Gerard E. Holthaus was elected board chairman for Baltimore Life, based in Owings Mills, Md. He has been a member of Baltimore Life’s board of directors since 1998.
The Baltimore Life Insurance Co. introduced a new product it says combines life insurance and annuity elements into one product, accepting funds from both non-qualified annuities and qualified plans.
David K. Ficca was elected president of Baltimore Life Cos., succeeding L. John Pearson, who will remain as chairman and CEO of the Baltimore, Md.-based life insurance company.
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.