A federal judge tossed out a lawsuit accusing MetLife and its executives of defrauding investors concerning accounting for its retirement and income solution line of business. In a Jan. 11 decision, Judge Sterling Johnson, Jr. of the Eastern District of New York found the claims "without merit."
Posted: January 21, 2021, 7:28 pm
Federal authorities said ex-Rep. Robin Hayes participated in a scheme while GOP state chairman in which wealthy insurance company exec Greg Lindberg attempted to bribe the state insurance commissioner with $1.5 million in campaign funds in exchange for removing a top department regulator.
Posted: January 20, 2021, 8:35 pm
Sholam Weiss helped destroy the National Heritage Life Insurance Co. in a $450 million fraud scheme carried out in the 1990s. He was convicted of racketeering, wire fraud, money laundering, and obstruction of justice and given an 835-year sentence, one of the longest for a white collar crime in U.S. history.
Posted: January 20, 2021, 4:50 pm
A pair of McKinsey & Co. analysts briefed members of the National Association of Independent Life Brokerage Agencies last week and described a life insurance industry in desperate need of digital skills, younger talent and products that offer innovate solutions for a changing demographic.
Posted: January 18, 2021, 7:29 pm
Deborah Bailey, 26, a graduate of Verdugo Hills High and UCLA, was killed on Dec. 24, 1980. Thomas Edward Waterbury, 61, on Jan. 7, 2021, received his first hearing before the California Department of Corrections and Rehabilitation Parole Board after Gov. Gavin Newsom commuted his sentence of life without parole in order to allow him to one day seek freedom.
Posted: January 16, 2021, 2:25 am
Two insurers are defendants in new lawsuits filed in California over whether proper notice was given in cases of lapse or termination of policies. The plaintiffs claim American National Insurance Company and Lincoln Benefit Life Company violated a 2013 California law that beefed up notification requirements.
Posted: January 15, 2021, 11:00 am
CARMEL, Ind., Jan. 14, 2021 /PRNewswire/ -- Washington National Insurance Company, a national provider of supplemental health and life insurance products for middle-income...
Posted: January 14, 2021, 6:23 pm
Financial services trade associations raise substantial sums of political action committee funds, money that supports lobbying efforts on important issues. In light of last week's mob attack on the Capitol and the tense political atmosphere, trade associations are reviewing donor policies.
Posted: January 13, 2021, 8:41 pm
Financial advisor clients feel better about their financial situation when they believe their advisor has recommended the right amount of life insurance for them, according to research conducted by Jamie Hopkins. But a third of advisors think that half their clients don't have the right amount of life insurance.
Posted: January 11, 2021, 11:00 am
For most of us, thinking about creating even a simple last will and testament is about as enjoyable as having teeth pulled. We procrastinate, we make excuses and we justify avoidance. We may even think of situations in which people have managed to die without proper documents in place and how those specific instances turned out fine after all.
Posted: January 8, 2021, 5:00 pm
The Congressional Review Act was a little-used device that Republicans used frequently early in the Trump presidency. It's a model that a Democrat-controlled Senate could employ to kill two rules that invited public scorn.
Posted: January 6, 2021, 4:03 pm
Genworth and Oceanwide have not extended the current Dec. 31, 2020, "end date" under the merger agreement, Genworth said in a news release on its website. The deadline to complete the merger already has been extended 16 times. Such a merger was expected to infuse Genworth with $1.5 billion in capital.
Posted: January 4, 2021, 8:06 pm
It was a tough year to be a life insurance agent as COVID-19 swept across the country and led to business restrictions and stay-home advisories. On the other hand, the pandemic reminded Americans of the value of planning and life insurance. These five most-read stories reflect the year in life insurance.
Posted: December 31, 2020, 12:19 pm
George Luna, 71, is serving two life sentences after a Pennington County jury found him guilty of the first-degree murders of his wife and mother-in-law. Lynn Luna- a 26- year-old in the process of divorcing her husband- and her mother, Helen Thomas, 65, were beaten to death at their home on Fairview Street, according to Journal archives. In 2018, Presiding Judge...
