Latest insurance news for life market New York Life has announced that it had once again achieved the position of top seller of new life insurance last year, with a solid 10.7 percent of the market share right through the last quarter of 2011. The sales of individual life insurance at New York Life experienced a steady increase throughout the year, having risen by 12 percent over the year before. This was the result of the work done by the insurer’s 12,250 licensed agents across the country. The head of…
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S&P downgrades Californian insurers while Commissioner Jones insists the companies are financially sound
Rating agency Standard & Poor’s seems to be in the grips of a downgrading frenzy as the agency downgrades the credit ratings of five of California largest insurance companies. The move comes on the heels of the agency’s downgrading of the federal government’s credit rating, which sparked controversy throughout the country and drove many businesses to re-evaluate their place in the commercial market. S&P downgrade of the state’s insurers could have major implications for the industry, but Insurance Commissioner Dave Jones says that there should be no doubt about the…
Read MoreS&P claims top insurance companies could lose leading ratings
Standard & Poor’s recently announced that the top insurers in the country may lose their leading credit ratings as a result of the debates that have raised the federal debt ceiling. Affected insurance companies could include New York Life Insurance and the Texas-based USAA, as well as the Teachers Insurance & Annuity Association of America, Northwestern Mutual Life Insurance Co., and Knights of Columbus. Standard & Poor’s stated that each of these insurers risk losing their AAA credit ratings. The S&P statement said that the cause is the “significant holdings”…
Read MoreCalifornia life insurer’s under investigation
Ten of California’s largest life insurance companies have come under investigation by state regulators for their handling of dormant policies. The ten are the latest in a sleuth of insurance companies nationwide that have been accused of withholding benefits from a policyholder’s family upon their death. Insurance Commissioner Dave Jones, along with State Controller John Chiang, will be leading the investigation. “The goal is to determine whether the insurance industry has engaged in unfair practices,” says Jones. The state’s probes uncovered some troubling information throughout the state, much of which…
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