Former Army financial counselor guilty of ripping off Gold Star families
Caz Craffy, former financial adviser in the Army, pleaded guilty last week to scamming grieving Gold Star families out of millions through a series of insurance fraud schemes.
Report: DOL to release fiduciary rule Tuesday
The Department of Labor is set to release its long-awaited fiduciary rule on Tuesday afternoon, the American Retirement Association reported today.
State genetic information bans not necessary, life insurance lobbyists say
A 2020 Florida law banning life insurers from using genetic information prompted industry trade groups to educate lawmakers on how life insurance works.
MassMutual partnership with Insurify enables advisors to help clients comparison shop for P/C
MassMutual financial professionals can now offer their clients and prospects property/casualty insurance, thanks to a partnership between MassMutual and Insurify.
NY lawsuit over premium financing tests oversight promised by Reg 187
A premium financing deal gone bad in New York State could test the state’s tough Regulation 187 best-interest rule.
Spiraling insurance costs spur homeowners to seek a la carte coverage
Due to spiraling homeowners insurance costs, more people are opting for insurance coverage for what they might truly need, a la carte.
As Q1 2024 earnings near, insurance industry outlook brightens
As first quarter 2024 financial results near, most analysts and execs predict a good – or even better – outlook for insurance carriers.
Globe Life accused of rampant insurance fraud by short-seller report
Globe Life is reeling after a report Thursday accused brokers at subsidiary American Income Life of widespread insurance fraud.
Iowa advisor schemed to defraud clients, making FBI Most Wanted list
An advisor wanted for allegedly ripping off clients for $1.5 million was captured by the FBI last week after a short time on the run.
Empower reaches tentative deal with 13 ex-advisors it sued for poaching
Empower reached a settlement agreement with 13 advisors who left the firm to create a competing advisory business.
OMB completes review of Labor Department’s polarizing fiduciary rule
The White House Office of Management and Budget announced that it has concluded a review of the Department of Labor’s controversial fiduciary rule.
7 states adopt AI rules; insurer compliance called ‘significant lift’
Seven states are on board with guidelines for use of artificial intelligence that insurers “are expected” to follow.
Regulators urged to be more active in preventing health insurance discrimination
Non-profit consumer organizations are urging state regulators to perform more due diligence in ensuring fair health insurance practices.
‘Magic number’ for a comfortable retirement surges to $1.46 million
The “magic number” for a comfortable retirement has reached an all-time high at $1.46M, rising more than 50% since the pandemic began.
Regulators tout climate mitigation as key to calming insurance markets
State insurance regulators are taking the first steps on what will be long and difficult effort to mitigate climate impacts.
Proposed Medicare Advantage regulations would impact broker, FMO compensation
Medicare Advantage plans currently have the flexibility to pay agents varying rates depending on the plan in which the beneficiary enrolls. But those compensation rates would change for 2025 under proposed CMS rules.
Calif. consumer group asks NAIC to lead on U.S. long-term care financing issue
A non-profit group is urging NAIC to bring states, regulators, industry and consumers together in discussing long-term care financing.
Industry fears impending DOL action will target pension transfer market
There is concern in the life insurance industry that a forthcoming Department of Labor report could target group annuity contracts by pension plans in pension risk transfer transactions.
Medicaid unwinding: How is it impacting the health care markets?
The Medicaid unwinding began one year ago this week, and the impact of millions of Americans being disenrolled from Medicaid coverage will continue to be felt into the next few years.
