Life Insurance Roundup, April 20, 2016


IC shuts down non-life insurance company | Inquirer Business

The Insurance Commission has stopped the operations of non-life insurance provider BF General Insurance Co. Inc. and placed it under conservatorship.

In an April 11 letter to the company’s board through president Rene Carlos P. Barretto, Insurance Commissioner Emmanuel F. Dooc ordered BF General Insurance to “cease and desist from taking new risk and/or renewal business of any kind or character.” 


India’s HDFC to list up to 10 pct stake in life insurance JV | Reuters

Indian mortgage lender Housing Development Finance Corp said on Tuesday it plans to list up to 10 percent of its life insurance joint venture with Britain’s Standard Life Plc in an initial public offering (IPO).

The Indian lender owned 61.63 percent of the joint venture, HDFC Life, as of the end of March, it said in a filing to Indian stock exchanges.

British insurer Standard Life said in a separate filing it did not plan to sell any shares as part of the IPO. It owns 26 percent of the joint venture and is in the process of raising its stake to 35 percent. 


A.M. Best Special Report: Canadian Life Insurance Industry Year-End 2015 Earnings and Regulatory Update | Business Wire

International Financial Reporting Standards (IFRS) net income for the four largest publicly traded Canadian life insurance companies—Manulife Financial Corporation; Sun Life Financial Inc.; Great-West Lifeco Inc.; and Industrial Alliance Insurance and Financial Services, Inc.—remained favorable despite a slight year-over-year decrease in total earnings in 2015, due primarily to the mark-to-market impact of securities with exposure to the energy sector. 


Life Insurance Settlement Association Unveils Agenda for 2016 Life Settlement Conference, Set for May 15-17 in Chicago

The Life Insurance Settlement Association (LISA) today announced the schedule and featured speakers for its 22nd Annual Spring Life Settlement Conference, to be held May 15-17, 2016, at the Hilton Palmer House in Chicago.

“The theme of this year’s Spring Conference is ‘Powering Growth’ and the program will focus on the improved market conditions that have led to steady growth in the life settlement industry over the last couple years,” said Darwin M. Bayston, CFA, President and CEO of LISA. “We’ll also take a close look at some emerging trends that we believe will power continued growth in the future.” 


The Basics of Whole Life Insurance – ZING Blog by Quicken Loans | ZING Blog by Quicken Loans

For most of us, making sense of life insurance documents is a lot like reading a book in Mandarin. It can be somewhat tricky and confusing. Some people have questions about whether whole life insurance is better than term life insurance. Then there’s the question about how big your insurance policy should be. And what about other types of insurance like long-term disability, child insurance policies and critical illness coverage? 


Life Insurance Companies Fail To Pay Out $5B In Death Benefits | KPBS

A national investigation has found that life insurance companies in the U.S. failed to pay out more than $5 billion in death benefits by ignoring a federal death database.

The U.S. Social Security Administration manages an official reference database called the Death Master File. Every time a death certificate is filed, the name is entered into the Death Master File so that government agencies, credit agencies, insurance companies and others can verify death and prevent fraud. 


Senator Durbin Calls on Chicago-Based Life Insurance Company to Disavow Practice of Withholding Funds to Rightful Beneficiaries | eNews Park Forest

In response to a 60 Minutes investigation that identified Chicago-based Kemper Corporation as the “main” insurance company fighting reform efforts, U.S. Senator Dick Durbin (D-IL) called on the company to disavow the practice of withholding life insurance payouts to beneficiaries that do not directly file claims with the insurance company. 


Insurance to get better on foreign investment | The Asian Age

The government has relaxed FDI norms for insurance sector by permitting overseas companies to buy 49 per cent stake in domestic insurers without prior approval from Foreign Investment Promotion Board. Since then insurance industry has seen foreign insurance companies either increasing their stake or announcing their intent to do so. This positive move by the government will impact the life of individuals from all sections of the society. Here is how FDI can help common man and his financial life. 


Vanner Insurance bolsters personal lines segment – Buffalo – Buffalo Business First

Vanner Insurance Agency is boosting its personal insurance services by adding life insurance to the lineup.

The Amherst-based agency – which already offers group life insurance policies through its employee benefits division – now offers individual life insurance. Previously outsourced, it will be packaged with automobile and homeowners insurance products. 


Business insurance helps cover losses – Opinion – The Leavenworth Times – Leavenworth, KS – Leavenworth, KS

In a previous article, we discussed the use of insurance to fund buy-sell arrangements.

The No. 1 concern with most business owners is growing their business. A key component of growing your business is protecting that business from risk. One way of doing that is to have protection in place for key employees and the income they generate. 


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