A former New York, N.Y., insurance producer pleaded guilty to defrauding three life insurance companies of about $33 million, one year after he was sent to prison for three years for a similar life insurance scheme.
A U.S. insurance company will buy ING Reinsurance U.S., the former ReliaStar unit that that is now part of the Dutch financial service firm ING Group NV’s North American reinsurance operations.
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.