American Insurance Group Inc. and some of its directors and officers have agreed to a $725 million settlement to resolve allegations of wide-ranging fraud laid out in a class action suit led by three Ohio pension funds.
American International Group Inc.'s financial position remains relatively stable, according to a report released last week by the Government Accountability Office.
Despite a tepid response from plan sponsors, asset management firms continue to develop and promote annuity-enhanced target date funds, insisting that demand for retirement income will spur interest.
MetLife Inc., the biggest U.S. life insurer, agreed to pay the government $13.5 million to resolve an investigation into “improper” payments to a San Diego-based broker that sold the company's coverage.
Insurance regulators state legislators plan to tackle the thorny issue of insurable interest with regard to annuity sales, preparing the groundwork for changes that could discourage stranger-originated-annuity transactions.
These investments — wherein a third party purchases an annuity with a death benefit and assigns a sickly person as the annuitant — came up at the group's 2010 Spring Meeting this week.
Goldman Sachs Group Inc. has retreated even further from the life settlements arena, shutting down Longmore Capital, its life settlements provider, according to reports.
Shaken by the recession and concerned about risk, brokerage firm clients are buying life insurance.
Insurer looks to branch out with new products aimed at affluent customers, business owners
Shares of home health providers sank Wednesday as an investigation into the industry's Medicare reimbursement practices expanded.
Congressional committee approval late last week of an amendment to the financial-reform bill maintaining state regulation of equity-indexed annuities drew mixed reaction, with insurers cheering the action and advisers largely opposing it.
Nationwide Financial Services Inc. last week bumped up its variable annuity living benefits, signaling a return — for some carriers — to the generous benefits that backfired on insurers when the stock market imploded in 2008.
The proposal clarifies that the funds are insurance products that should be overseen by states rather than securities that should be regulated by the Securities and Exchange Commission.
Mr. Harkin's amendment would clarify that these funds are insurance products that should be overseen by states rather than the Securities and Exchange Commission.
The group, comprising 60 to 70 representatives from broker-dealers and insurance companies, hopes to hash out a uniform solution to comply with the rules.
Though it appears that regulatory oversight of equity-indexed annuities will remain with states — and not shift to the Securities and Exchange Commission — some insurers are nonetheless rolling out indexed-annuities that qualify as securities.
BP shares sunk Thursday in London as U.S. politicians pressed the British oil company to halt its dividend payments and fork out greater compensation for American workers and companies devastated by the massive Gulf of Mexico oil spill.
Many representatives and agents say the new requirements add to the already complex layers of review required by Finra.
