NAICS Code 525990-02 - Insurance Annuities
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NAICS Code 525990-02 Description (8-Digit)
Hierarchy Navigation for NAICS Code 525990-02
Parent Code (less specific)
Tools
Tools commonly used in the Insurance Annuities industry for day-to-day tasks and operations.
- Actuarial software
- Annuity calculators
- Investment management software
- Risk management software
- Customer relationship management (CRM) software
- Compliance management software
- Financial planning software
- Portfolio management software
- Underwriting software
- Claims management software
Industry Examples of Insurance Annuities
Common products and services typical of NAICS Code 525990-02, illustrating the main business activities and contributions to the market.
- Fixed annuities
- Variable annuities
- Immediate annuities
- Deferred annuities
- Equity-indexed annuities
- Single premium annuities
- Multi-year guarantee annuities
- Qualified longevity annuity contracts (QLACs)
- Joint and survivor annuities
- Income annuities
Certifications, Compliance and Licenses for NAICS Code 525990-02 - Insurance Annuities
The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.
- Life and Health Insurance License: A license required by all states to sell life and health insurance products. It ensures that the licensee has the necessary knowledge and skills to provide insurance services to clients. The National Association of Insurance Commissioners (NAIC) provides information on how to obtain a license in each state.
- Certified Annuity Specialist (CAS): A certification that demonstrates expertise in annuity products and their suitability for clients. It is offered by the Institute of Business and Finance (IBF) and requires passing an exam and meeting continuing education requirements.
- Chartered Life Underwriter (CLU): A certification that demonstrates expertise in life insurance and related financial planning concepts. It is offered by the American College of Financial Services and requires passing an exam and meeting continuing education requirements.
- Series 6 License: A license required by the Financial Industry Regulatory Authority (FINRA) to sell mutual funds, variable annuities, and other investment products. It requires passing an exam and being sponsored by a FINRA member firm.
- Series 63 License: A license required by FINRA to sell securities within a state. It requires passing an exam and being sponsored by a FINRA member firm.
History
A concise historical narrative of NAICS Code 525990-02 covering global milestones and recent developments within the United States.
- The Insurance Annuities industry has a long history dating back to ancient Rome, where citizens would make a one-time payment to the government in exchange for a lifetime of annual payments. In the United States, the industry began in the 1700s when Presbyterian ministers created a fund to provide for the widows and children of deceased ministers. The first commercial annuity was issued in 1912 by the Pennsylvania Company for Insurance on Lives and Granting Annuities. In the 1950s, the industry experienced significant growth due to the introduction of tax-deferred annuities. In recent years, the industry has faced challenges due to low-interest rates and increased competition from other investment products.
Future Outlook for Insurance Annuities
The anticipated future trajectory of the NAICS 525990-02 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.
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Growth Prediction: Stable
The insurance annuities industry in the USA is expected to experience steady growth in the coming years. The aging population and the need for retirement income will continue to drive demand for annuities. Additionally, the industry is expected to benefit from the increasing popularity of hybrid annuities, which offer a combination of guaranteed income and market-based returns. However, the industry may face challenges from low-interest rates and increased competition from other retirement income products. Overall, the industry is expected to remain stable and continue to provide a valuable service to retirees and those planning for retirement.
Industry Innovations for NAICS Code 525990-02
Recent groundbreaking advancements and milestones in the Insurance Annuities industry, reflecting notable innovations that have reshaped its landscape.
- Digital Platforms: Many insurance annuity providers are now offering digital platforms that allow customers to purchase and manage annuities online, making the process more convenient and accessible.
- Hybrid Annuities: Hybrid annuities, which offer a combination of guaranteed income and market-based returns, have become increasingly popular in recent years.
- Customized Annuities: Some providers are now offering customized annuities that are tailored to the specific needs and goals of individual customers.
- Longevity Insurance: Longevity insurance, which provides guaranteed income for life starting at a later age, has become more popular as people live longer and need income later in life.
- Improved Underwriting: Advances in underwriting technology have allowed insurance annuity providers to more accurately assess risk and offer more competitive pricing to customers.
NAICS Code 525990-02 - Insurance Annuities
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