A Tri-City financial adviser has been accused of violating the state's Securities Act by falsifying birth dates on annuity applications for elderly clients.
The state Department of Financial Institutions Securities Division has filed a statement of charges against Thomas Doncaster, claiming he violated the law and should have to pay a $65,000 fine plus investigation costs of more than $5,000...
News-Tribune: Tri-City financial adviser under fire
Wednesday, May 19, 2010
Feds get an earful on 401(k) proposal
Vitriol over plan to let retirees buy annuities with savings
What happens when the government considers tinkering with retirement accounts and asks for citizen input?
It gets plenty.
Government officials began seeking comments in February on a proposal to add an annuity option to retirement plans. Such an option would potentially turn a portion of a retiree's savings over to an insurance company in exchange for a monthly check...
MSNBC: Feds get an earful on 401(k) proposal
What happens when the government considers tinkering with retirement accounts and asks for citizen input?
It gets plenty.
Government officials began seeking comments in February on a proposal to add an annuity option to retirement plans. Such an option would potentially turn a portion of a retiree's savings over to an insurance company in exchange for a monthly check...
MSNBC: Feds get an earful on 401(k) proposal
Annuity Sales Show a Decline
Annuity sales in the first quarter declined 27% from the year-ago period, but sales of variable annuities rose modestly, a sign that investors appear to be stepping back into the market...
Sales of annuities in the first quarter were $47.4 billion, down from $50.9 billion in the fourth quarter; they were down 27% from $64.4 billion in the first quarter of 2009, the group said...
WSJ: Annuity Sales Show a Decline
Sales of annuities in the first quarter were $47.4 billion, down from $50.9 billion in the fourth quarter; they were down 27% from $64.4 billion in the first quarter of 2009, the group said...
WSJ: Annuity Sales Show a Decline
Monday, January 4, 2010
Medical Emergency Travel Insurance
Don't play with reality visiting Canada. You have to defend your financial future in case of medical emergency. Visitors to Canada insurance can help if you buy it before arrival. You will regret
Even unexpected happiness can cause medical problems in the future. So, you should be ready for any events in your live with proper insurance plan coverage.
Even unexpected happiness can cause medical problems in the future. So, you should be ready for any events in your live with proper insurance plan coverage.
Sunday, July 26, 2009
Emergency Medical Insurance For New Canadian Immigrants
As for Ontario, Quebec, BC, New Brunswick you also have to buy Canadian Private Medical Insurance Plan for the first 90 days in Canada. The name of the plan is Visitors to Canada Single Trip Medical Insurance.You should choose the coverage amount (varys from $25,000 to $200,000). I suggest you to buy as much as you can to avoid unreasonable financial risk. If you want to decrease the cost , you can increase deductible amount. Good luck and welcome to Canada.
Monday, November 17, 2008
Canada Life participating policyholder 2009 Canadian dividend scale announcement
Canada Life participating life insurance offers consumers important advantages and choice as part of a sound financial security plan. The company committed to maintaining choice and flexibility for clients and advisors.
While some companies have exited the participating life insurance market, Canada Life promises to continue to be a leader in this area. They believe in participating life insurance and know the value it has delivered to policyowners. Canada Life is part of an organization that is the leading provider of participating life insurance in Canada. In 2007, the organization's collective participating life insurance sales grew by 15 per cent, surpassing $100 million in premium. Their extensive portfolio of life insurance products gives advisors choice in how best to serve their clients' financial security needs.
Participating life insurance policies are eligible for a periodic policyholder dividend. A review has been completed of the Canada Life participating account experience. Regarding the company statement, the 2008 dividend scale for Canada Life individual life insurance participating policies will continue to apply in 2009.
While some companies have exited the participating life insurance market, Canada Life promises to continue to be a leader in this area. They believe in participating life insurance and know the value it has delivered to policyowners. Canada Life is part of an organization that is the leading provider of participating life insurance in Canada. In 2007, the organization's collective participating life insurance sales grew by 15 per cent, surpassing $100 million in premium. Their extensive portfolio of life insurance products gives advisors choice in how best to serve their clients' financial security needs.
Participating life insurance policies are eligible for a periodic policyholder dividend. A review has been completed of the Canada Life participating account experience. Regarding the company statement, the 2008 dividend scale for Canada Life individual life insurance participating policies will continue to apply in 2009.
- Participating policyholder dividends are estimated to be $168 million in 2009.
- The interest rate for dividends on deposit will remain at 2.75 per cent or if greater, the minimum guaranteed interest rate in the contract.
- The policy loan interest rate will remain at 7.5 per cent, or if lower, the guaranteed interest rate in the contract.
Thursday, October 23, 2008
Fidelity to transition its Canadian group retirement and savings plan record-keeping business to Great-West Life
Agreement represents $2.2 billion in assets
Great-West Life today announced that it has entered into an agreement with Fidelity Investments Canada ULC (Fidelity) whereby Fidelity will transition its Canadian group retirement and savings plan record-keeping business to Great-West Life, representing $2.2 billion in assets under administration. A link to the news release sent out earlier today is below.
The agreement includes approximately 100 plan sponsors, 470 group retirement plans and 95,000 members, and is effective immediately.
Great-West Life is very pleased to have been selected by Fidelity as the service provider for its Canadian clients. This transaction further solidifies Great-West Life’s position as a market leader in group retirement and savings plan administration, providing record-keeping services for 30 per cent of the capital accumulation plans in Canada.
Fidelity chose Great-West Life based on its commitment to client service, reputation for quality, and wide range of options for group retirement plan sponsors and plan members.
