Annuity Market News articles from March 2002

Annuity Market News archives from March 2002

At Deadline.(industry briefs)
March 1, 2002... Conseco Anticipates Spring Sale In late January, Conseco announced its intention to sell its variable annuity business as part of an effort to generate between $750 and $800 million in cash to offset debts. After distributing information...

Pending Legislation Could Impact Industry: Tax Proposals Would Have Far-Reaching Effects, Execs Say.(Brief Article)
March 1, 2002... Though Congress may find it difficult to pass legislation this year, previously proposed laws with far-reaching effects could be reintroduced after the election. The message from panelists at the recent National Association for Variable...

Conference Confronts Industry Questions.(Brief Article)
March 1, 2002... Annuities are sold, not bought. This industry maxim led the National Association for Variable Annuities to focus its recent marketing conference in Rancho Mirage, Calif., on those that sell, featuring the theme "Focus on the Producer."...

NASD Article Sparks EIA Flap.(National Association of Securities Dealers, equity-indexed annuities)(Brief Article)
March 1, 2002... An information article appearing on the National Association of Securities Dealers (NASD) Website has raised hackles in some quarters of the equity-indexed annuities community. "The NASD's portrait of index annuities presents all of the...

Growth of External VITs Raises Design Issues.(variable insurance trusts)
March 1, 2002... Internal or external variable insurance trust: that is the investment management decision insurance carriers face as they design and proliferate variable products. In a commonly adopted model, insurers hire outside management through...

Performance Differences Raise Clone Conflict.(Brief Article)
March 1, 2002... The principal of same name, same fund does not apply to clones. Performance differences can result in more than trivial differences, especially in short-term performance. In 1996, Hartford Life created the Hartford Capital Appreciation VA...

GE CEO Urges Annuity Industry Change.(Brief Article)
March 1, 2002... The annuity industry needs to get back on track, according to Michael Fraizer, CEO of GE Financial. From where he stands, the annuity industry is in dire straits. In a general session at the National Association for Variable Annuities'...

Feeling Pinched, Two Back Office Firms Close.(Brief Article)
March 1, 2002... The close of 2001 saw more than the end of a year many would prefer to forget. Two annuity processing vendors, exchange-america and AnnuityScout, officially ceased operations before last year came to a close. Formerly located in...

Inviva Hires New President.(Brief Article)
March 1, 2002... Shane Gleeson has been named president of inviva, parent to American Life Insurance Company of New York. Gleeson came to Inviva from a 24-year stint at ILona Financial Group, Inc., where he most recently served as president. ILona, based in Oak...

Aon Singles Out Annuities.(Brief Article)
March 1, 2002... Aon has created an annuity sales unit within its financial institutions alliance division. Aon Annuity and Insurance Services will expand on Aon's relationships with financial institutions by bringing annuity and investment products to the...

NY Life Taps Guardian for Veteran Actuary.(New York Life Insurance)(Brief Article)
March 1, 2002... New York Life Insurance has hired Robert Sackel for the newly-created position of VP in charge of actuary in the special markets department. Sackel comes most recently from Guardian Life Insurance Company, where he had been responsible for...