Posted: December 26, 2020, 5:00 am
WASHINGTON, Dec. 23, 2020 — Homeless New Yorkers are targeted in a $31.7 million slip-and-fall ring … A crime ring...
Posted: December 24, 2020, 3:36 pm
With interest rates at historically low levels and economic uncertainty remaining high, Moody’s Investors Service found its portfolio of U.S....
Posted: December 22, 2020, 8:05 pm
"We received over 50 nominations of BGA principals, carrier executives, case managers, contract specialists, regional vice presidents, underwriters, techies, marketing and operational gurus," said NAILBA CEO, Dan LaBert. Bryan Adams· Co-Founder& CEO· Integrity Marketing Group Andy Albright· CEO· National Agents Insurance Dan Allison· Managing Partner· Brokers...
Posted: December 16, 2020, 8:05 pm
Falls Church, VA (December 15, 2020) – The National Association of Insurance and Financial Advisors (NAIFA) announced Terry Headley, LUTCF,...
Posted: December 15, 2020, 9:42 pm
MINNEAPOLIS – Dec. 14, 2020 – Allianz Life Insurance Company of North America has announced new enhancements to its Allianz...
Posted: December 14, 2020, 5:57 pm
(Toronto, ON, December 14, 2020) – Foresters Financial today announces the US launch of its refreshed Prepared II Accidental Death...
Posted: December 14, 2020, 3:54 pm
WASHINGTON, Dec. 12-- The American Council of Life Insurers issued the following news release:. Kimberly Ross will join the American Council of Life Insurers this month after two decades of holding leading staff positions in the U.S. House of Representatives and Senate. Joyce Beatty to take the ACLI position of Senior Vice President, Federal Government Relations,...
Posted: December 12, 2020, 12:30 pm
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.
Posted: December 10, 2020, 7:28 pm
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.
Posted: December 10, 2020, 7:12 pm
Whether it’s childbirth, adoption, a family health crisis, or a worker’s own health crisis, life insurers believe no one should have to choose between their paycheck and caring for loved ones or themselves.
Posted: December 10, 2020, 2:46 pm
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.
Posted: December 10, 2020, 1:16 pm
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."
Posted: December 9, 2020, 9:12 pm
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.
Posted: December 7, 2020, 8:03 pm
Robert Muriel, director of the Illinois Department of Insurance, announced that he'll leave his position on Dec. 11. Muriel was...
Posted: December 7, 2020, 3:23 pm
NEW YORK, N.Y., December 3, 2020 -- Guardian’s Care Conversion Option Rider (CCOR) is the first term insurance rider in...
Posted: December 3, 2020, 9:58 pm
Fitch Ratings-Chicago-03 December 2020: The ongoing concern regarding the economic fallout from the coronavirus pandemic could cause deterioration in key...
Posted: December 3, 2020, 9:12 pm
PARK RIDGE, Ill. (Dec. 2, 2020) — Building on its culture of excellence and providing financial professionals exceptional opportunities for...
Posted: December 3, 2020, 2:43 pm
A former investment manager was charged in an indictment unsealed today for his alleged participation in a scheme to defraud a North Carolina- based life insurance company out of over $34 million. Acting Assistant Attorney General Brian C. Rabbitt of the Justice Department's Criminal Division, U.S. Attorney Matthew G.T. Martin of the Middle District of North...
Posted: December 3, 2020, 5:01 am
Third-quarter sales of whole life registered $1.05 billion, up 12.9% when compared with the previous quarter, according to Wink’s Sales & Market Report. But sales were down more than 10.2% as compared to the same period last year.
Posted: December 1, 2020, 3:16 pm
--Boston Mutual Life Insurance Company, a national provider of insurance solutions for individuals and at the workplace, today announced the acquisition of the Information Technology Outsourcing Service from long-term partner Onyx Data Solutions, a technology company engaged in the business of IT strategy, development, management, and consulting.
Posted: December 1, 2020, 12:46 pm
COVID-19 has increased consumer awareness about the need for life insurance. LIMRA research finds 6 in 10 Americans say they have a heightened awareness about the need for life insurance due to the pandemic and 29% say they are more likely to buy life insurance in the next 12 months.
