Deloitte announced that Kenny M. Smith, a vice chairman of Deloitte LLP, has been named the U.S. leader of its financial services industry group. Smith will now oversee a team that works with 90 percent of the largest financial institutions across its audit, tax, consulting and advisory businesses and has more than 13,000 dedicated professionals. A principal with Deloitte Consulting LLP, Smith currently serves as leader of Deloitte’s U.S. banking and securities sector and has a 32-year track record in both client service and practice management. He succeeds Robert Contri, who has held the U.S. financial services industry role since 2011 and was recently appointed the global leader of Deloitte Touche Tohmatsu Limited’s (DTTL) financial services industry group.
In addition, Deloitte announced that a number of new professionals have joined Deloitte’s U.S. financial services industry team, including:
- Bill Mullaney, formerly the president of MetLife’s U.S. business, has become a director with Deloitte Consulting LLP. While at MetLife, he had overall responsibility for and successfully led MetLife’s retail life and annuities books of business, as well as their group insurance, corporate benefit funding, and auto and home segments.
- Don Truslow, who recently retired as the chief risk officer of M&T Bank Corporation and formerly the president of the Financial Services Roundtable’s Financial Stability Industry Council, will serve as a senior advisor to Deloitte Advisory’s regulatory and compliance practice.
- Julie Bernard, formerly the leader of EY’s banking and capital markets security practice, has joined the organization as a principal in Deloitte Advisory’s cyber risk services practice.
The American Academy of Actuaries is pleased to announce the launch of its U.S. Qualification Standards (USQS) Attestation Form. The form is a new and innovative tool enabling actuaries to voluntarily demonstrate that they meet the USQS requirements for signing statements of actuarial opinion (SAOs) on life, health, and property/casualty National Association of Insurance Commissioners (NAIC) annual statements. Developed at the request of and with input from regulators, the Academy brought together all stakeholders to create an attestation form for actuaries that would meet the needs of the public, regulators, and actuaries.
Using the new tool, actuaries can upload relevant documents to produce a personalized link or digital folder that they can easily use to demonstrate that they practice in accordance with the profession’s rigorous qualifications. The tool, which is structured to exactly follow the requirements of the current USQS, supports actuaries in understanding USQS requirements and, at the same time, increases transparency and accountability for regulators and the public by demonstrating that those who sign SAOs are qualified to do so. The attestation form is available to Academy members at attest.actuary.org.
Boston Mutual Life Insurance Company, a national provider of insurance solutions for individuals and the workplace, announced the launch of a series of celebratory events in 2016 to commemorate its 125th year. The company, which has a long-standing history of offering insurance products since its founding in Boston in August 1891, is hosting a variety of initiatives over the course of the year to honor this milestone. Throughout the year, the company will recognize its history with themed initiatives, including a new commemorative logo, a time capsule, a monthly internal newsletter designed to mirror its first edition from the turn of the century, and more. The company’s annual General Agencies sales convention, held in rotating locations each year for its agents, will be held in Boston in May as a tribute to its city of origin. Boston Mutual will host additional special activities in August to highlight the month the company was founded.
The NAILBA Charitable Foundation encourages volunteerism and provides grants for charitable programs or projects in the communities of NAILBA’s member agencies and corporate partners. Funds are awarded to organizations that serve to enhance the quality of life for those less fortunate, with a special emphasis on children. The philanthropic arm of the National Association of Independent Life Brokerage Agencies (NAILBA) was established in 2002.
The Foundation’s primary fund-raising event takes place at NAILBA’s annual member conference. Attendees from Legal & General America, a charter member of the Foundation, take an active role in encouraging donations during the conference.
At the event held in November 2015, Legal & General America offered to match $50 donations until the total hit $28,000. The LGA promotion raised $43,000; LGA’s matching funds brought the full amount to $71,000. Through the generous donations of NAILBA member agencies and carriers, the Foundation was able to award $275,000 to local charities and other nonprofit organizations in 2015. (Photo: Harmony Project donation.)
MetLife, Inc. (NYSE: MET) announced the launch of MetLife Shield Level SelectorSM 3-Year, a single premium deferred annuity. The new offering complements MetLife Shield Level SelectorSM,which launched in 2013. Both allow clients to benefit from potential market growth while helping protect assets from market decline. Clients can now choose between the three-year withdrawal charge schedule offered by Shield Level Selector 3-Year and the six-year withdrawal charge schedule offered by Shield Level Selector, allowing them greater flexibility to select the timeframe that best meets their personal investment needs.
Shield Level Selector 3-Year and Shield Level Selector offer a number of benefits to clients including:
1. Protection. Clients can customize the level of downside protection for their product investment, with options ranging from 10 percent to 100 percent.
2. Participation. Clients can choose from several different index-linked investment options.
3. Personalization. By electing either Shield Level Selector 3-Year or Shield Level Selector, clients can tailor their investment to align with their individual retirement strategy timeline.
Security Benefit Life Insurance Company (SBL), announced that it has expanded the underlying fund options available within the EliteDesigns suite of investment-oriented variable annuities. Nineteen new investment options have been added to both EliteDesigns and EliteDesigns II variable annuities, and include a single offering each from FormulaFolio Investments of Grand Rapids, MI., Redwood Investment Management of Los Angeles, CA., and Guggenheim Investments of New York, as well as 16 funds from Vanguard of Valley Forge, PA. These additional underlying funds are being added to provide enhanced options and greater choice of investments.