
Penalty Or Tax? ACA Fate Rests On Supreme Court’s Distinction
Some possible outcomes as the constitutionality of the Affordable Care Act goes before the Supreme Court once again.
Some possible outcomes as the constitutionality of the Affordable Care Act goes before the Supreme Court once again.
For now, investors seem inclined to shrug off President Donald Trump’s refusal to concede and threats of legal action. With Republicans expected to retain their grip on a majority in the Senate, they are betting on continuity in tax, regulatory and other policies, analysts said.
Joseph Robinette Biden Jr., 77, was elected Saturday as the 46th president of the United States, defeating President Donald Trump in an election that played out against the backdrop of a pandemic, its economic fallout and a national reckoning on racism. He becomes the oldest president-elect and brings with him a history-making vice president-elect in Kamala Harris, the first Black woman and person of South Asian descent to serve in the nation’s second-highest office.
Whoever is declared the winner of the presidential election won’t have a clear mandate to accomplish his policy goals, and that includes health care.
Brighthouse Financial credits the company’s strong showing in annuities to consumer demand and the sales force’s ability to pivot during the pandemic.
The plan is to sell 19.9% of the life/retirement business, either through an initial public offering, commonly called an IPO, or a private sale. It “will not consider” selling more than that, said Zaffino, who will become CEO on March 1, 2021, and remain president of AIG.
Looking at a red and blue electoral map shows a clear divide in the country between rural and urban areas. But it doesn’t have to be that way.
Lincoln Financial expects “to bottom out” during the fourth quarter, CEO Dennis Glass said of life and annuity sales, and the company is preparing to roar back in 2021 with eight new products lined up. Glass spoke today during a conference call with analysts to review third-quarter earnings.
As Democrat Joe Biden inched closer to the 270 Electoral College votes needed to win the White House, President Donald Trump’s campaign put into action the legal strategy the president had signaled for weeks: attacking the integrity of the voting process in states where the result could mean his defeat.
Wall Street is betting on Joe Biden winning the presidency, Republicans controlling Congress, and a divided government. “Gridlock is the most likely outcome,” Brian Gardner, chief policy analyst for Stifel & Co. in New York, told clients in a report, predicting that the GOP would retain control of the Senate.
Prudential Financial is discontinuing all sales of variable annuities with guaranteed living benefits, eliminating its Highest Daily Income and Prudential Defined Income annuity products. The move is needed as the insurer recalibrates amid economic uncertainty and ultra-low interest rates, CEO Charlie Lowry said.
As the country settles in for a prolonged count to determine the winner of the 2020 election, this much is clear: Democratic hopes for a wave of votes that would sweep away barriers to progressive policy changes have suffered a significant setback.
The U.S. Department of Labor (DOL) issued a final rule to provide regulatory guideposts for plan fiduciaries seeking to invest using non-pecuniary principles, particularly those involving environmental, social, and governance (ESG) investing.
Athene is in an deal-making mode, President Bill Wheeler said, but will be looking elsewhere. American Equity rejected a $3 billion takeover bid put forth earlier this month by MassMutual and Athene, and is instead going into business with Brookfield Asset Management.
A Cannex researcher and executives from AIG and Delaware Life review some of the tough lessons being meted out by the pandemic. One key realization is that consumers’ short-term concerns are putting their long-term needs on the back burner.
Biden entered Election Day with multiple paths to victory while Trump, playing catch-up in a number of battleground states, had a narrower, but still feasible road to clinch 270 Electoral College votes. Control of the Senate was at stake, too: Democrats needed to net three seats to take control of the Senate.
Jackson National Life Insurance Co. became the latest insurer today to announce layoffs due to the pandemic business slowdown. The company said it is laying off about 150 people, a company spokesman confirmed in an emailed statement.
Senate Republicans are fighting to save their majority, a final election push against the onslaught of challengers in states once off limits to Democrats but now hotbeds of a potential backlash to President Donald Trump and his allies on Capitol Hill. Control of the Senate can make or break a presidency.
As shown in the LPL Chart of the Day, since 1952, with surprising regularity, US voters have given each party a second term in the White House to complete its legislative agenda. With equal regularity, they have flipped the party in the White House after eight years, resetting the balance of power in our two-party system.
An income tax increase is more likely than an estate tax increase. And it all depends on whether the Senate flips to Democratic control.
An industry leader in fixed index annuities, American Equity held a conference call Friday to discuss third-quarter earnings. Gross sales of $574 million were down 56% over the third quarter 2019.
The pandemic is accelerating the trend of employees going into the gig world. Now, insurance companies are looking at how to serve that population missing out of disability coverage, according to Forrester Research.
Co-producer of The Washington Update, Jeff Bush said the race is looking similar to 2016 in a lot of ways. President Donald Trump can pull out another comeback win if he can just convince enough voters that the COVID-19 pandemic is getting under control.
Stocks of smaller companies and bank stocks got an extra boost, part of what was coined the “Trump trade,” tied to expectations for Washington to deliver lower tax rates and lighter regulation for businesses. Things eventually switched around, the result of several huge shifts in the market’ s momentum.
