Annuity Market News articles from May 2004

Annuity Market News archives from May 2004

At Deadline.
May 1, 2004... Utah EIA Initiative Creates Buzz at Fixed Conference ORLANDO, Fla. - Utah nearly passed a bill requiring sellers of equity index annuities (EIAs) to be securities licensed, but vigorous industry lobbying by a standing-room-only crowd helped...

Low Interest Rates a Test for Fixed Annuities.
May 1, 2004... LAS VEGAS - The balancing act of risk and returns in fixed annuities and fixed accounts in variable annuities was broadly discussed here at The Annuity Conference, co-sponsored by LIMRA International of Windsor, Conn., LOMA of Atlanta and the...

Education of Agents Key in Equity Index Sales.
May 1, 2004... ORLANDO, Fla. - Worried that equity index annuities (EIAs) are too complicated for the average insurance agent? Apparently, you're not alone in those fears, as education remains a high priority for marketers of EIAs, especially following last...

New IRS Rule Provides Payout Flexibility.
May 1, 2004... Variable annuity distributors have something to cheer about due to a recent IRS ruling on early withdrawals. The IRS says that non-qualified annuitants up through age 59-1/2 who are receiving regular annuity payments as income may change...

People Moves.
May 1, 2004... Sherwood Exec Bessellieu Now President of Sapiens Sapiens International Corp. has appointed Steven Bessellieu as its new president of Sapiens America. Bessellieu's mission includes expansion of the company's practice in the insurance...

4% Fixed Annuity Enjoys Strong Sales.
May 1, 2004... Sales of fixed annuities through banks have been sluggish in recent months but not at New York Community Bank (NYCB), Westbury, N.Y., where comparative annuity sales jumped more than 19% between December 2003 and this past February, largely due...

NASD Fines B/D For VA Sales.(National Association of Securities Dealers fines David Lerner Associates for sales contests violations)(Brief Article)
May 1, 2004... The National Association of Securities Dealers censured and fined brokerage firm David Lerner Associates $100,000 for holding sales contests to promote its proprietary mutual funds and selected variable annuity and variable life insurance...

Spitzer Subpoenas Travelers Division.(Eliot Spitzer)(Citigroup's Travelers annuity product line )(Brief Article)
May 1, 2004... New York Attorney General Eliot Spitzer has subpoenaed Citigroup's Travelers annuity product line for market timing and late trading, according to the company's most recent annual report filed with the Securities and Exchange Commission. The...

VA Hypothetical Illustrations Get Real.
May 1, 2004... Hypothetical illustration systems are a cornerstone of the investment sales process, but how well suited are they to serve the variable annuity industry? Among more commoditized products, such as fixed annuities and life insurance,...

Jackson National Gambles on Shared Services, Multiple Products.
May 1, 2004... Jackson National Life Insurance is a wholly owned subsidiary of Prudential plc in London. Nine years ago, the company added variable annuities to its product mix, and last year its unbundled product, Perspectives II, was the top seller in the...