Filed Under:Annuities, Suitability

Insurance Fees, Revealed (Wall Street Journal)

Under Regulation 194, agents and brokers in New York are now required to alert clients, in writing, how they are being compensated  and to provide specific details to clients on request. The Independent Insurance Agents and Brokers of New York, who challenged the rule, will now focus on helping agents comply. Experts say other states may craft similar disclosure rules. Compensations matter to consumers because an insurer paying a low commission to an agent can be more generous in annual interest or other product features. For some popular types of annuities, commissions can range from 5% to 7% of the invested amount with some insurers paying 8% or more to agents. The rule could be a starting point for consumers to consider whether a low-commission version of the product, or a different product, might offer greater value.

Read the story.

Featured Video

Most Recent Videos

Behind the scenes with Vicki Gunvalson [VIDEO]

Provided by LIFEHEALTHPRO

In this exclusive interview, Vicki Gunvalson shares how she built a $15 million a year annuity business by planning for...

Regulator: Market may need to reinvent LTCI

Provided by LIFEHEALTHPRO

Cioppa says Maine's governor wants to spur the creation of better products.

Dementia: It's more than Alzheimer's

Provided by LIFEHEALTHPRO

An association calls for policymakers to remember lesser-known neurodegenerative conditions.

Protesters Disrupt WellPoint Annual Meeting

Provided by LIFEHEALTHPRO

Hecklers call for more disclosures of information about political contributions.

Related resources

More Resources

Comments

Power your business with up-to-the-minute insurance news, analysis, and best practices from LifeHealthPro Daily eNewsletter – FREE.

Power your business with LifeHealthPro Daily eNewsletter – FREE.

Enter a valid email address.
Close
Nichole Morford

Nichole Morford
Managing Editor

Thank you for subscribing to LifeHealthPro Daily!

Check Out More eNewsletters Now! Close

Advertisement. Closing in 15 seconds.