The National Association of Insurance and Financial Advisors (NAIFA) has helped agents stay in the health coverage ballgame, Thomas Currey said earlier this month at the group’s annual meeting in Seattle, which was attended by some 2,000 life insurance and financial services professionals.
Currey, the group’s outgoing president, talked about the health legislation battle during the conference’s opening session of the four-day meeting, which has attracted about 2,000 life insurance and financial services professionals.
Currey says NAIFA helped improve the Affordable Care Act, the legislative package that includes the Patient Protection and Affordable Care Act (PPACA), by contributing to the battle to block the creation of a government-run “public option” plan.
NAIFA also played an important role in the fight to ensure that consumers will continue to have access to licensed insurance agents, and to cut out a provision that would have let the U.S. Departmen
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An arm of the National Association of Insurance Commissioners has drafted a model bulletin that would encourage insurers to guard against participating in stranger-originated annuity transactions.
The Life Insurance and Annuities Committee at the NAIC, Kansas City, Mo., has posted a STOA model exposure draft on its section of the NAIC website.
The committee is asking members of the public to submit comments on the draft by Oct. 8.
A STOA is a transaction initiated by an agent, investors or others who pay a fee for the right to use an individual’s identity to buy an annuity offering high returns. T
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The Insurance Marketplace Standards Association (IMSA) board wants to replace IMSA with the Life Insurers’ Forum for Ethics and Compliance (LIFEC), a group that would focus on helping life compliance professionals do their jobs.
The board of IMSA, Bethesda, Md., is having the group’s 61 member companies vote on a proposal to put IMSA’s intellectual property, compliance products and services, and staff in the new LIFEC group.
LIFEC – which has an acronym that could be pronounced either “Lie-fek” or “Life See” — would “work closely with professionals serving the life insurance industry to identify and offer products and services designed to assist their efforts to promote sound ethics and compliance practices in the life insurance marketplace,” IMSA officials say.
The IMSA board plans to announce the results of the vote Oct. 19, at the IMSA ann
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WASHINGTON BUREAU — The Senate today cleared the way for H.R. 5297, the Small Business Jobs Act bill, to reach the floor without changing a provision that could greatly expand Form 1099 reporting requirements.
Members voted 61-37 in favor of a cloture motion, or limit on debate, on the bill as a whole, which would revive a number of tax breaks that expired in December 2009. All Democrats and independents voted for cloture. Sens. George LeMieux, R-Fla., and George Voinovich, R-Ohio, also voted for cloture.
A Form 1099 amendment that was proposed by Sen. Ben Nelson, D-Fla., and supported by the Obama administration failed by a 56-42 vote.
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I am planning on taking a life insurance policy, but every time I fill a quote, I am being contacted often, I can’t even make a proper decision if there’s so much pressure.
Bottom line, is there any place where I can get a free insurance quote, provided I won’t be bombarded with a zillion phone calls and emails, exerting a great deal of pressure to decide. Also, they must offer free consultation, not just a list of options.
If anyone knows any service like this, please do let me know.
Regards, Jill
Direct life insurance is a fairly new idea for insurance buyers. I wonder why it took so long and why other companies have not followed suit? It makes everything easier for life insurance buyers. I think what they should do is make one state license good for every state, then you will really see the sale of direct life insurance take off. It is not as simple as that though. To understand clearly what it takes let us look at what is involved in the sale of a life insurance policy.
- What Is Important To The Buyer
Okay, you have decided to buy a life insurance policy.
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In August 2010, New York Attorney General Andrew Cuomo subpoenaed multiple insurance companies under the suspicion that they were using what are known as life insurance retained asset accounts to increase their profits at the expense of beneficiaries.
Instead of paying out benefits in lump sums, recipients were advised to keep their money in these accounts with access via a checkbook so the companies could continue to draw interest.
Cuomo called in a number of life insurance companies to take a closer look at the process by which they were handling these accounts.
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American International Group Inc. (AIG) still plans to sell its Asian life insurance company, according to published reports.