New York Life, New York, N.Y., introduced a three-year initial interest rate guarantee and matching three-year surrender charge period on its Secure Term MVA Fixed Annuity. This offering provides a guaranteed 1.15% ratetax-deferred, over the three-year term, compared to the national average of 0.69% for three-year CDs.The three-year term complements the product's existing five-, six-, seven- and eight-year terms, and is now available to consumers.
The Secure Term MVA Fixed Annuity offers:
- Multiple initial interest rate guarantee periods, including the new three-year term
- tax-deferred growth;
- Access to the funds when needed through a surrender-charge-free window during each policy year;
- A guaranteed death benefit where beneficiaries receive the policy's full accumulation value;
- The ability to convert accumulated assets to guaranteed lifetime income.
LexisNexisRisk Solutions, Atlanta, Ga., appointed Elliott Wallace as vice president and general manager of Life Insurance. Wallace is responsible for developing and implementing the LexisNexis strategy for the life insurance market. This includes leading the company's data prefill and identity verification solutions to simplify and streamline the application process; underwriting reports to enhance underwriting decisions in real-time; predictive modeling solutions to improve conservation and decrease lapse rates; and solutions that improve policy administration by monitoring books of business and leverage unparalleled resources to locate beneficiaries and deceased insureds.
Before joining LexisNexis, Wallace was the associate vice president of business development for Nationwide Financial Group in its Individual Protection unit. Previously, he was a director with the Allstate Insurance Corp. where he served in a leadership role in both the property and casualty and life insurance business units. Wallace also was a practice director of eBusiness Intelligence at Xpeditor Inc. and a certified senior engagement manager with IBM. He also served as a senior consultant with Ernst & Young and a project leader in database administration with Eli Lilly and Company.
Allianz Life Insurance Company of North America, Minneapolis, Minn., named Adam Brown as the new assistant vice president of Actuarial Product Development. In this role, Brown heads Allianz Life's product development area in actuarial for Allianz Life Financial Services LLC Distribution, including the design and pricing of annuity products, as well as their risk management and capital analysis. Brown also partners with the marketing and distribution divisions to support product launches and market positioning.
Brown has spent his entire professional career as an actuary with Allianz Life, starting with the company as an intern in 2003. Most recently, Brown served as a senior director within Actuarial Product Development where he led product development for variable annuities.
Brown holds a Bachelor of Arts degree in general business management and Bachelor of Science degree in actuarial science from the University of St. Thomas in St. Paul, Minn. Brown also holds a FINRA Series 7 registration, is a member of the American Academy of Actuaries and a Fellow of the Society of Actuaries.
