New York Life Insurance Co. signed an agreement to sell to ACE Group its wholly-owned life insurance operations in Hong Kong and South Korea for about $425 million in cash.
As a direct result of the Patient Protection and Affordable Care Act (PPACA) – also known as ObamaCare – health insurance agent and broker commissions have been slashed by as much as 50%. Agencies have been forced to lay off employees, limit products and services, shift to other lines, and have seen significant drops in compensation.