Laffitte, who was fired as CEO of Palmetto State Bank in Hampton in January, is an heir to the Laffitte banking family that has financial interests in banks throughout the South Carolina Lowcountry. According to a 2007 South Carolina House of Representatives resolution honoring its 100th anniversary, Palmetto State Bank began as the Loan and Exchange Bank in...
Posted: December 5, 2022, 3:20 am
Two of the alleged victims of Laffitte and Murdaugh, Hannah Plyler and Alania Spohn, filed a civil suit Aug. 24, seeking damages in the Hampton County Court of Common Pleas against Laffitte and his former bank, which was founded by and remains controlled by his family. "On behalf of the Plylers, our other clients and the other victims of Russell Laffitte and Palmetto...
Posted: December 5, 2022, 3:19 am
Indexed life insurance continues to drive growth, despite regulation pressures and other disruptions, according to the latest Wink’s Sales & Market Report.
Posted: December 2, 2022, 1:46 pm
The U.S. insurance industry’s top market conduct compliance challenges continue to relate to various claims handling requirements, including timeliness, required disclosures, along with payments and grievance and appeal processes—as well as underwriting, rating, marketing and producer requirements.
Posted: November 29, 2022, 4:58 pm
This new program was created to provide accessible whole life and accident insurance options to underserved markets across Massachusetts.
Posted: November 29, 2022, 4:21 pm
Buster Murdaugh, the sole surviving son of disgraced former South Carolina attorney Alex Murdaugh, denied in a rare public statement this week that he is supporting his father. Buster, 26, has maintained a low profile since his mother and younger brother were shot and killed at his family’ s Colleton County estate, called“ Moselle,” the night of June 7, 2021.
Posted: November 23, 2022, 3:24 pm
A J.D.Power study found customers are initiating purchase of life insurance much more frequently than before, with industry-wide quote rates rising last year for the first time in 30 years, and increasing another 9% this year.
Posted: November 23, 2022, 12:00 pm
Russell Laffitte began Monday morning on the witness stand under withering cross-examination by the lead federal prosecutor in his federal bank fraud trial. The former small-town banking CEO admitted to prosecutor Emily Limehouse that he approved a series of moves initiated by disgraced attorney Alex Murdaugh to take money out of the accounts of...
Posted: November 22, 2022, 12:41 pm
COVID concerns weighed on sales, which broke a five-year winning streak, but Conning researchers expect the market to pick up this year.
Posted: November 18, 2022, 5:00 pm
Nassau Financial Group, L.P. today announced that it has entered into a definitive agreement for its subsidiary, Nassau Life Insurance Company, to acquire Delaware Life Insurance Company of New York from Delaware Life Insurance Company.
Posted: November 18, 2022, 2:04 pm
Looking forward, Swiss Re Institute expects the insurance industry to return to premium growth of 2.1% annually on average in real terms in 2023 and 2024, supported by a combination of easing inflation, market hardening in property and casualty lines, as well as stronger life insurance demand.
Posted: November 17, 2022, 2:47 pm
Prosecution witnesses continued Tuesday to chip away at a core idea central to Russell Laffitte's defense: That the former Palmetto State Bank CEO had broad authority to make large loans to, and payments on behalf of, attorney Alex Murdaugh without the approval of the bank's board. In fact, Laffitte violated numerous "safety and soundness" banking practices...
Posted: November 17, 2022, 1:48 pm
The son of the late founder of Met-Con pleaded guilty last week to insurance fraud.
Posted: November 16, 2022, 6:30 pm
Attendees from across the country are participating in more than 150 in-person meetings with members of Congress and their staff.
Posted: November 15, 2022, 8:20 pm
Two South Carolina sisters who depended on Russell Laffitte to manage hundreds of thousands of dollars in a settlement after losing their mother in a car accident gave often emotional testimony against the former banker Monday. Alania Plyler Spohn and Hannah Plyler were 12 and 8 years old when their mother and older brother died when a faulty tire caused the...
Posted: November 15, 2022, 3:58 pm
Integrity Marketing Group, a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced it has entered into an agreement to acquire The Milner Agency, a brokerage general agency located in Athens, Georgia.
Posted: November 15, 2022, 1:19 pm
Prudential has launched Prudential FlexGuard Life, an innovative indexed valuable universal life product that offers a flexible combination of protection, growth, and access to meet consumers’ changing life insurance needs.
