By March 23, Apple had lost $435 billion in market value in about five weeks and many of its retail outlets were shut as the virus pandemic walloped the global economy and stock markets. On Dec. 21, Apple’s stock market value totaled over $2.18 trillion, up 121% since March 23.

US Negotiating For Millions More Vaccine Doses From Pfizer
—The U.S. government is negotiating with Pfizer to acquire tens of millions of additional vaccine doses in exchange for helping the pharmaceutical giant gain better access to manufacturing supplies. Pfizer’s vaccine was the first to gain approval from the Food and Drug Administration and initial shipments went to states last week.

Health Agents Swamped During Open Enrollment, HAFA Says
Health insurance agents saw a flood of people wanting to sign up for coverage in the 2021 open enrollment period for the Obamacare marketplaces – so many people needing coverage, in fact, that some agents reported they simply ran out of time to help everyone.
Congress passed a bipartisan $900 billion COVID-19 relief bill after intense negotiations over its final details. $600 direct payment checks for every adult and child earning up to $75,000. Individuals earning between $75,000 and $99,000 would get smaller checks, and the benefit cuts out entirely for individuals earning over $99,000.
The Senate cleared the massive package by a 92-6 vote after the House approved the COVID-19 package by another lopsided vote, 359-53. The six Republican senators voting against the bill were Marsha Blackburn of Tennessee, Rand Paul of Kentucky, Rick Scott of Florida, Ron Johnson of Wisconsin, Mike Lee of Utah and Ted Cruz of Texas.

Relief Package Includes $600 Payments; $284B In Business Loans
A new federal relief package is said to feature direct “stimulus” payments of $600 to qualified adults and $600 per child. It would fund another $20 billion for small business grants and $15 billion to live event venues, according to early reports. The $600 direct payments are to be paid to individuals making up to $75,000 per year and couples making $150,000.

Spending Package Addresses ‘Surprise’ Medical Billing
The legislation will protect patients from being billed in situations such as going to the emergency room and getting care from a physician who is out of network or not covered by the patient’s insurance plan. Consumers have received bills for thousands of dollars when they receive emergency care in an out-of-network facility.

Is It Time For Advisors To Consider Bitcoin?
Bitcoin broke price records a couple of times last week. So, is it time for advisors to add cryptocurrency to the investing toolbox? Although clients might be asking about bitcoin and its cousins, advisors are just peeking over the fence at this point.

Deal On Fed Removes Obstacle To Agreement On COVID Relief
Sen. Pat Toomey, R-Pa., had been pressing a provision to close down Fed lending facilities that Democrats and the White House said was too broadly worded and would have tied the hands of the incoming Biden administration. The bill, lawmakers and aides say, would establish a temporary $300 per week supplemental jobless benefits and $600 direct stimulus payments.

Lawmakers Clash Over Fed’s Role In New Stimulus Deal
Democrats were mounting a last-ditch effort to provide emergency aid to states, which they argued was critical to helping governments weather the pandemic and avoid huge layoffs and cuts in services that could reverberate through the economy. Republicans were working to limit the power of the Federal Reserve to provide credit to businesses.

Jobs Report, Shutdowns Raise New Red Flags For Economy
The urgent need for a fresh round of federal aid for small businesses was reinforced Thursday by another troublesome government report on the economy, as Congress neared agreement on a new relief package.

Snags On COVID-19 Relief May Force Weekend Sessions
The central elements of a hard-fought compromise appeared in place: more than $300 billion in aid to businesses; a $300-per-week bonus federal jobless benefit and renewal of soon-to-expire state benefits; $600 direct payments to individuals; vaccine distribution funds and money for renters, schools, the Postal Service and people needing food aid.

