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State Regulators Consider Changes to Annuity Sales Standards

After the implementation of the DOL fiduciary rule earlier this month, state insurance regulators are starting to evaluate annuity sales standards that they oversee. The new rule requires advisers to act in the best interest of their clients when investing in retirement accounts. This means …

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Phoenix Annuities Dropped by State Farm, National Life

This week, both State Farm and the National Life Group announced that they will stop selling Phoenix Companies annuities. Diane Levick writes in the Hartford Courant that those firms, which combined made up 82% of Phoenix’s 2008 annuity sales, have made this decision because of Phoenix’s recent ratings downgrade …

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Sales of Immediate Annuities Soar for New York Life

Matt Ackerman of Bank Investment Consultant recently reported that sales of immediate annuities have risen over the past several years. For example, New York Life’s immediate annuity sales increased by 34% in 2008. As of December 31st, immediate annuities make up $1.2 billion in the …

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New York Life Sells Over $1 Billion Of Income Annuities in 2008

The Retirement Income Reporter recently published an article highlighting New York Life Insurance Company’s selling a total of $1.2 billion of income annuities during 2008.  About $850 million was sold through New York Life’s own career agency. Over $100 million worth of AARP Lifetime Income …

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