Life Insurance Roundup, July 27, 2016

More scrutiny needed on commissions paid to life insurance advisers

The proposed changes to commissions for selling life insurance may just tip the system back in favour of the customer. For years paying life insurance advisers by commission was not seen as a conflict of interest, even when it incentivised bad advice and continuous changing of policies. 

Scandals in the life insurance industry – Please explain!

Media reports about life insurance (LIF) ‘reforms’ usually include comments like ‘an attempt to mend the scandal-ridden sector’ or ‘enormous’ or ‘lucrative’ upfront commissions – presented as a truism without any mitigating exploration of context or truth. 

Life Insurance Settlements Discusses the Ever Expanding “Buy-Box” – Press Release – Digital Journal

Leading Life Insurance Settlements Company Now Able to Get Offers on More Life Insurance Policies than Ever Before

Financial Advisor IQ – Index Fund Fees Targeted in New York Life Insurance Lawsuit

Lawsuits by employees alleging high fees in 401(k) plans have been on the rise, but the latest suit against New York Life Insurance solely targets an index fund, Bloomberg reports. 

IndiaFirst Life Insurance appoints Peuli Das as “Appointed Actuary”

IndiaFirst Life Insurance, a joint venture between Bank of Baroda, Andhra Bank and Legal & General (UK), announced the appointment ofPeuli Das, as Appointed Actuary, today. 

KDB’s plan to sell insurance unit stalls

KDB Life, the insurance unit of Korea Development Bank (KDB), is failing to attract domestic investors to take over the bank’s stake in the firm. 

Chinese Buyers on Acquisition Spree Eye Insurance Firms – WSJ

The latest example is a $1 billion bidding war for Singapore-based Asia Capital Reinsurance Group Pte. Ltd. All three of the leading bidders are backed by Chinese money. 

Insurers Challenge Retroactive Application of New Florida Law that Requires Comparison of Names of Accounts to Death Master File – Lexology

Insurers Challenge Retroactive Application of New Florida Law that Requires Comparison of Names of Accounts to Death Master File. 

bne IntelliNews – Russia’s central bank purges “pyramidal” insurance sector

The purge of the Central Bank of Russia (CBR) of the country’s insurance industry makes the regulator’s cleanup of the banking sector look lightweight by comparison, reducing the number of companies working the sector by 80%. 

Why buying a child insurance policy should never be postponed – The Financial Express

As a first stage of financial safety and security, a young couple generally go for an endowment policy for themselves. 

One Court Case That Could Really Hurt Obamacare Insurers – Morning Consult

There’s been a lot of bad news about rising Obamacare exchange premiums over the past few months. But things could get much worse for insurers (and consumers) if a court ruling brought by House Republicans against the administration prevails. 

‘Dream car’ bought using Auckland cancer patient’s life insurance stolen |

An “irreplaceable” AC Cobra car – bought using a cancer sufferer’s life insurance money – has been stolen from a fortified garage in Takanini, south Auckland. 

M&A in Life Insurance: Chinese Insurers, Banks Expected to Take Pivotal Role in Domestic Life Insurance M&A | BusinessKorea

he Korea Insurance Research Institute (KIRI) said on July 24 that Chinese insurers and financial holding companies affiliated with banks are likely to become more and more aggressive in the M&A of South Korean life insurance companies and they are expected to act as capital suppliers in the South Korean life insurance industry in need of recapitalization. 

Reliance Nippon Life Insurance launches new offer and other top insurance news

Reliance Nippon Life Insurance, part of Reliance Capital, launched its new offer – ‘Increasing Money Back Plan’. 

NRA sued over non-payment of life insurance claim

A California man is suing the National Rifle Association and its partners for failing to pay on a life insurance claim in the accidental death of his relative, who named him the sole beneficiary of her policy. 

Life insurers infra investments up, equity assets down in FY16 | Business Standard News

Industry officials said this was on account of insurers primarily using bank branch networks to sell policies, apart from using other platforms like web aggregators and insurance marketing firms. 

2016 Fringe Benefits Tax Series #12: Going “All In” on Group-Term Life Insurance

Life insurance is essential for many families, but employees often find it difficult to set aside funds for this purpose, especially in peak spending years when they are raising their kids. 

Planning for a lifetime | Dhaka Tribune

Choosing life insurance policies may be a daunting task for many, from multiple insurance quotes to countless meetings with sales agents. However, having the right life insurance policy could put your mind at ease and provide financial security for you and your family.  

Facilitating Life Settlements

As growing numbers of aging baby boomers turn to their advisors to help them achieve their retirement and estate planning objectives, many estate attorneys are faced with decisions regarding life insurance policies purchased that are no longer relevant. 

South African Life Insurer Discovery Moves Into Japan – International Adviser

South Africa’s third largest insurer by market value, Discovery, has teamed up with Japan’s Sumitomo Life Insurance and SoftBank Group to launch life products into Japan, the company has announced. 

New Allianz Life Study Shows Strong Interest for Financial Solutions that Offer Opportunity for Increasing Income | Business Wire

In order to help address the risks caused by inflation, many Americans are looking to financial products that not only provide guaranteed income in retirement, but also offer the opportunity for their income to increase, according to a new study* by Allianz Life Insurance Company of North America (Allianz Life®) that explores Americans’ perceptions of the rising cost of living. 

Financial advisers seek to overturn life insurance legislation |

A group of disgruntled advisers says it will be “tripling” its efforts to overturn legislation designed to limit upfront and trailing commissions paid to planners for selling life insurance policies. 

