Legislation

A Clear Line in the Canadian Annuity Market

Canadian Finance Minister Jim Flaherty intends to propose legislation that bans banks from selling products that are similar to annuities. Canadian law already prevents banks from selling annuity products. Canadian finance officials are apparently concerned that the lines between annuity and banking products are increasingly blurred. Bank products that are represented as lifetime cash flow vehicles presumably fall under this area of concern. This hybrid or blurred product category more than...

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China's Annuity Market Developing Slowly

Despite the demographic challenges associated with an ageing society, individual annuities are non-existent in China. Some individuals in China do have access to what is referred to as an enterprise annuity . Enterprise annuities are a form of supplemental pension plan that is supported by the Chinese government. Enterprise annuities were enabled through legislation that went into effect in May of 2004. In order to offer enterprise annuities to employees, Chinese employers are required to...

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Healthcare Reform Provides Insurance in Name Only

After a tough couple of years for former Federal Reserve Chairman Alan Greenspan and in an era when the phrase affordable health insurance seems like an oxymoron, it is time to provide some credit where credit is due.

Chairman Greenspan hit the nail on the head in his recent book The Age of Turbulence.

The following are Greenspan’s comments regarding entitlement spending and the healthcare system:

The bottom line in the success of all retirement systems is the availability of real resources at retirement…The financial arrangements associated with retirement facilitate the diversion of resources that make possible the consumption of goods and services after retirement, but
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MetLife is Nudging the World of Defined Contribution toward Income Annuities

Jody Strakosch is the National Director for MetLife’s Retirement Products Group. In this role, Jody has a broad perspective on developments in the institutional space. In other words, Jody is intimately familiar with how in-plan accumulation and point of retirement annuities are evolving in the defined contribution arena.

The...

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Annuity Costs May Increase as a Result of Dodd-Frank Act

The financial system reforms imposed by the Dodd-Frank Act will likely result in a broad range of increases in the cost of financial services products. Similar to Sarbanes-Oxley, the regulatory costs of the legislation will ultimately be passed along to the buyers of financial services.

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