life insurance News

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 …

Idaho Woman Sues Costco Over Life Insurance Money

A woman has filed a lawsuit against a northern Idaho Costco contending that the company should pay out the life insurance policy of her brother, a former Costco employee who died two years after being fired. The Idaho Business Review …

AIG May Raise up to $6.5 Billion through AIA Share Sale – Sources

American International Group may raise as much as $6.5 billion from the sale of its remaining stake in AIA Group Ltd in Asia’s second-largest block sale ever, exiting a business the U.S. insurer started nearly 100 years ago. The sale …

Taiwan to Pay Life Insurer Transglobe $3 Billion in Record Bailout of Rival

Taiwan’s government will pay Transglobe Life Insurance T$88.4 billion ($3 billion) to take over ailing rival Kuo Hua Life after Transglobe beat out other competitors in the biggest taxpayer-funded bailout ever by the island state. Taiwan’s overcrowded life insurance industry …

Zurich Names Hartigan as CEO Global Life for Pacific, Middle East

Zurich has announced the appointment of Mark Hartigan (49, British citizen), currently Head of Strategic Business Development Global Life, to the position of CEO Global Life Asia Pacific & Middle East, effective December 31, 2012. He succeeds Dan Bardin who …

Prudential Close to Deal to Buy Hartford Life Insurance Unit: WSJ

Prudential Financial Inc. is close to a deal to acquire the individual life insurance business of Hartford Financial Services Group Inc, and a deal could be struck as soon as Thursday, the Wall Street Journal reported. The paper, citing a …