Nasdaq’s webinar on “The Economics Of The 2020 Election” presented a variety of views on who would be more favorable to business in the next four years. But there was some agreement on two main issues.
The U.S. economy expanded by 33% in the period between July and October, the Commerce Department said in a quarterly report Thursday– roughly in line with what experts predicted. Most analysts expected the third-quarter gross domestic product to show growth of about 32%, following a precipitous 31% decline in the April to July period.
The main difference in health care policies between President Donald Trump and his Democratic opponent Joe Biden centers on Obamacare. But no matter who is elected president in November, the makeup of the new Congress will determine whether his health care agenda is implemented.
President Donald Trump and Democratic rival Joe Biden are set to chase votes in Florida, a state all but essential to the Republican’s pathway to another term as both nominees turn their focus to encouraging voters to turn out on Election Day. Election Day vote traditionally favors Republicans and early votes tend toward Democrats.
The number of individuals reporting high levels of financial stress more than doubled from 11% pre-COVID to 27% since the crisis struck. Further, while only 44% of participants reported experiencing financial stress prior to the pandemic, the number grew to 67% following the outbreak.
Total annuity sales were $54.8 billion in the third quarter, up 13% from the second quarter, but down 8% from 3Q 2019, according to preliminary results from the Secure Retirement Institute U.S. Individual Annuity Sales Survey.
So, the SECURE Act took away the stretch IRA. But here’s Tom Duncan of Nationwide with three opportunities for advisors that he revealed at the National Association for Fixed Annuities’ annual Annuity Distribution Summit this week.
U.S. consumer confidence dipped slightly in October as a new wave of coronavirus cases appeared across the country. Consumer spending accounts for 70% of economic activity in the U.S., so a decline in confidence gets a lot of attention from economists, especially as the U.S. heads into the crucial holiday shopping season.
Industry representatives are still reviewing the contents of Securing a Strong Retirement Act of 2020, but applauded the bill’s bipartisanship as well as the urgency of the U.S. retirement crisis.
The share of protected US households, those with either a pension or annuity, grew from 37% in 2019 to 40% this year, representing approximately 3.1 million newly protected households. Additionally, the study determined that this year’s increase is attributable to annuity ownership.
The company’s executive management team, with assistance from independent financial and legal advisors and oversight from the AIG board, “conducted a comprehensive review of the company’s current composite structure, including strategic, operational, capital and tax implications,” the company said in a news release.
Various polls show former Vice President Joe Biden comfortably in the lead in the 2020 presidential race, although in some battleground states the race appears to be quickly tightening. Influential states like Ohio and Pennsylvania may even be a coin toss at this point.
The coronavirus has reached into the heart of the White House once more, little more than a week before Election Day, and the president’s top aide says “we’re not going to control the pandemic.” Officials on Sunday scoffed at the notion of dialing back in-person campaigning despite positive tests from several aides to Vice President Mike Pence.
As negotiators in Congress and the White House continue their political dance around passing a new stimulus package, the pain is multiplying for Americans everywhere. The economic disruption caused by the coronavirus pandemic has put millions of people out of work and taken a toll on tens of thousands of businesses.
Facing a pandemic, record unemployment and unknown future costs for COVID-19 treatments, health insurers selling Affordable Care Act plans to individuals reacted by lowering rates in some areas and, overall, issuing only modest premium increases for 2021.
Analysts are eager to see the bottom lines as many insurers are starting to show cracks in the economic foundation — in the form of significant employee layoffs. Globe Life was one of the first life insurance companies to report third-quarter data today.
Thursday, a federal advisory committee pulls back the curtain on that decision process, debating whether the guidelines FDA has set for vaccine developers are rigorous enough. “We will not cut corners, and we will only use science and data to make that determination,” FDA Commissioner Stephen Hahn pledged at a meeting.
According to an annual survey from Policygenius, a majority of Americans (62.8%) do not realize Affordable Care Act plans cover those with pre-existing conditions, a defining characteristic of the law and a political flashpoint during the 2020 election season.
Near-term, election-related policy risks for health insurers could lead to reduced earnings and higher uncertainty, Moody’s said. Joe Biden has proposed expanding the Affordable Care Act and creating a public option that could reduce earnings for some health insurers.
According to the 2020 Healthcare Sector Financial Wellness Survey, 38 percent of respondents report feeling less confident that they will have enough money to live comfortably throughout their retirement, and 46 percent report that their overall financial condition has worsened.
With Pennsylvania’s coronavirus caseload surging, President Donald Trump asserted in Erie Tuesday that the pandemic is almost over, again attempting to defy reality on an issue that has hobbled his campaign and shadowed the country.
A majority of MassMutual employees impacted by selling of retirement plan business to Colorado- based Empower Retirement will receive new offers to join the Colorado company. MassMutual and Empower Retirement announced in September that the latter company would buy MassMutual’ s retirement business for $3.35 billion.
Like many aspects of the insurance industry, mergers-and-acquisitions activity is not at all where analysts expected coming into 2020 — thank COVID-19 for that. But M&A will return robustly, analysts predict. In fact, it will help shape how the industry recovers from the pandemic and reinvents itself.