life insurance News

Global Insurers Explore Opportunities in Iran; Market Worth Premiums of $7.4B

Global insurance firms are circling Iran for business opportunities following the lifting of sanctions – and the first test of their appetite could come in March when some Iranian companies seek new cover. Insurers, the reinsurers that share their risk and the …

Florida Podiatrist Using Wife’s Life Insurance to Pay for Murder Defense

A Florida podiatrist accused of killing his estranged wife is using part of her life insurance settlement to pay for his defense. The Tallahassee Democrat reports that 48-year-old Dr. Adam Frasch pleaded not guilty to first-degree murder in the death …

Swiss Re to Buy Guardian Financial Services for $2.5B, Hiking UK Portfolio

Swiss Re AG’s business unit Admin Re agreed to acquire Guardian Holdings Europe Ltd. from buyout firm Cinven for 1.6 billion pounds ($2.5 billion) to increase its portfolio of U.K. life-insurance policies. The deal will give Admin Re an additional 900,000 annuity, …

California Executive Life Insurance Settlement Ends 16 Years of Litigation

A settlement has been reached with the last remaining defendant in a 16-year-old lawsuit brought by the California Department of Insurance that arose out of the 1991 liquidation of Executive Life Insurance Co. The French company Artemis S.A. has agreed …

Oklahoma Treasurer: Insurance Bills ‘Shameful’

State Treasurer Ken Miller says two bills that would keep his office from linking Oklahoma residents with rightful life insurance proceeds are “shameful” and vowed to sue the state if one of the measures becomes law. Miller, a Republican who …

John Hancock to Refund Seniors $550K in Massachusetts

John Hancock Life Insurance Company, along with its subsidiary broker-dealer, has agreed to refund senior citizens in Massachusetts more than $550,000, Massachusetts Attorney General Martha Coakley’s office announced. John Hancock’s refund is part of an agreement to settle allegations that …

Lawsky: Regulators’ Stance on Life Insurers’ Captives Leaves Gaping Problem

New York’s financial-services regulator told fellow watchdogs they are failing to address a “gaping regulatory problem” that he said allows life insurers to artificially inflate reserves. There should be tighter rules governing captives, the subsidiaries that some insurers use to …

Silicon Valley Billionaire Buys Record $201M Life Policy

An unnamed Silicon Valley billionaire has purchased the world’s most valuable life insurance policy, worth $201 million. The man who cobbled the deal together said that it took seven months and 19 insurance companies to put together a deal that …

N.Y.’s Call for Moratorium on Life Insurance Captives Questioned by NAIC

National Association of Insurance Commissioners President Jim Donelon questioned the need for a countrywide halt on approvals of captive insurance deals one day after New York’s regulator said the transactions hide risk. “I don’t see an obvious need for such …

N.Y. Says Life Insurers’ Use of ‘Shadow Insurance’ Could Hurt Policyholders

New York State’s financial regulators issued a report today that found a widespread use of captive, reinsurance entities by New York-based life insurance companies. Calling these arrangements “shadow insurance,” the report said life insurers used their captive entities, often based …