Will insurance industry giants continue to be “too big to fail”?

Insurance Industry Giants - Metlife Building New York

A new memo is currently circulating to propose legislation removing that status from massive insurers. Representative Jeb Hensarling (R-Texas) is circulating a memo to remove insurance industry giants from their “too big to fail” designation. The memo stated that proposed legislation would take that status away from even the biggest insurers in the country. The designation was granted to MetLife, AIG and Prudential immediately following the recent financial crisis. A regulatory consortium, the Financial Stability Oversight Council, deemed the insurance industry giants as “systematically important” to the American economy. That…

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MetLife Insurance announces massive layoff…of Snoopy mascot!

MetLife Insurance Snoopy Charlie Brown

The insurer has decided to retire its use of the Peanuts character after over 30 years together. MetLife Insurance has now made the difficult decision to end its long term relationship with Snoopy. The beloved Peanuts character has represented the insurance company for more than three decades. However, Bloomberg News reported that the character would be phased out of the insurer’s promotions. Over the next while, the marketing strategy for MetLife will cease to use Snoopy as a component. Snoopy first started to work for MetLife Insurance back in the…

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Casey Kasem Life insurance battle is now headed to court

Casey Kasem signature life insurance

The war within the legendary radio personality’s family over his estate will now be settled in the courtroom. The fights between the children and the second wife and widow of radio legend Casey Kasum (who died in the summer of 2014) didn’t start with the raging disagreements over his estate and the massive life insurance check that comes with it, but those are the latest issues being faced, and they are now headed to court to allow the legal system to try to figure them out. The life policy carried…

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Insurance company AIG to pay $35 million fine

AIG Insurance company CEO - Building in Manhattan

The American International Group will be paying the penalty to the New York industry regulator. The American International Group insurance company is now required to pay a $35 million penalty for the violations of its former subsidiaries that had been selling coverage without a license in New York. This, according to a statement issued by the New York State Department of Financial Services. According to the statement from the department, former units of AIG had not only been selling within the state without proper licensing, but they had also been…

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Insurance supervision head named by federal government

Thomas Sullivan Insurance

Thomas Sullivan, the former Commissioner in Connecticut, has now taken on the position. The Federal Reserve has just announced that it will be hiring the former Insurance Commissioner from Connecticut, Thomas Sullivan, in order to take the lead of the oversight of the industry, particularly in terms of the largest firms. The goal is to add his experience to help to address the claims that the central bank does not have knowledge of that business. Thomas Sullivan held the position as Commissioner in Connecticut throughout the financial crisis and was…

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Why Life insurance policies are being purchased for those with student loans

health student insurance program College

Student loan debt has been skyrocketing for quite some time now. No matter which field of education the student belongs to, or the level of education one is subscribing to (under grad or grad school), the student loan debt always seems to be at its bursting point. Last year the total debt amount generated by student loans climbed up to the second position in the chart of consumer debts, right below home mortgages and its total value was that of $1 trillion. The year before that, as per a survey’s…

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Independent Insurance Agent Brian Greenberg Selected for Million Dollar Roundtable

insurance agents

Insurance News: Unobtrusive business model led to success! PHOENIX, Arizona – Million Dollar Roundtable, the premier association for professionals in the financial and insurance field, has selected Phoenix-based life insurance agent Brian Greenberg to be a 2013 member. Only the top 1 percent of agents qualify for membership, which is based on sales volume and commissions. The organization also has a strict code of ethics. Greenberg’s company, True Blue Life Insurance, began in an unusual way. He started his career working as a traditional agent for MetLife, setting up appointments…

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Life insurance to be available at Walmart locations

Walmart health Insurance

The largest retailer in the world is working with New York based insurer MetLife to sell the products. Walmart has just announced the beginning of a pilot program that it has undertaken with MetLife, in order to sell prepaid life insurance policies to shoppers at 200 of the retailer’s locations in South Carolina and Georgia. Customers in the stores will be able to purchase the coverage as they would any other item in the store. According to the MetLife senior vice president of consumer direct business, Manish Bhatt, “We believe…

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Walmart enters into life insurance business

Walmart health Insurance

Walmart teams with MetLife to sell life insurance policies Retail giant Walmart appears to be getting into the life insurance business in Georgia and South Carolina. The company has teamed with New York-based insurer MetLife to begin selling policies in more than 200 stores located in both states. The life insurance policies that will be sold through Walmart are designed to be attractive to consumers looking to find affordable coverage without having to do extensive shopping or rely on plans that may be provided by their employer. Partnership will open…

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New York regulators launch investigation into the state’s life insurance industry

The New York Department of Financial Services has begun an investigation into the state’s life insurance industry. The investigation seeks to account for the $52.6 million in unpaid benefits that has been missing for the past several months. The money has yet to reach the 8,000 beneficiaries to which it is owed. Shortly after the investigation was announced on Monday, the money quickly made its way to beneficiaries, which has sparked concerned amongst the state’s insurance regulators. In accordance with the investigation, the state’s life insurance companies are required to…

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