Department of Insurance

Each state has a separate Department of Insurance (“DOI”), established to oversee and regulate all types of insurance sold within the state’s borders. Insurance agents and companies desiring to sell products within any given state must be registered with the appropriate Department of Insurance. Agents must also maintain their licensing and registration within the given states in which they sell products in order to receive commissions.

Is the River Source Variable annuity backed by the State Guaranty Association?

There are 2 parts of a

State Guarantee Funds

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Annuity Digest Buying Guide: State Guarantee Funds

All states have what are referred to as state guarantee funds.  Operated by departments of insurance, guarantee funds are insurance funds that receive contributions from carriers that operate in the state.

Annuity Marketing and Sales

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Annuity Digest Buying Guide: Annuity Marketing and Sales

Buying a house is undeniably a major financial decision.  As a result, most people will spend some time researching and understanding the basics of the process before making a purchase: what is the role of agents; what are the transaction costs; how do mortgages brokers and title companies fit into the picture; what type of mortgage makes sense; etc.  

Financial Advisor Licensing, Appointments and Affiliation

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Annuity Digest Buying Guide: Financial Advisor Regulation

All annuity sales require an insurance license, and some require both insurance and securities licenses.  Licensing is not a huge challenge, but there is time, effort and cost involved in the process.


A.M. Best Downgrades 64 Insurance Companies, Considers 3 Impaired

Rating agency A.M. Best has recently issued a report indicating that three insurance companies have become financially impaired thus far in 2009. A.M. Best considers an insurance company impaired once a state department of insurance has taken its first official regulatory action against the company. The three carriers considered impaired are: Shenandoah Life Insurance Company American Network Insurance Company Penn Treaty Network America Insurance Company A.M. Best indicated that more impaired...
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