Over the months ahead Bill Kyle, Senior Vice-President, Group Retirement Services and his team will focus on ensuring a smooth transition for the plans currently served by Fidelity, and continuing to provide high quality service for Great-West Life’s existing group retirement plan sponsors and plan members.
A dedicated project team has been assigned to work on the transition of this business. As well, we anticipate some Fidelity administration and service staff will join our organization and continue their involvement with these clients to maintain continuity of service.
Group Retirement Services has significant expertise in managing large transactions, including the transfer of over 7,300 plans, 860,000 members and over $14 billion in assets to Great-West Life. This experience will help ensure a smooth transition for these clients.
Here is a link to the news release: http://www.greatwestlifeco.com/english/news/lifeco_10_22_2008.pdf
Some questions and answers follow.
How significant is this?
This transaction further solidifies Great-West Life’s position as a market leader in group retirement and savings plan administration, providing record-keeping services for 30 per cent of the capital accumulation plans in Canada.
How much will this increase our group retirement and savings business?
Prior to this agreement, our presence in the Canadian capital accumulation market represented nearly 17,000 plans and more than 1.1 million members. The Fidelity business to be transitioned to Great-West Life represents approximately $2.2 billion in assets under administration, and includes approximately 100 plan sponsors, 470 group retirement plans and 95,000 members.
This business represents growth of approximately 10 per cent for our capital accumulation plans.
How much did Great-West Life pay for this business?
The purchase price was not disclosed.
When do you expect the transition of this business to be complete?
We anticipate completing the transition by June 30, 2009.
Will Fidelity clients automatically transition to Great-West Life?
Great-West Life has been chosen by Fidelity as the service provider for this business and we will be working to ensure a smooth transition for these clients.
How many Fidelity staff will be joining our organization and where?
We anticipate adding staff from Fidelity – client relationship managers, customer service specialists and investment and retirement specialist positions -- however the number of positions has not yet been determined. Most of these positions would be located in our offices in Toronto.
Other Fidelity staff who work for the group retirement record keeping business will have the opportunity to apply for positions at Great-West Life and affiliated organizations as these positions become available.
Why did Great-West Life enter this agreement now?
We are always looking for opportunities to grow our business. This agreement is the result of ongoing discussions that have taken place over the past few months.
Has Great-West Life been affected by the continuing turmoil in financial markets?
Over a long period of time, our companies have maintained prudent and conservative investment policies and practices with respect to the management of their consolidated assets. Our balance sheets continue to be very strong, and we are well capitalized.
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Great-West Life today announced that it has entered into an agreement with Fidelity Investments Canada ULC (Fidelity) whereby Fidelity will transition its Canadian group retirement and savings plan record-keeping business to Great-West Life, representing $2.2 billion in assets under administration. A link to the news release sent out earlier today is below.
The agreement includes approximately 100 plan sponsors, 470 group retirement plans and 95,000 members, and is effective immediately.
Great-West Life is very pleased to have been selected by Fidelity as the service provider for its Canadian clients. This transaction further solidifies Great-West Life’s position as a market leader in group retirement and savings plan administration, providing record-keeping services for 30 per cent of the capital accumulation plans in Canada.
Fidelity chose Great-West Life based on its commitment to client service, reputation for quality, and wide range of options for group retirement plan sponsors and plan members.
Over the months ahead Bill Kyle, Senior Vice-President, Group Retirement Services and his team will focus on ensuring a smooth transition for the plans currently served by Fidelity, and continuing to provide high quality service for Great-West Life’s existing group retirement plan sponsors and plan members.
A dedicated project team has been assigned to work on the transition of this business. As well, we anticipate some Fidelity administration and service staff will join our organization and continue their involvement with these clients to maintain continuity of service.
Group Retirement Services has significant expertise in managing large transactions, including the transfer of over 7,300 plans, 860,000 members and over $14 billion in assets to Great-West Life. This experience will help ensure a smooth transition for these clients.
Here is a link to the news release: http://www.greatwestlifeco.com/english/news/lifeco_10_22_2008.pdf
Some questions and answers follow.
How significant is this?
This transaction further solidifies Great-West Life’s position as a market leader in group retirement and savings plan administration, providing record-keeping services for 30 per cent of the capital accumulation plans in Canada.
How much will this increase our group retirement and savings business?
Prior to this agreement, our presence in the Canadian capital accumulation market represented nearly 17,000 plans and more than 1.1 million members. The Fidelity business to be transitioned to Great-West Life represents approximately $2.2 billion in assets under administration, and includes approximately 100 plan sponsors, 470 group retirement plans and 95,000 members.
This business represents growth of approximately 10 per cent for our capital accumulation plans.
How much did Great-West Life pay for this business?
The purchase price was not disclosed.
When do you expect the transition of this business to be complete?
We anticipate completing the transition by June 30, 2009.
Will Fidelity clients automatically transition to Great-West Life?
Great-West Life has been chosen by Fidelity as the service provider for this business and we will be working to ensure a smooth transition for these clients.
How many Fidelity staff will be joining our organization and where?
We anticipate adding staff from Fidelity – client relationship managers, customer service specialists and investment and retirement specialist positions -- however the number of positions has not yet been determined. Most of these positions would be located in our offices in Toronto.
Other Fidelity staff who work for the group retirement record keeping business will have the opportunity to apply for positions at Great-West Life and affiliated organizations as these positions become available.
Why did Great-West Life enter this agreement now?
We are always looking for opportunities to grow our business. This agreement is the result of ongoing discussions that have taken place over the past few months.
Has Great-West Life been affected by the continuing turmoil in financial markets?
Over a long period of time, our companies have maintained prudent and conservative investment policies and practices with respect to the management of their consolidated assets. Our balance sheets continue to be very strong, and we are well capitalized.
Find Insurance Online Blogspot
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