Insurable Interest Canadian Insurance Blog

-Connecticut Attorney General William Tong published Wells Fargo “redress” plan to reimburse customers who have yet to receive money after a multistate investigation into employees opening bogus accounts to increase their commissions and other infractions. Connecticut received $5.2 million as its share of a $575 million national settlement, with those funds having been deposited in the state’s General Fund. In addition to the unauthorized accounts, Wells Fargo was investigated for improperly referring customers for enrollment in life insurance policies; charging auto loan borrowers for unnecessary collateral protection insurance; failing to ensure that customers received refunds of unearned premiums on optional auto finance “guaranteed asset/auto protection” products, and incorrectly charging customers for mortgage rate lock extension fees. Wells Fargo is maintaining a website with information on eligibility for reimbursement and hotlines for customers with additional questions. Alex.Soule@scni.com; 203-842-2545; @casoulman ___ (c)2019 The Hour (Norwalk, Conn.) Visit The Hour (Norwalk, Conn.) at www.thehour.com Distributed by Tribune Content Agency, LLC. The post Wells Fargo Taking Calls On Reimbursement Eligibility appeared first on InsuranceNewsNet.

Envestnet Insurance Exchange, a new insurance network that integrates insurance solutions into the wealth management process on the Envestnet platform, now offers access to a robust line-up of six carriers. Envestnet Insurance Exchange will include Allianz Life, Brighthouse Financial, Global Atlantic Financial Group, Jackson National Life Insurance Company, Nationwide and Prudential Financial, and offer a variety of variable, structured, fixed and indexed annuities to advisors. Envestnet is actively working to onboard advisors to the pilot program and plans a broad-market release of the Insurance Exchange in June 2019. “After months of preparation, we’re proud to introduce financial solutions from a well-respected group of insurance carriers on the Envestnet Insurance Exchange,” said Bill Crager, Chief Executive of Envestnet Wealth Solutions. “We believe advisors who offer integrated advice to their clients can help them achieve better outcomes. By bringing more choices to the enterprises we work with and their advisors, we believe we are one step closer to helping them deliver complete financial wellness to their clients.” Envestnet Insurance Exchange is backed by Fiduciary Exchange, LLC (FIDx), a technology-empowered network that seamlessly integrates the brokerage, insurance and advisory ecosystems. The partnership was initially announced at the Envestnet Advisor Summit in May 2018. Since...

Today, Pacific Life Insurance Company (Pacific Life) announced two new indexed universal life insurance (IUL) products: Pacific Discovery Xelerator IUL 2 (PDX IUL 2) and Pacific Indexed Accumulator 6 (PIA 6).1 Both life insurance products continue in the tradition of providing flexible death benefit protection for individuals and businesses. PDX IUL 2 emphasizes long-term cash value potential and may be helpful for high-income clients seeking death benefit protection and supplemental retirement income potential through tax-free2 policy loans and withdrawals. PIA 6, on the other hand, focuses on higher cash surrender values in the policy’s early years and may be beneficial in certain scenarios like premium financing and corporate-sponsored life insurance plans. “These products represent our ongoing commitment to innovation in IUL,” said John O’Donnell, vice president of marketing and product development for the Life Insurance Division of Pacific Life. “Two years ago, we launched Pacific Discovery Xelerator IUL,3 the #1 selling IUL for the last two years in a row.4 Now, we’re giving clients even more choices for a greater range of policy potential.” Among the policies’ new features is an Enhanced Performance Factor Rider, which offers clients a choice among three levels of Performance Factors and their associated charges...

Health benefit manager backs renewal agreement to address cost and complexities of industries

Experts suggest that the platform used by several Canadian insurers has helped cut medication and disability costs

Despite lagging other countries in launches, Canada sees medical sales being dominated by new medicines

A new poll sheds light on how willing Canadians are to consider taking medications that contain the substance

Highest-ever policyowner dividend underscores financial strength; strategic transactions position company for future success SPRINGFIELD, Mass.–MassMutual today reported strong 2018 financial results fueled by record revenue, as well as total adjusted capital that remained at an all-time high. The company also announced or completed a number of strategic transactions in 2018 that will yield future opportunities and position the company for continued growth and success. For the year ended December 31, 2018, MassMutual reported total sales through its advisor network of $30.8 billion, a 20 percent increase over the prior year, led by strong demand for its life insurance and annuity offerings as part of the company’s broad range of holistic financial solutions. These results, coupled with strong investment income, resulted in record revenue of $32.5 billion, a 24 percent increase over 2017. The company’s ability to honor its commitments was as strong as ever, with statutory surplus ending the year at $15.6 billion and total adjusted capital achieving a record $19.9 billion1 – more than double over the past decade, and helping MassMutual maintain among the highest ratings of any company in any industry2. It is this same stability that enabled the company to approve an estimated $1.72 billion dividend...

The British Columbia Securities Commission has announced that it has received $4.8 million in administrative penalties from two Ponzi scheme fraudsters.

When I was 16, I found part time work after school at a large, independent drug store.  Beyond deodorant, soap, lipstick, and the like, the owners had really good candy.  And, the owners prided themselves with really good candy that came from Europe and England. The owners were quite generous with the Baby Ruths and… Read more » The post Get the Best: The New Insurance Order Trumps Sweet Grifting appeared first on Insurance-Canada.ca.