News
Minnesota Life Insurance Company, the nation’s seventh largest group life insurer, launched SecurianResearch.com, a web site that provides news and information about the broker compensation issue in the group life insurance industry. Minnesota Life is a subsidiary of Securian Financial Group, Inc. of St. Paul.
SecurianResearch.com provides links to updated news about regulatory actions and lawsuits filed in connection with undisclosed broker compensation. Attention has been focused on this practice since October when New York Attorney General Eliot Spitzer filed suit against the world’s largest property-casualty insurance broker, Marsh & McLennan. Earlier this month, he filed a similar suit against Universal Life Resources (ULR), a San Diego-based employee benefits broker. California Insurance Commissioner John Garamendi’s office also sued ULR. Both actions mentioned Minnesota Life as a group life insurer that refused to do business with ULR because of concerns about inadequate compensation disclosure.
SecurianResearch.com also offers links to legal documents and a glossary of terms used in connection with undisclosed broker compensation. Visitors soon will be able to sign up for automatic email updates from SecurianResearch.com.
Minnesota Life, which markets its group life insurance products to Fortune 1000 companies and state and local government groups, ended 2003 with nearly $313 billion of group insurance in force. The company pays approximately $600 million in group life and accelerated benefits claims annually. In its most recent client satisfaction survey, the company received a 99 percent approval rating. Minnesota Life is highly rated by the major independent rating agencies that analyze the financial soundness and claims-paying ability of insurance companies.
Securian Financial Group, Inc. provides financial security for individuals and businesses in the form of insurance, retirement plans and investments. The enterprise serves more than seven million people with $400 billion of life insurance in force and $23 billion in assets under management. Its combined work force of 4,400 employees and representatives is located in agencies and offices across the country and its St. Paul headquarters.
A00463-1204