Watch against errors in exchanging life insurance policies

In a recent column, I discussed the advisability of policy owners investigating from time to time the tax-free (Section 1035) exchange of cash-value life insurance and annuity policies.  Such exchanges are sometimes advisable when an older policy is not doing as well for the policyholder as a more modern policy could do. 

New appointments at Azerbaijan’s Pasha Life insurance company

Lala Jafarova and Rustam Mammadov have become members of the Management Board at Azerbaijani insurance company Pasha Life. 

Life Insurance Accounts for the Largest Share of Both Voluntary Inforce and Sales, According to an Eastbridge Report. | Business Wire

Results from Eastbridge Consulting Group’s U.S. State ESI and EPI Data report show that life insurance continues to lead the market in share of both inforce premium and new sales. However, a deeper look at the numbers shows there is more to the story. 

Broker-dealers expected to overtake independent agent channel in life insurance sales

According to a recent report, insurers will be more likely to choose the insurance broker-dealer channel to sell life insurance and annuities instead of the independent agent channel in the next two years. 

Final Expense Life Insurance Premium Up 5% In 2015 – InsuranceNewsNet

Final expense life insurance sales increased 5 percent and policy count rose 4 percent in 2015 (compared with 2014 results), based on a survey by the Life Insurers Council, CSG Actuarial, Inc. and Competiscan. 

How much life insurance is enough?

Start by figuring out what you can afford and how long you will need it for, and then work out the sums. 

China Life Insurance Near Overbought Level After Rally: Chart – Bloomberg

A 15 percent rally in China Life Insurance Co.’s U.S.-traded shares has pushed its relative strength index to near 70, a level that frequently precedes a reversal. When the momentum gauge last breached that line in April 2015, a 10 percent drop followed. 

Allianz Life Insurance Company of North America Financials and News | 30 Best Workplaces in Finance and Insurance

“Titles are not important at Allianz Life. People identify themselves by their department, not their title. Employee’s ideas are considered and valued no matter what rank they hold in the organization,” says an employee. 

BRIEF-Shenzhen Wongtee’s unit plans life insurance firm with partners | Reuters

Shenzhen Wongtee International Enterprise Co Ltd, says unit plans to invest 200 million yuan ($29.89 million) to set up life insurance firm with registered capital of 1 billion yuan with partners. 

City to discuss whole life insurance plan – News

City council members at tonight’s meeting will consider approving a whole life policy plan through New York Life Insurance Company, giving employees an opportunity to buy into the plan. 

ICICI Prudential Life Insurance leads ULIPs race with a little help from ICICI Bank – The Financial Express

ICICI Prudential Life Insurance, which is the market leader in the universe of private sector life insurers continues to maintain its lead in unit-linked insurance plans (ULIPs). 

Get The Most Out Of Your Life Insurance Policies Before 2017! – Tax – Canada

Life insurance rules have remained relatively intact since 1982, but that’s about to change. Starting January 1, 2017, new income tax legislation will come into effect that will change some taxation aspects of life insurance policies. 

Life insurance sector sees 33% growth in first quarter

The 24-member Indian life insurance industry ended the first quarter of the current fiscal with a new business premium of Rs 31,392.55 crore – logging a growth of 33.2%, the Life insurance Council of India said, reports a daily newspaper. 

Kolkata | Max Life Insurance launches ‘Cancer Insurance Plan’ | The Echo of India

Max Life Insurance, non-bank promoted private life insurer, a joint venture between Max Financial Services Ltd and Mitsui Sumitomo Insurance Co Ltd, today announced the launch of its new product -‘Max Life Cancer Insurance Plan’–a protection plan that is designed to provide financial assistance across all stages of cancer. 

IndiaFirst Life Insurance Partners with Nainital Bank

IndiaFirst Life Insurance, a joint venture between Bank of Baroda, Andhra Bank and Legal & General (UK) today, announced a partnership with Nainital Bank Limited, for the distribution of its products. 

Enhanced financial modeling software available for U.S. life insurers –

Updated U.S. Library of Applications provides life insurers with ways to better manage their books of business. 

ICICI Prudential Life Insurance files DRHP for Rs 5,000-crore IPO – The Economic Times

NEW DELHI: ICICI BankBSE 2.11 % has filed draft red herring prospectus (DRHP) with Sebi for an initial public offer (IPO), worth up to Rs 5,000 crore.

Life insurance industry logs 33% growth in first quarter | Business Standard News

The 24-member Indian industry closed the first quarter of the current fiscal with a new business premium of Rs 31,392.55 crore, logging a growth of 33.2%, the Life Insurance Council of India said. 

Credit life insurance provides a safety net for borrowers, Business, Phnom Penh Post

More Cambodians than ever are turning to microfinance for money to cover their small business endeavours or pay expenses, and, increasingly, they are looking to protect their families from the burden of these debts in the event of death or disability. 

Cash Value Life Insurance: The Best Financial Safe Haven

I had thought that Treasury bonds were supposed to be the gold standard for investment safety.  The financial safe haven to the world.

IndiaFirst Life Insurance partners Nainital Bank – Times of India

Mumbai, Jul 18 () IndiaFirst Life Insurance today announced a partnership with Nainital Bank for distribution of its products. 

The Hartford Integrates Dental, Vision Coverage With Its Disability, Life Insurance For Small Businesses

The Hartford has integrated dental and vision coverage with its group disability and life insurance enabling brokers to create comprehensive benefits packages for small businesses with fewer than 50 employees. 


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