Annuity Market News articles from May 2001

Annuity Market News archives from May 2001

Favorable Cast Sought for ESIGN.
May 1, 2001... The fund industry is concerned that evolving interpretations of the act which authorizes the use of electronic signatures in commerce will inhibit the mutual fund industry's use of the Internet. The Investment Company Institute outlined its...

Invesco Funds Drops Breakpoints.(Brief Article)
May 1, 2001... INVESCO Funds of Denver is asking shareholders of ten of its variable insurance funds to approve its termination of the management fee breakpoints which reduce the annual management fees INVESCO charges on each fund as assets under management...

SEC Focuses on Product Suitability.(Brief Article)
May 1, 2001... WASHINGTON, D.C. Bonus products and enhanced earnings benefits are continuing to raise concerns among regulators about whether they are being sold to suitable customers. Bonus products provide an immediate boost to an annuity's account...

Two Firms Vie for American General.(Brief Article)
May 1, 2001... The proposed merger between Prudential PLC of London and American General of Houston has hit another roadblock. On April 3, American International Group of New York announced that it had entered the bidding for American General. A week later,...

Have Technology, Ensure Reliability.(Brief Article)
May 1, 2001... NEW ORLEANS As use of the Internet becomes increasingly an integral part of the annuity business, maintenance of reliable systems is becoming ever more critical, according to speakers at an annuities conference sponsored by LIMRA International...

At Deadline.
May 1, 2001... Inviva Offers Paperless Annuities Inviva of New York has begun offering entirely paperless life insurance products, including annuities, to banks, brokerage firms and independent insurance distributors by way of the Internet. The company's...

Consolidation Challenges Small Firms.
May 1, 2001... NEW ORLEANS For the past several years, larger variable annuities companies have been acquiring smaller ones. In early 1999, SunAmerica of Los Angeles was acquired by American International Group of New York; in early 2000 GenAmerica...

Guaranteed Products Pose New Risks.(Brief Article)
May 1, 2001... NEW ORLEANS As guaranteed annuities products have become more common, controlling the risks associated with these products has become a growing concern in the industry. One such product, enhanced earnings benefits, has been particularly...

Firms Cut, But Not Wealth Products.
May 1, 2001... Although the bear market has prompted many funds to cut costs, wealth management products and services have been largely unaffected by fund companies' austerity measures, according to industry executive and analysts. In fact, several fund...

Liquidations Rise as New Funds Slow.(Brief Article)
May 1, 2001... The number of funds that have been liquidated in the first quarter of this year is similar to that of last year, but the number of funds introduced in the same period last year far exceeded those introduced this year, according to a report...

SEC Also Keeps an Eye on Switching.(Brief Article)
May 1, 2001... Switching is another area that is being closely watched by regulators, said John Walsh, chief counsel in the office of compliance, inspections and examinations at the SEC. In particular, Walsh cited as an example of the SEC's areas of...

Flat-Fee Plan Proves to be Hard Sell.
May 1, 2001... Convincing companies to become sponsors of new 401(k) plans can be an extremely difficult task. That is a concept that Persumma Financial of Newton, Mass., part of the MassMutual Financial Group, should understand well. Early this year,...

Immediate Annuities Slowly Gain.(Brief Article)
May 1, 2001... NEW ORLEANS Deferred annuity products have long been the backbone of the industry and immediate annuities have all but been ignored. For many years, immediate annuity sales have lagged well behind those of deferred annuities. Recently,...