds at ease because they provide an income stream that annuity owners cannot outlive.
Billionaire Warren Buffett says the one constant throughout the coronavirus pandemic has been that it has been difficult to predict how it would affect the economy, but clearly it has devastated many small businesses and individuals.
The potential divide on climate change was evident during today’s commissioner panel discussion at the Global Insurance Symposium.
Proper estate planning can help ensure clients’ wishes are carried out exactly as intended in the event of a death or a serious illness, as having a clearly stated plan in place can provide clear direction and potentially avoid any disputes that otherwise might occur. For same-sex couples, this may be even more crucial.
The insurance industry charged into the diversity debate following the death of of George Floyd on May 25, 2020, and the ensuing Black Lives Matter protests.
The pandemic shifted the focus to technology and big data usage. Insurers loosened restrictions on accelerated underwriting, electronic signatures and medical exams. Will it continue?
Embracing flexibility is the key to a more productive workforce in the post-pandemic world. That was the word from Stephanie Berger, Centered Insurance Solutions, who shared the lessons her benefits brokerage firm learned after more than a year of remote working. Berger spoke at Monday’s National Association of Health Underwriter virtual annual convention.
Principal Financial Group will stop selling U.S. retail fixed annuities and consumer life insurance products and pursue sales of blocks of those assets already in force, Bloomberg reported Monday afternoon. The company will continue selling variable annuities.
In happier times, Vagnozzi, a King of Prussia financial salesman well-known through his once-ubiquitous radio ads, raised more than $200 million from investors seeking alternatives to the stock market.
This is an opportunity for us to step up to the plate and help our clients understand this issue and to provide them with solid planning and innovative products to meet this growing need.
In order to achieve greater modernization in our industry and reap the associated benefits – including reduced risk and more efficient processes – there are three areas in which we should collectively focus our efforts.
The Alliance for Lifetime Income plans a Bucket List campaign to promote enjoying senior years while annuities help pay the monthly bills.
Black and Hispanic Americans were already at a disadvantage with retirement savings. Now the pandemic disrupted their employment more than it did for whites, according to a new survey.
A new University of Minnesota study finds that U.S. hospitals have been slow to fully comply with a new federal rule that was designed to bring more price transparency to health care.
Researchers are studying a COVID “syndrome” that results in deaths months after the patients get over the disease, explained Paolo Bandeira Pinho, vice president and medical director of innovation for Diameter Health.