Pence To Publicly Get COVID-19 Vaccine At White House
Vice President Mike Pence will publicly take the COVID-19 vaccine Friday at the White House. He and second lady Karen Pence, along with Surgeon General Jerome Adams, will publicly get the shot to “promote the safety and efficacy of the vaccine and build confidence among the American people,” the White House said.
Registered index-linked annuities (RILAs) are poised to exhibit robust growth as additional large, reputable insurers enter the space with innovative concepts, the research firm Cerulli Associates found. RILAs are one of the few annuity products showing steady growth in sales.
Global Atlantic Financial Group Limited, a leading U.S.- focused retirement, life insurance and reinsurance company, today announced the signing of a reinsurance transaction with Unum Group involving a closed block of seasoned individual disability income business backed by $8.5 billion in assets. The transaction will close in two phases, with…

Congress Nears Stimulus Deal; Is It A Preview Of A New Normal?
Several sources familiar with the negotiations confirm that the talks are converging on an agreement that would remove two contentious items from the final package: a liability shield for businesses against lawsuits, which Republicans want, and badly needed financial aid to state and local governments, which Democrats want.
The Federal Reserve said Wednesday that it will keep buying government bonds until the economy makes “substantial” progress— a step intended to reassure financial markets and keep long-term borrowing rates low indefinitely. The Fed also reiterated after its latest policy meeting that expects keep its short-term benchmark interest rate near zero.
Transamerica announced this week that it will no longer sell variable annuities with benefit riders or fixed index annuities. The company is also exiting the standalone long-term care market, Aegon executives said in a planning session Thursday.

What Should Be Included In The Next COVID-19 Relief Bill
Both parties in Washington seem intent on passing another COVID relief bill this month, but it matters what’s in it and especially how it’s paid for. Republicans above all need to repurpose the unused funds from the Treasury backstop for the Federal Reserve’s 13(3) pandemic lending facilities.
The Trump administration replacement rule has two main parts: a new prohibited transaction exemption allowing advisors to provide conflicted advice for commissions; and a reinstatement of the “five-part test” from 1975 to determine what constitutes investment advice.

Democrats Squeezed As COVID-19 Relief Talks Continue
Top Washington negotiators continued to reach for a long-delayed agreement on COVID-19 relief, but rank-and-file Democrats appeared increasingly resigned to having to drop, for now, a scaled-back demand for fiscal relief for states and local governments whose budgets have been thrown out of balance by the pandemic.
No details are available on any changes to the Department of Labor investment advice rule. The next step is for the DOL to publish the rule. However, any rules published in the final 60 days of an administration, known as “midnight regulations,” can be rescinded by the incoming administration.
President Trump campaigned four years ago on repealing the Affordable Care Act and, with GOP support in the Congress, he did succeed in ending the mandate for Americans to buy health insurance. But as Trump prepares to leave the White House next month, the so-called Obamacare program not only remains largely in place; it is gaining enrollment this fall.

Workers Say Employers Should Require COVID-19 Vaccines: Survey
As the U.S. prepares to administer the coronavirus vaccine following Federal Drug Administration emergency approval last week, national research finds 49 percent of working Americans believe employers should require COVID-19 vaccines in the workplace.
The 2021 outlook for the U.S. health insurance industry is stable because the challenges associated with the COVID-19 pandemic are anticipated to remain manageable, Moody’s Investors Service said in its annual outlook.

‘Do It Right Now’: Trump Wants Stimulus Checks In COVID-19 Deal
Lawmakers working on a bipartisan $908 billion relief package plan to release their bill Monday, but it’s not expected to include stimulus checks because of opposition from some Senate Republicans. A $916 billion proposal from the Trump administration included a round of $600 direct payments.

Budget Toll From Virus Hits Both Democratic, GOP-Led States
No “blue state bailout” is a rallying cry for many congressional Republicans as attempts to provide more federal aid to a nation stricken by an ever-worsening coronavirus pandemic remain stuck in neutral. Yet it’s not just Democratic states asking for help amid plunging tax revenue, rising joblessness and a stuttering economy.