Posted: November 14, 2022, 1:44 pm
American International Group, Inc. today announced that AIG and Peter Zaffino, President& Chief Executive Officer and Chairman of the Board, have entered into an agreement securing Mr. Peter Zaffino stated,“ Over the last few years, our global team has executed a complex, multi-faceted turnaround and transformation to elevate AIG’ s performance, and deliver...
Posted: November 11, 2022, 1:50 pm
Symetra Life Insurance Company today announced the introduction of a new version of its protection-focused indexed universal life insurance product— Symetra Protector IUL. Its new enhancements offer the opportunity for even stronger death benefit guarantees, more competitive premiums, lower policy charges and attractive cash value accumulation...
Posted: November 10, 2022, 5:04 pm
AIMCOR Consolidated, a joint venture between AIMCOR Group and AmeriLife Group, announced today that it has acquired brokerage general agency...
Posted: November 10, 2022, 2:21 pm
The National Life Group Board of Directors has approved an estimated payment of approximately $26.5 million in dividends to eligible participating policyholders in 2023.
Posted: November 9, 2022, 3:01 pm
CHARLESTON, S.C.— The former Lowcountry bank CEO accused of helping Alex Murdaugh steal millions from his clients is now in front of a federal judge. Pre-trial motions started in Russell Laffitte's federal case Monday in a Charleston court. Laffitte, the fired Palmetto Bank CEO is facing six charges including three counts of misapplication of bank funds, and one...
Posted: November 9, 2022, 2:55 pm
ST. LOUIS- A former insurance agent will spend the next three years in federal prison for his role in a murder-for-hire conspiracy involving a former St. Louis restaurateur and reality television star. Prosecutors with the U.S. Attorney's Office for the Eastern District of Missouri said Waiel "Wally" Yaghnam pleaded guilty in July 2022 to one count of conspiracy...
Posted: November 8, 2022, 1:20 pm
When you think of insurance you probably think of Geico's Gecko or Progressive Insurance's Flo. Your investment portfolio likely owns one, or many, insurance companies. A few companies that might sound familiar include Cincinnati Financial, Chubb Insurance, Travelers Insurance and Met Life.
Posted: November 7, 2022, 1:59 pm
For the sixth consecutive year, the percentage of uninsured women has increased, according to the 2022 Insurance Barometer Study by LIMRA and Life Happens.
Posted: November 7, 2022, 12:00 pm
For nearly a year, fraud allegations have swirled around former Hampton banker Russell Laffitte, a purported accomplice in white-collar theft schemes masterminded by disgraced lawyer and accused killer Alex Murdaugh. “This trial will connect a lot of dots that people are asking questions about,” said Eric Bland, a Columbia attorney who represents two sisters,...
Posted: November 6, 2022, 10:58 am
Many lottery winners purchase life insurance to cover any estate tax bill should the winner suddenly pass away. But will life insurance that large even be available to a solo winner of the $1.5 billion Powerball jackpot?
Posted: November 4, 2022, 4:03 pm
Some chronic illness riders have monthly charges like LTC riders with predictable benefits. Others do not. It's up to producers to know what they are selling, one expert told NAIFA members.
Posted: November 3, 2022, 11:00 am
November is national Long Term Care Awareness Month. So, if you're thinking about buying a stand-alone long-term care insurance policy, you might have another option. An increasing number of states are permitting the sale of long-term care hybrid products that allow you to obtain long-term care coverage with a special rider added on to your life insurance...
Posted: November 2, 2022, 12:12 pm
--Talcott Financial Group, an international life insurance group and the insurance industry's trusted partner for comprehensive risk solutions, has completed its previously announced reinsurance transaction between its subsidiary, Talcott Resolution Life Insurance Company, and The Guardian Insurance& Annuity Company, Inc., a wholly owned subsidiary of...
Posted: November 2, 2022, 12:04 pm
A New York man was sentenced today to five years in prison for his participation in a scheme to defraud a North Carolina- based life insurance company that caused approximately $20 million in losses to the company and caused it to be ordered into liquidation. According to court documents, Bradley C. Reifler, 62, of New York, was the CEO and founder of Forefront...
