Annuity Firm Lincoln National Recieves Tax Relief in Indiana

The Retirement Income Reporter recently reported on annuity provider Lincoln National receiving $300 million in regulatory tax relief from the state of Indiana. The Indiana Department of Insurance is allowing the life insurance company to use a certain accounting practice with deferred tax assets that will free up capital. The division that sells fixed annuities and variable annuities, Lincoln Financial Distributors, has had to lay off over 10% of its workforce over the past few... Read More

Annuities for Retirement: Stricter Regulation in Florida

A press release from Florida's Chief Financial Officer Alex Sink details new legislation the state has passed to protect residents from annuities fraud. Specifically, it bans the practice known as "twisting", where an unscrupulous agent combines several annuities into one with a different holiday. The agent recieves an extra commission from another company, while the investor's retirement nest egg is put in danger. In Florida, this practice is now a third degree felony.Senior citizens also... Read More

SEC Sued By NAIC, NCOIL Over Equity Indexed Annuities Rule 151A

In the National Underwriter, Arthur D. Postal writes that the National Association of Insurance Commissioners (NAIC) and the National Conference of Insurance Legislators (NCOIL) have jumped into the fray regarding Rule 151A. The rule was enacted by the Security and Exchange Commission (SEC) last December; it seeks to regulate equity indexed annuities as securities. The two regulatory groups have sued in the U.S. Court of Appeals to block the rule from taking effect in early 2011.A coalition... Read More

Insurance Companies Sue SEC Over Indexed Annuity Regulation

Following up on a post from last month, a coalition of insurance companies has filed a lawsuit against the Security and Exchange Commission over the new rule that classifies indexed annuities as securities. According to the Coalition for Indexed Products' lawyer, Eugene Scalia, Rule 151A violates securities laws that give individual states (not the SEC) jurisdiction to regulate annuities. OM Financial Life Insurance, American Equity Investment Life Insurance, National Western Life Insurance,... Read More - Prefooter

Share On Facebook
Share On Twitter
Share On Linkedin
Share On Pinterest