Annuity Market News articles from April 2003

Annuity Market News archives from April 2003

At Deadline.
April 1, 2003... NAVA Urges States: Don't Regulate VAs Like Stocks Last August, the National Conference of Commissioners on Uniform State Laws adopted a new version of the Uniform Securities Act that allows states to decide whether variable product sales...

VAs Escape NAIC Suitability Reg (Maybe) State Insurers Fret Over Annuity Sales to Seniors.
April 1, 2003... In the most recent effort to establish state-based suitability requirements for annuity sales, the National Association of Insurance Commissioners of Kansas City, Mo., has nominally included variable annuities in its proposed Senior...

Investors Flee to Swiss Franc Annuities.
April 1, 2003... Swiss bank accounts are not the only Swiss investment wealthy or well-connected investors talk about. In tumultuous times, investors often turn to Swiss franc investments for safety. So, it should be no surprise that today, money is pouring...

NAIC Okays Index for Annuity Minimums.
April 1, 2003... Insurers that sell fixed annuities have found themselves in a pickle. Investors are buying these investment vehicles with guaranteed returns like hot cakes, but the low interest rate environment has slimmed their margins considerably. The...

Low-Cost TIAA-CREF VA Raises Fees.
April 1, 2003... TIAA-CREF of New York, will be raising mortality and expense (M&E) fees on its Personal Annuity Select, a variable annuity available to individual investors, July 1. The M&E, at 10 basis points one of the lowest around, will be going up to...

Want a Fund Along With That Bank CD? Bank Sales Jump 7.8% in 2002 to $34.5B.
April 1, 2003... Investors are turning less frequently to financial advisers and brokers to purchase mutual funds, and more frequently to the safe haven of banks. While sales of long-term mutual funds through all channels increased only 4% last year, sales...

Jim McInnis Leads ING Sales in Challenging Time.
April 1, 2003... The U.S. unit of Dutch financial services company ING Group, ING U.S. Financial Services, entered the American market largely through acquisition. In the meantime, the Atlanta-based company has had to tackle the dual task of coordinating the...

VA Fund Evaluation Services Heat Up.
April 1, 2003... Nationwide Financial, Columbus, Ohio, may be the first variable annuity issuer to offer online investment data and selection tools from Morningstar, Chicago, for registered representatives. The information is designed to help reduce...

The Future of Annuitization Still a Challenge.
April 1, 2003... ORLANDO, Fla. Turning brokers' attention to retirement income has been the mantra possibly the swan song of the annuity industry. As the National Association for Variable Annuities of Reston, Va., continues to stress the concept of using...

Is Annuitization Doomed?(Brief Article)
April 1, 2003... Payout may be the buzzword, but even those committed to the idea may find themselves hogtied. On the one hand, the annuitization boom is about to happen, with millions of Baby Boomers staring into the now-uncertain abyss of retirement. ...

Greg Gloeckner Leaves Annuity Industry for SMAs.(Brief Article)
April 1, 2003... Greg Gloeckner, who most recently headed up variable annuity sales at Midland National Life Insurance, has made a move to the up-and-coming separately managed accounts industry. He has relocated to Denver for the position of vice president...

Shepherdson Lands at Hancock.(Brief Article)
April 1, 2003... James Shepherdson has joined John Hancock Financial Services as president of retirement services, where he is responsible for third-party sales and marketing of life and annuities. He will also assist Hancock's annuity product development...

Hartford CFO Foy Leaves.(Brief Article)
April 1, 2003... Hartford Life has started searching for a new CFO to replace David Foy, who has been with the company since 1993. Foy is now with White Mountains Insurance Group, which specializes in property and casualty insurance. Foy began his career...

Manulife Appoints Boyle To Restructure Annuity Biz.(Brief Article)
April 1, 2003... As part of a reorganization, Manulife USA has appointed James R. Boyle president of individual wealth management. The newly formed division includes annuities, 529 college savings plans and separately managed accounts. These three product...

Phoenix Selects New Chairman.(Brief Article)
April 1, 2003... On April 1, Dona Young assumes the role of chairman of the Phoenix Companies. Young, who was already president and CEO, takes the helm from Robert Fiondella, who retires completely from the company at the end of the year. In addition to being...

Old Mutual Hires Barker, Former Jeff-Pilot Sales Exec.(Brief Article)
April 1, 2003... Old Mutual U.S. Life has hired Bruce Parker to lead marketing and sales for two of the company's subsidiaries, Fidelity & Guaranty Life and Americom Life & Annuity. Both companies sell fixed and index annuities. Copyright 2003 Thomson...