Once again a non-eventful month for ratings. Though capital models are changing somewhat companies are storing capital to adjust so few ratings changes are occurring. The outlook appears stable for the moment.
Here are a few other newsworthy items you may find of interest:
• A recent Genworth survey showed 69% of single parents are without life insurance. You may want to encourage your single parent clients to take a look at term life – very affordable and very important if there are no other assets available to take care of the financial needs of the family should the parent die.
• New York has made news in the life settlement area recently. One ruling sided with a consumer who wanted to convert a term policy then sell it to a settlement company but the life insurance company tried to block the transaction.
• Recent regulatory changes at the state level will likely require more stringent compliance requirements for companies and agents for annuity purchases through tougher suitability standards.
• A final note: IRS has nearly doubled its audits for those with income in excess of $10 million. Apparently the focus is on offshore tax shelters. Life insurance is not really a focus – just found it interesting.
If we can be of help with managing or analyzing life insurance issues please give us a call at 414.9955.