Posted: October 28, 2022, 1:11 pm
Former U.S. Navy Service Member Pleads Guilty to $2 Million Insurance Fraud Scheme. SAN DIEGO-- Christopher Toups, who at the time of his crimes was a chief petty officer in the U.S. Navy, pleaded guilty in federal court today, admitting that he and others participated in a scheme to file false claims to obtain unearned benefits from an insurance program that...
Posted: October 28, 2022, 1:08 pm
Prudential Financial today announced that effective Jan. 1, 2023, Andy Sullivan, currently head of U.S. Businesses, will become head of International Businesses and PGIM. In addition, Caroline Feeney, currently president and CEO of U.S. Retirement& Insurance Businesses, will be promoted to executive vice president and head of U.S. Businesses.
Posted: October 27, 2022, 12:34 pm
LIBRA Insurance Partners and Insurance Designers of America, LLC (IDA) announce the merger of the two organizations, creating the largest...
Posted: October 26, 2022, 2:12 pm
YuLife allows employees to earn rewards by completing everyday wellness activities, adding value and engagement in the workplace, in turn helping businesses benefit from healthier and more motivated teams.
Posted: October 25, 2022, 3:17 pm
When McCauley assumes the leadership role, she will be the first female president and CEO in the organization’s history.
Posted: October 25, 2022, 2:10 pm
ST. LOUIS- A federal judge has sentenced Travell Hill, the convicted trigger man in a murder-for-hire plot involving the nephew of a Sweetie Pie's reality TV star in 2016.. Hill, 31, was sentenced Thursday to 32 years in federal prison for charges tied to the death of Andre Montgomery Jr. In court Thursday, Hill admitted to meeting with Montgomery's uncle, James...
Posted: October 23, 2022, 1:58 pm
Behavioral insurance has found a place in health, auto, and home coverage, but U.S. companies have been relatively slow to apply the dynamics to life insurance.
Posted: October 19, 2022, 7:23 pm
NEW YORK--(BUSINESS WIRE)--Equitable President Nick Lane will be honored with the 2022 Marine Corps University Foundation (MCU Foundation) and Alumni...
Posted: October 19, 2022, 2:44 pm
Transamerica announced the availability of a new universal life insurance policy designed specifically to be a voluntary workplace benefit, and a combination of available riders that, for a fee, could potentially pay up to three times the value of the policy’s death benefit.
Posted: October 18, 2022, 3:21 pm
A federal judge approved a $25 million settlement between Genworth and a class of more than 13,400 plaintiffs alleging that policyholders of the company’s Gold and Gold II universal life insurance policies were subject to unlawful cost of insurance (COI) increases.
Posted: October 18, 2022, 12:27 pm
New data from MIB Group reveals good news and bad news regarding life insurance activity. Life insurance applications finished the...
Posted: October 11, 2022, 8:24 pm
The award recognizes a lifetime of professional excellence, service to the industry and a commitment to ethical conduct.
Posted: October 6, 2022, 8:00 pm
MassMutual announced that it will dedicate an additional $100 million to continue investing in diverse, first-time fund managers through its First Fund Initiative, building on the $50 million the company previously invested through this impact investing initiative.
Posted: October 6, 2022, 1:45 pm
WASHINGTON, Sept. 30-- The American Council of Life Insurers issued the following news release on Sept. 29, 2022:. The American Council of Life Insurers today elected its new Chair, officers and Board of Directors at the 2022 ACLI Annual Conference. Andy Sullivan, Executive Vice President, Head of U.S. Businesses for Prudential Financial, Inc., was named ACLI Chair for...
Posted: September 30, 2022, 1:49 pm
A panel of experts from the American Council of Life Insurers will provide a review of the most pressing legislative...
Posted: September 30, 2022, 1:21 pm
Technologies such as artificial intelligence, automation and data insights can help insurers address continued disruption. However, for these technologies to...
Posted: September 29, 2022, 4:00 pm
Clients often come to us with a particular goal or concern — they don't always know if they need life insurance to address that need.
Posted: September 29, 2022, 11:00 am
Leaders from America’s life insurance companies are in Washington for the American Council of Life Insurers’ 2022 annual conference.
Posted: September 28, 2022, 7:55 pm
A recent study, The Journey of African American Insurance Professionals, offers some practical suggestions for recruiting and retaining African Americans, a group that is underrepresented in the industry.
Posted: September 28, 2022, 4:00 pm