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• W8620805 abstract "When the image problem isn't yours arrival of a 1035 form sent by a major life insurance company on behalf of John Smith took bank officer Tom Ackermann by surprise. Only a few months before, Smith (not his real name) purchased an annuity for his individual retirement arrangement through Maryland National Financial Corp., subsidiary of Maryland National Bank, Baltimore. 1035 form set in motion the transfer of his account Maryland National's provider to a new provider. Upon investigation, Ackermann learned that Smith been reading news articles about the troubles some life insurance companies were having. He decided to shift his money to a company with higher ratings. In the course of the transfer, he to give up all the interest accrued in the few months his annuity been in existence. What bothers Ackermann, who is a vice-president at Maryland National Financial, is that the insurance provider his firm placed Smith with wasn't in trouble. Indeed, Ackermann says, it enjoys a pretty good rating - not quite so good as the alternative Smith switched to. So Smith in effect paid to go from a very very safe company to a very very very safe company, says Ackermann. Investments in real estate and junk bonds have caused severe problems for some carriers, Ackermann notes, not all. It's not like the S&L business, where the economic basis of the entire industry changed. But if you can't sleep at night, he says, do the rational facts really matter? Customer questions. As the life insurance business has taken its lumps, many banks that sell annuities have to field customer questions and reexamine their practices. In some cases, bankers say publicity about insurer problems has affected sales volume. We have to hold a lot of hands, says Dick Maeyaert, an independent insurance agent who also manages an in-house insurance agency for Security Bank, Coos Bay, Ore. Fortunately, we have never been involved with any failed Earlier this year, Maeyaert was somewhat concerned about one carrier. As a result, the bank agency stopped writing annuities with that company. Many customers who bought the firm's annuities earlier asked the banks to switch their policies to other providers. Maeyaert kept in touch with the insurance commissioner in the carrier's home state and was regularly assured that the firm wasn't in severe trouble. As it turned I think the fire has been put out, he says. Other banks have seen a similar rise in customer concern. Some have already seen that concern subside, while others are still feeling its effects. Earlier this year, when the problems of New Jersey's Mutual Benefit Life Insurance Co. were in the papers, $2.2 billion Summit (N.J.) Trust Co. found the news had some impact on our ability to market says Jack D. Cussen, senior vice-president-retail banking. As soon as the story cooled down, customers began looking at annuities more favorably. (Mutual Benefit was taken over by regulators in July.) troubles of a Virginia-based insurance company generated some concern about annuities, reports Kathryn M. Szolusha, vice-president-marketing, at Signet Insurance Services, Inc., Richmond. The media didn't always get the facts right, she says, but they sure got people worried. A representative of an Iowa Bankers Association insurance subsidiary says banks participating in the association's insurance program have not reported a rash of worried customers. In fact, the representative said bankers she knows who have sold annuities of a troubled insurance company have not reported customer concerns. Other factors. At First State Bank, a $75 million-assets institution in Webster City, Iowa, sales of annuities are down, Doug Follmann, vice-president and insurance manager, says he can't pinpoint the cause. …" @default.
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• W8620805 date "1991-11-01" @default.
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• W8620805 title "When the Image Problem Isn't Yours" @default.
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