Live Insurance News

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

February 13, 2017February 10, 2017 Julie Campbell

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…

Life insurance policies that went unpaid in Minnesota lead to another settlement

May 18, 2013May 25, 2013 G. Turner

Prudential has agreed to pay a penalty of $14 million to compensate for the payments it did not make. Following a Department of Commerce review of Prudential life insurance policies in Minnesota in which no claims had been made following the deaths of the policyholders and where no benefits had been paid out, the insurer has agreed to a settlement, this week. The settlement is reported to be for $14 million and was first announced in the middle of the week. Prudential and the state of Minnesota were able to…

Insurance news from Prudential reveals new $590 million deal

November 6, 2012November 5, 2012 Julie Campbell

This Asian acquisition may put added pressure on its competitor, AIA Group. Insurance news from the Asia Pacific region has shown that Prudential PLC has just entered into an acquisition agreement to buy the coverage unit from Thanachart Bank in Thailand, for a reported $590 million, in cash. This will double the insurer’s current market share within that Asian nation. This is expected to add greater competition to the insurance news in Southeastern Asia, which is a rapidly growing marketplace where AIA Group has been working to maintain leadership. This…

Life insurance branch of Hartford now acquired by Prudential

October 1, 2012 Nordstrom

The purchase was made for a reported $615 million in cash. Prudential Financial Inc. has announced that it has purchased the Hartford Financial Services Group Inc. individual life insurance business for a cash total of $615 million, adding greater substance to its American operations as its rival works to shed excess weight. It is believed that the deal will close at or near the beginning of 2013. According to a statement from Hartford, this will give it the opportunity to help free up close to $1 billion in capital that…

Prudential Insurance reaches settlement with Insurance Departments in seven states

February 8, 2012 Julie Campbell

Seven states have announced that they have reached a settlement with Prudential Insurance Company of America as well as a number of its affiliate companies. According to Michael Consedine, the insurance commissioner from Pennsylvania, there were concerns raised over the practices at Prudential over the death benefit payments for beneficiaries of life insurance policies following an exam performed by several states. However, he went on to say that they appreciate the willingness of Prudential to “to reach a settlement that includes changing its business practices to better locate beneficiaries. This…

New long term care benefit available to Prudential customers

January 24, 2012May 5, 2013

Prudential Insurance has announced that its long term care coverage products will now include a benefit that offers a program providing personalized, high quality guidance to help them to achieve independent living through a single integrated source. This benefit is known as the Univita Living program, which was created by Univita Health, and is built on a foundation of significant knowledge and research from professionals with significant experience in health and long term care. What the program provides is the ability for families and individuals to locate, coordinate, and manage…

California life insurer’s under investigation

May 26, 2011May 15, 2013

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…