Stay on top of the latest news & trends affecting the annuity industry. The AnnuityFYI annuity blog is regularly updated with original articles covering products, insurance company news and financial expert’s commentary. Whether you are an annuity owner or financial professional, Annuity FYI’s blog will keep you informed.

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Insurers’ Hope: Lower Reserve Requirements for Annuities

M.P. McQueen from The Wall Street Journal recently reported on the insurance industry's push for states to lower their required reserve amounts. While the states regulate insurance and annuity products, the recommendations of the National Association of Insurance Commissioners (NAIC) are typically adopted by most states. NAIC may make a decision as early as Friday.The life insurance industry is adamant that the current reserve requirements are too conservative; as you would expect, that... Read More

Florida Annuity Laws Changed to Protect Seniors

A new year brings new protections for annuities consumers in Florida, says the Tampa Bay Business Journal. With a massive senior citizen population, the state has been targeted by unscrupulous agents and other individuals that recommended innapropriate financial products to seniors, such as reverse mortgages and certain annuities. Many people lost their entire retirement fund as a result. Florida Chief Financial Officer Alex Sink's office has pushed through this legislation to protect more... Read More

AP: Insurance Indices Declined in 2008

Ieva M. Agustums from the Associated Press recently reported on the insurance industry's hard year, exhibited by several important indices. The Dow Jones U.S. insurance index decreased 51% over 2008. Another index that includes 24 national insurance companies, the KBW Insurance Index, is down almost 50%.Hopefully, annuities will have a better... Read More

2009 Variable Annuity Outlook from NAVA

NAVA (the Association for Retirement Solutions) has released its annual predictions for the variable annuity industry. President and CEO Cathy Weatherford predicts that demand for VA insurance guarantees--such as guaranteed lifetime income benefits, beneficiary protection, and VA living benefit guarantees--will keep growing, even in these uncertain economic times that have negatively impacted the sales of other types of variable annuities.Variable annuity insurance guarantees are predicted to... Read More

NAVA: Variable Annuities Slump in Third Quarter

The Association for Insured Retirement Solutions, also known as NAVA, has released its latest data on the variable annuity industry. Their third quarter figures for show that variable annuities have taken a beating in the midst of economic uncertainty and troubled financial markets:Decreased value of variable annuities' net assetsIn Q3 2008, the net assets of all variable annuities in the U.S. were worth about $1.3 trillion. That's an over 13% drop from their worth one year ago (Q3 2007),... Read More

Life Insurers Buy S&L Institutions To Get Federal Money

Hartford Business Journal's Greg Bordonaro has mentioned the recent trend in major life insurance companies acquiring small savings and loan institutions.Lincoln National, Hartford Financial, and Genworth Financial are among those that have recently bought up S&Ls.The acquisitions make life insurers eligible for funding from the Capital Purchase Program provided by the federal government. That program's money is reserved for depository... Read More

Life Insurance Providers Want NAIC To Relax Restrictions

Greg Bordonaro recently mentioned in the Hartford Business Journal that the American Council of Life Insurers, a trade group for the life insurance industry, has asked the National Association of Insurance Commissioners to loosen several regulations in order to help the industry recover after suffering recent losses. Among their proposals is a decrease in the amount of reserves and capital required to sell life insurance, which could lead to insurers being unable to cover the risk of their... Read More

MassMutual’s Tremont Unit Suffers in Madoff Scam

According to the Hartford Business Journal, the Massachusetts Mutual Life Insurance Company (MassMutual) is one of the firms most hurt by the Bernie Madoff investment scam. Its Tremont Group Holdings subsidiary invested about $3.3 billion with Madoff, which is most likely lost. Ruthie Ackerman at Forbes says that the Rye Investment Management division of Tremont invested virtually all of its clients' money into Madoff's Ponzi scheme. Rye was responsible for half of Tremont's investments.... Read More

Pacific Life Raises Fees on Foundation 10 Variable Annuity

Due to the increased costs of hedging risk during a market downturn, Pacific Life has increased the fee of a popular annuity product.  A new article from Janet Paskin of Smart Money says that the Foundations 10 variable annuity, which had guaranteed an annual return of 10% for 10 years, is increasing its fee to 1.35% from 0.85%. This fee is the percentage of the original purchase price that covers the guarantee. Fortunately for current policyholders, the higher rate won't affect them until... Read More

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