Annuity Market News articles from July 2004

Annuity Market News archives from July 2004

At Deadline.
July 1, 2004... SEC Gearing up for Cases Against Carriers That Cut Timing, Late Trading Deals WASHINGTON - Insurance companies are soon to find enforcement actions against them aired for all to see. The Securities and Exchange Commission is working on...

First Timing Case Good News for Carriers.(National Association for Securities Dealers)
July 1, 2004... The industry has been waiting for the other shoe to drop in the market-timing cases currently being investigated by the Securities and Exchange Commission in Washington and the Office of New York Attorney General Eliot Spitzer. However,...

Even the Rich Need Annuitization.
July 1, 2004... RESTON, Va. - Selling annuities by stressing their ability to provide income for life still hasn't caught on, but it's the carriers themselves who are to blame. "We've done more talking about income planning than doing," said Farrell Dolan,...

Speed-to-Market Initiative Gains Momentum.
July 1, 2004... Seven states have adopted the National Association of Insurance Commissioners' Interstate Insurance Product Regulation Compact, aimed at streamlining insurance product filing and review processes. The compact, adopted by Colorado, Hawaii, Iowa,...

People Moves.(appointments)(Brief Article)
July 1, 2004... Kalen Becomes Hartford's Head of Individual Life Michael Kalen has taken over as head of Hartford Life's individual life division. He replaces Robert Kerzner, who is retiring after 30 years with the company and six years as head of the...

Key Accounts Management Lacks Customer Focus.(S4)
July 1, 2004... A carrier's biggest distribution partners are its most important customers, yet most carriers don't treat them that way. The mindset of selling product has become so inculcated in the industry that very few organizations have successfully...

Charitable Remainder Trusts Offer Opportunity.
July 1, 2004... The great transfer of wealth to Baby Boomers from their parents should fuel interest in the use of variable annuities in charitable remainder trusts, insurers believe. With a charitable remainder trust, an individual gifts highly...

VAs Aim to Hedge Against Interest Rate Risk.(Variable Annuity Research & Data Service)
July 1, 2004... Now that rising interest rates may trigger product bond fund losses, will insurers need to add to reserves to cover secondary variable annuity guarantees? Variable Annuity Research & Data Service (VARDS) data shows that nearly 49% of all...

Western Reserve Freedom Access.(Western Reserve Freedom Access policy)(Brief Article)
July 1, 2004... One hedge fund started its variable annuity market-timing strategy by buying Western Reserve Freedom Access policy through a limited partnership on June 10, 2002. The annuity does offer a few sub-accounts intended for market timing, but the...

ING Golden Select.(ING Golden Select)(Brief Article)
July 1, 2004... In October 2002, the same hedge fund that purchased the Western Reserve policies used two different limited partnerships as part of a strategy to double its ability to trade in the ING Golden Select annuity while remaining within the contract...

Pacific Life Value Annuity.(Brief Article)
July 1, 2004... In July 2002, a hedge fund with three different investment partnerships submitted three applications to Pacific Life. Two of them were forwarded to the exceptions committee because, although they individually had assets under $1 million...

Hartford Life Leaders Access.(Davenport & Co. )(Brief Article)
July 1, 2004... In April 2002, a hedge fund purchased a Hartford Life contract, but by July the carrier limited trading to U.S. mail because it had already used up its allotment of 20 trades per year. Immediately, Davenport & Co. submitted a new application,...