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Thursday, September 25, 2014

Federal Insurance Office Releases 2014 Annual Report on Insurance Industry

The Federal Insurance Office released its 2014 annual report on the insurance industry.  The report mentioned three main problems in the insurance market:

  1. Very low interest rates have had an effect on life company reserves.
  2. Shrinking numbers of life agents contributed to a contracting market.
  3. Non-uniform suitability standards: The NAIC's model law has not been adopted in all states and has had an impact on consumers.
Read the report.

For more questions, please contact ABIA's Kevin McKechnie.