Annuity Market News articles from February 2004

Annuity Market News archives from February 2004

At Deadline.(National Association of Securities Dealers has barred Louisiana broker John Steven Blount )
February 1, 2004... NASD Bars La. Broker Blount, Fines Him $1.5M The NASD has barred Louisiana broker John Steven Blount from working at any NASD-registered firm for the rest of his life and ordered him to repay $1.5 million, plus interest, for more than $6...

Insurers Have Far to Go in Risk Management.
February 1, 2004... In the wake of the recent bear market, insurance companies are more aware of risk management, indicates a survey by Ernst & Young's insurance and actuarial advisor services. However, they need to do significantly more work in that area. ...

Payment Tax Break Tops Legal Agenda.
February 1, 2004... A tax break on annuity payments, charter reform and more tinkering with the estate tax top the legislative wish lists of variable annuity underwriters and the insurance industry in 2004. Hoping to capitalize on Congressional concerns over...

Issuers Await Uniform State Standards.
February 1, 2004... It's going to be a lot easier to bring products to market in the near future. Or is it? At year-end 2003, the Interstate Compact National Standards Working Group of the National Association of Insurance Commissioners (NAIC) adopted...

People Moves.(American Express has named Mark Schwarzmann senior vice president, insurance and annuities)(John Raitt, president and chief executive officer of Harris Associates, has been elected president of Oakmark Funds)(Badgley Funds )
February 1, 2004... American Express Names Schwarzmann Senior VP Of Insurance & Annuities American Express has named Mark Schwarzmann senior vice president, insurance and annuities. In this position, a new one at American Express, Schwarzmann's main...

JP/Bank One Merger Forms 4th-Largest Fund Firm in Nation.(J.P. Morgan Chase and Co.)(Banc One Corp.)(Brief Article)
February 1, 2004... JP Morgan's pending purchase of Banc One Corp. not only creates a banking giant, but also spawns the fourth-largest fund firm, according to research firm Lipper of New York The deal, for a reported $58 billion in stock, would place the...

SEC Clamps Down On Fees, Governance.(Securities and Exchange Commission)(Brief Article)
February 1, 2004... The umpire strikes back. Variable annuity and mutual fund investors are finally getting the right calls, as federal and state regulators would have it. Responding to a wave of criticism for failing to catch widespread trading abuses and...

Fund Reform Bill Heading to Bush.(George W. Bush)(Brief Article)
February 1, 2004... CINCINNATI - Although the Investment Company Institute successfully stalled the Baker Bill last spring, Congress is likely to pass and the President is likely to approve the third piece of legislation in the history of mutual funds, ICI...

New VUL Lets RIAs Flex Their Muscle.(variable universal life insurance policy)(Registered Investment Advisors)
February 1, 2004... Nationwide Financial, Columbus, Ohio, has introduced a variable universal life insurance policy (VUL) that lets Registered Investment Advisors (RIAs) actively manage its sub-accounts. With the new product, MarketFLEX, RIAs are compensated...

Index Annuity Sales Dip as Carriers Go for Revamp.
February 1, 2004... Slammed by low interest rates, index annuity carriers began restructuring their offerings in this year's third quarter, a move that pinched sales during the period. Quarter-to-quarter, sales dropped 13%, to $3.21 billion from $3.32...

Insurers Hold Breath on Federal Market Timing Suit.
February 1, 2004... As the SEC makes it clear that variable annuities are smack dab on its radar screen for market timing (see AMN December 2003), all eyes are on a pending market timing lawsuit involving a variable annuity in U.S. District Court, Chicago. ...