First COVID-19 Vaccine Authorized For Use In The United States
The U.S. FDA approved the first COVID-19 vaccine for emergency use in the United States and inoculation could begin within 48 hours. The U.S. Food and Drug Administration issued an Emergency Use Authorization for the COVID-19 vaccine produced by New York- based Pfizer and German-based BioNTech.
MetLife announced that it will sell Metropolitan Property and Casualty Insurance Co. and certain wholly owned subsidiaries to Farmers Group, a subsidiary of Zurich Insurance Group, for $3.94 billion in cash
Despite potential obstacles to the consumer credit market, TransUnion foresees positive trends buoyed by expected improvements in macroeconomic factors such as unemployment and GDP. The disruption caused by the COVID-19 pandemic was most apparent for originations in the second quarter of 2020 as lending slowed dramatically.
Society needs something different from the life insurance industry in the face of the large and growing gaps in protection and savings, an E&Y report said – life insurers must redefine their role if they want to help address these issues and opportunities.
The National Association of Insurance Commissioners’ Executive Committee and Plenary adopted a pair of resolutions Thursday to wrap up work on key issues for life insurers. An effective date was established for AG 49A, and the nonforfeiture rate was dropped from 1% to 0.15%. Conflicts arose with both changes.
The country’s needs are such that omission of direct payments should not be allowed to stand in the way of passing a substantial package that contains aid for state and local governments and small business and extended unemployment benefits, plus nutrition assistance and money for health, all of which are included in a bipartisan proposal.

NAIC Names 2021 Officers; President-Elect Stricken With COVID-19
The National Association of Insurance Commissioners ended their fall meeting by electing a new slate of 2021 officers, with President-elect Dean Cameron announcing that he has COVID-19. Cameron, 59, is a former longtime Idaho state senator and that state’s insurance commissioner.

Trump Tries To Revive Stalled Election-Eve Drug Discounts
The Trump administration is trying to revive the president’s stalled election-eve plan to send millions of Medicare recipients a $200 prescription discount card. White House spokesman Judd Deere confirmed the administration is continuing to move forward.
New anti-rebating language will permit insurers or producers to “offer or give non-cash gifts, items, or services, including meals to or charitable donations on behalf of a customer, in connection with the marketing, sale, purchase, or retention of contracts of insurance.”
With just under a week to go before this year’s open enrollment period for the Affordable Care Act ends on Dec. 15, sign-ups in Florida are already up 32% over last year with nearly a million more individuals registering, according to the group Get America covered. Florida has led Obamacare participation almost since its inception.

Millennial, Gen Z To Put Off Retirement Due To COVID-19: Survey
Over one-third of workers (35%) reported that their financial wellness benefits were reduced since the beginning of the pandemic. Gen Z respondents were most impacted by the reduction of financial wellness benefits (51%), followed by Millennials (34%), Gen X (22%) and Boomers (19%).

Biden Wants 100M Coronavirus Vaccine Shots In First 100 Days
“100 million shots in the first 100 days,” Biden said in Wilmington, Delaware. Biden said he plans to sign an executive order on his first day in office to mandate mask-wearing where he has the authority to do so, like on federal grounds and in interstate travel.

What The Biden Administration Could Mean For Health, Benefits
Although the possibility of a public health care option is off the table for now, the individual health insurance market could see some changes under a Biden administration, according to the president of the American Benefits Council.

Americans More Worried About LTC Plans Due To Pandemic: Survey
The COVID-19 pandemic has impacted Americans mentally, physically, and financially, and as such, has caused many to reexamine the importance of prioritizing long-term care. What’s more, 61% of Americans report they would rather die than live in a nursing home, according to a new Nationwide survey.
The pandemic showed me that being personally prepared isn’t enough. Our communities need to be better prepared, as well. That lesson may seem obvious in retrospect – many lessons are. But the revelation made me curious about what other people have learned from this year.
Fifty-four percent of consumers who reported having anxiety when it comes to their financial situation say the pandemic is the cause of at least half of their stress. However, Americans are still taking action to better their financial futures, with 60% of respondents saying they are actively working to improve their financial situation.
Two of the largest life insurers in the U.S. announced executive hires today to advance their respective diversity and inclusion strategies. The moves come as the industry continues work to fulfill commitments to diversity and inclusion made in the aftermath of the summer racial strife that spread across the United States.