Posted: November 30, 2020, 2:55 pm
After a challenging first half, the independent distribution channel jumps back into indexed universal life sales with a big pop in the
third quarter. Variable universal life also had a boffo quarter.
Posted: November 30, 2020, 11:00 am
In a pair of lawsuits, both appealed to the 11th Circuit Court of Appeals, insurers prevailed in lower-court rulings over cost-of-insurance increases. The cases are important because they are among the few COI cases that insurers have won a favorable verdict.
Posted: November 24, 2020, 7:42 pm
Driven by strong growth in whole life and term products, total individual life insurance new annualized premium increased 2% and the number of policies sold jumped 7% in the third quarter, according to LIMRA’s Third Quarter 2020 U.S. Individual Life Insurance Sales Survey.
Posted: November 23, 2020, 7:45 pm
--Ohio National Financial Services announces that Barbara A. Turner, CRCP, president and chief operating officer, was elected president and chief executive officer by the board of directors of Ohio National Financial Services in November 2020. Turner’ s new position is effective January 1, 2021, following the retirement of Gary T.“ Doc” Huffman, CLU, ChFC, chairman...
Posted: November 23, 2020, 6:25 pm
Insurance companies are creating more products that grow with their customers’ finances and needs. Term life insurance has proven itself to be one of these versatile products.
Posted: November 23, 2020, 11:44 am
Federal authorities have charged a fourth person in connection with the alleged murder-for-hire plot that, in March 2016, claimed the life of Andre Montgomery, grandson of "Sweetie Pie's" St. Louis soul food restaurant owner Robbie Montgomery, of whom the five-season OWN network reality show was centered around. According to a Nov. 12 news release by the U.S....
Posted: November 22, 2020, 5:00 am
Panelists agreed that consolidation through mergers and acquisitions will pick up as carriers and others along the distribution chain seek efficiencies through scale. The life and annuity business is likely to follow the path of the property & casualty industry in terms of M&A activity, panelists agreed.
Posted: November 20, 2020, 7:10 pm
Insurance agency managers might have decades of experience to guide their judgment and decisions, but that is no match for the wisdom that data yields, according to panelists at NAILBA 39. Becoming a data-driven agency can boost the bottom line exponentially
Posted: November 20, 2020, 12:20 pm
After a pandemic-driven pullback in mergers and acquisitions activity in the first half of 2020, acquisitions and dispositions have come...
Posted: November 19, 2020, 10:08 pm
Insurance and financial advisors are challenged to find the right partners and brokerage general agencies to work with, said Brian Haney, founder and vice president of The Haney Company in Silver Spring, Md.
Posted: November 19, 2020, 8:31 pm
Northwestern Mutual Future Ventures will dedicate $20 million to investing in companies founded by Black entrepreneurs, the company announced in a news release Wednesday. "Innovative thinking is required to drive breakthrough solutions to close the racial equity gap, and by supporting Black founders through Northwestern Mutual Future Ventures and the...
Posted: November 19, 2020, 5:00 am
Scott Allen Renninger knew he would be under scrutiny "once it all goes down" during a Nov. 11 conversation, police said. Renninger, in the conversation, said he accepted the scrutiny and was prepared for it. He also told a confidential source he knew the existence of an unknown amount of life insurance on his wife.
Posted: November 18, 2020, 5:11 pm
RADNOR, PA, November 16, 2020 – In a time when nearly half of consumers surveyed say they would be more...
Posted: November 17, 2020, 6:47 pm
TIAA, a leading provider of secure retirements and outcome-focused investment solutions, said Roger W. Ferguson, Jr., intends to retire as president and CEO on March 31, 2021. Ferguson is rumored to be on President-elect Joe Biden's shortlist for a cabinet position.
Posted: November 17, 2020, 4:29 pm
Richard Krassen, who turns 80 on Nov. 17, is a semiretired life insurance salesman, and you have never heard of him. And when he wrote his life story, the story of an unremarkable middle-class Jewish existence in Northeast Philadelphia, he didn’t care if nobody wanted to read it.
Posted: November 17, 2020, 10:16 am