Regulation, Wall Street and behavioral forces are driving change in the annuity industry today according to noted annuity expert Jack Marrion.

Marrion, of Advantage Compendium, spoke last Friday at a breakout session called “Annuity Market Forces” during the NAILBA 2009 annual meeting in Hollywood, Fla.

Marrion also “took out his crystal ball” and predicted that by 2019, there will be greater disclosure of charges and commissions paid, greater transparency of internal costs and renewal rates and returns, and greater liability. In addition, he said, FINRA will likely be regulating all annuity and life insurance agents.

Several factors are driving annuity evolution according to Marrion. Among them: A broader array of products; longevity insurance; annuity/LTC combo products; enhanced GLWB benefits for LTC; annuity growth and income component product synergies; and participating reverse mortgage immediate annuity.

While mainstream media remains skeptical of annuities, Marrion noted that of the insurance complaints made in 2008, only 212 were made against indexed annuities. Annuities in general received 2,287 complaints while life insurance received 16,344 and other insurance received 177,693.

Christina Pellett of Agent’s Sales Journal contributed to this report.