Health Officials Warn Americans Not To Let Their Guard Down
With a COVID-19 vaccine perhaps just days away in the U.S., most of California headed into another lockdown Sunday because of the surging outbreak and top health officials warned Americans that this is no time to let their guard down.
It can happen to anyone: Someone knocks on your door and says they’ re a repairman or an insurance expert and can fix damage to your home at no cost to you. They might say they can get you a new roof. Your insurance company will get the bill, they’ ll say, and you won’ t be out a penny.

MYGA Magic: Why These Annuities Are Busting Out
Low interest rates have been slamming annuity sales, but multi-year guaranteed annuities have had their best quarter yet. Sheryl J. Moore tells why these CD-like annuities are burning up.

The Hero Of Zero: How To Win With Tax Strategy
In this interview with Publisher Paul Feldman, David McKnight reveals how advisors can use the tax message as their rallying cry and their killer sales proposition. He also shares tips on how advisors can improve their remote selling game.

Congressional Centrists Float $908B Aid Package
The package is trillions of dollars less than Democrats say are necessary to help Americans, but it provides aid to critical areas such as unemployment compensation and vaccine distribution.
When investigators found the defendants had no liquid assets, one of them tried to evade capture by fleeing and then jumping into a lake with a submersible device.

Senate Approves Christopher Waller For Fed Board Seat
The vote in favor of Waller’s appointment was 48-47. Waller, research director for the St. Louis Federal Reserve Bank, taught economics for nearly 25 years before joining the St. Louis Fed in 2009. He has endured far less scrutiny than Judy Shelton, the controversial nominee he was paired with and who was voted down in the Senate last month.
Delaware is the latest state to tentatively commit to add a best-interest annuity sales standard to its regulation of insurance products. The state is accepting comment until Jan. 5 in an amendment to its suitability in annuity transactions regulation. If all goes well, the best-interest standard will be officially published on Aug. 1, 2021.

Fed Reports Slowing US Economic Activity Due To Virus Surge
The Fed report released Wednesday said that overall, the Fed’s 12 regional banks characterized the economic expansion as “modest or moderate.” But it noted that three Midwest regions and the Philadelphia region reported activity had begun to cool in early November as COVID-19 cases surged.

73% Of Workers Say Finances Top Stressor, EBRI Study Finds
The Employee Benefit Research Institute and Greenwald Research released results of their 2020 Workplace Wellness Survey, which showed workers are financially stressed since the onset of the pandemic and want their employers to support them in their financial well-being.

Both Parties Lining Up Behind $908B COVID-19 Relief Package
Joe Manchin, D- W.Va., led off a bipartisan group of 16 U.S. senators and representatives announcing a $908 billion COVID-19 emergency relief framework package they hope to bring to both floors for a vote. If passed into law, this package would serve retroactively from Tuesday– Dec. 1– through March 31.
Alabama and Rhode Island are proposing updates to its “suitability in annuity transactions” regulation that most states adopted since the NAIC produced it in 2010. The states are the latest to propose “best-interest” standards for annuity sales.

Gallup: Confidence In U.S. Economy At Highest Point In 8 Months
Americans are becoming more optimistic about the U.S. economy, almost a year after the start of the coronavirus crisis as multiple companies are nearing distribution of COVID-19 vaccines, a Gallup survey showed Wednesday. In the spring, 43% rated economic conditions as “poor.” That figure is now down to 23%, lowest in the coronavirus era.

Coronavirus Relief Edges Forward, Biden Calls For ‘Immediate’ Action
House Speaker Nancy Pelosi resumed discussions with Treasury Secretary Steven Mnuchin, who he said would review a proposal she and Senate Minority Leader Chuck Schumer presented to their GOP counterparts on Monday. Senate Majority Leader Mitch McConnell began circulating his own proposal that tweaked his initial $500 billion relief bill.

Biden Unveils Economic Team At Critical Moment For Recovery
Janet Yellen, announced Monday as Biden’ s nominee for treasury secretary, served as chair of the Federal Reserve from 2014 to 2018, when she placed a greater emphasis than previous Fed chairs on maximizing employment and less focus on price inflation. Biden also named Cecilia Rouse as chair of his Council of Economic Advisers.