John Hilton, InsuranceNewsNet Journalist Profile

Articles

Regulators wave off criticism, adopt reinsurance asset-testing guidance

2 days ago | insurancenewsnet.com | John Hilton

A state insurance task force adopted a long-anticipated reinsurance asset testing guideline Thursday, kicking off a final adoption phase that regulators hope will result in initial data reporting by April 1, 2026. The Life Actuarial Task Force (LATF), comprised of National Association of Insurance Commissioners members, worked for about 18 months to create the guideline. The resulting guideline is limited in scope, agreed Fred Andersen of the Minnesota Department of Commerce, and disclosure-only.
CVS, Express Scripts sue to block 'protectionist' Arkansas PBM law

3 days ago | insurancenewsnet.com | John Hilton

CVS and Express Scripts filed separate lawsuits recently challenging a new Arkansas law they say aims to put them out of business in the state. Act 624, which takes effect in January, bars PBMs from receiving permits to dispense prescription medication and revokes PBMs' existing permits. CVS and Express Scripts, two of the largest pharmacy benefit managers in the United States, claim the law is protectionism and violates their constitutional right to do business in Arkansas.
Penn Mutual, co-defendants, ask court to dismiss lawsuit alleging tax scam

4 days ago | insurancenewsnet.com | John Hilton

Defendants are asking a California court to dismiss a lawsuit alleging a tax-avoidance scam around Penn Mutual whole life insurance policies. A group of 29 plaintiffs claim that Penn Mutual Life Insurance Co. and several co-defendants ran a tax-avoidance scam around whole life insurance policies.
Legacy systems a big barrier to insurance industry digital marriage

5 days ago | insurancenewsnet.com | John Hilton

The life insurance industry has been ‚Äúgoing digital‚ÄĚ for many years. But despite the occasional breakthrough, the digital transition is evolving at a snail‚Äôs pace. Legacy systems remain a very large hurdle for many old-guard life insurance companies. ‚ÄúSo many carriers still host their policy management on legacy systems,‚ÄĚ said Jake Littman, senior analyst, life & annuity research for Corporate Insight.
UnitedHealth shareholders support $60M stock package for CEO Hemsley

5 days ago | insurancenewsnet.com | John Hilton

Despite rumblings of widespread dissatisfaction, UnitedHealth Group shareholders voted to support a $60 million stock package for returning CEO Stephen Hemsley Monday morning. The 24-minute shareholder meeting touched briefly on the recent upheaval that saw UHG part abruptly with CEO Andrew Witty and abandon its earnings outlook delivered less than four weeks earlier. Hemsley sought to calm investor fears with confident comments on a return to profitability.
Regulators to vote on disclosure-only reinsurance asset testing guideline

6 days ago | insurancenewsnet.com | John Hilton

Regulators are set to adopt an asset adequacy testing guideline to add another layer of transparency to major reinsurance deals. The Life Actuarial Task Force (LATF), comprised of National Association of Insurance Commissioners members, worked for about 18 months to create the guideline. That work included many concessions to insurance industry groups. The resulting guideline is limited in scope, agreed Fred Andersen of the Minnesota Department of Commerce, and disclosure-only.
Utah regulators withdraw rehabilitation petition against A-Cap insurers

1 week ago | insurancenewsnet.com | John Hilton

Utah regulators dropped a petition to force Sentinel Security Life Insurance Co. and a pair of reinsurers into court-ordered rehabilitation. In late April, the Utah Insurance Department agreed to pause its litigation and participate in mediation with Advantage Capital, known as A-Cap. Sentinel Security, Haymarket Insurance Co., and Jazz Reinsurance Co. are all owned by A-Cap. On Friday, May 23, Judge Amber M.
AuguStar touts income potential with new Virtus IUL

1 week ago | insurancenewsnet.com | John Hilton

AuguStar Life recently took its latest Virtus indexed universal life product to market, a version with much-improved income potential, the insurer said. The Virtus IUL III is designed to "provide clients with a blend of accumulation potential, superior income distribution and protection features," AuguStar Life said in a news release.
F&G Annuities & Life lays off 192 in bid to 'efficiently scale' business

1 week ago | insurancenewsnet.com | John Hilton

F&G Annuities & Life laid off 192 employees across both its home offices in Des Moines, Iowa, and remote functions. The news comes three weeks after F&G reported first-quarter earnings per share of $0.72, falling well short of analystsâ€™ expectations. The EPS miss came despite a substantial increase in revenue: $2.18 billion against a forecast of $1.37 billion. The company also reported a record $67.4 billion in assets under management, a 169% increase year-over-year.
Jeffrey Cutter files appeal from guilty verdict on Advisors Act disclosures

2 weeks ago | insurancenewsnet.com | John Hilton

Advisor Jeffrey Cutter is appealing the lone guilty verdict handed down last month in his trial in a Securities and Exchange Commission civil case. On April 23, a Massachusetts jury determined that Cutter and Cutter Financial Group did not violate Section 206(1) of the Investment Advisers Act of 1940, but did find a violation of Section 206(2).